Legal Question in Wills and Trusts in Georgia
Probate
I was named executor on my friends will. She had stock in the company she was with for around 30 years, but retired 4 years ago and we think stock at other places also. How do we find out where all she had stock? and should this will go thru probate? In her will she has a % for each person listed on what they should receive.
1 Answer from Attorneys
Re: Probate
This is not an easy question if you have an unorganized testator who didn't take the time to list their assets. Of course the Will has to go probate. This is how the Executor gets authorized to act on behalf of the estate. Once the will is probated the Executor will have to take an inventory of the estate. Part of the process is to go through all the decedents papers and start investigating what these are.
There are other necessary steps to preserve the estate. For example, the Executor should pick up all the mail for the next 120 days or so and get all statements and contact the companies individually.
But first contact an attorney and find out what you're supposed to do. If you are just now asking the question then some of the documents may already be missing and you might not want to be the Executor. The Executor has a fiduciary duty to all heirs and beneficiaries to account for, preserve, maintain the estate and follow the terms of the will. If he doesn't then he could be liable to each beneficiary for their loss due to his errors and inaction.