Legal Question in Wills and Trusts in Illinois

Contact the issuer of the stock who can advise re transfer of stock, designated beneficiaries, any other provisions relating to specific shares. Depending on value of

shares, you may file for summary administration if probate is the only alternative. You

should gather all relevant documents and information to discuss with an attorney if

probate is the decision. Of course, you should check the market value of the stock.

I agree with the other answer I read. In addition to summary administration, a Small Estate Affidavit may apply. I would also search the state treasurer's site to see if any earnings may have been deposited as unclaimed property.

If the total value of the stock portfolio is under $100,000 you should be able to transfer the shares by use of a Small Estate Affidavit. This is a mechanism provided under Illinois law, the stock transfer agent may not necessarily be aware of Illinois' definition of "small estate" so you need to become familiar with the Small Estate Affidavit (the stock transfer agent may want you to fill in the information on their form). The stocks belong to your mom's and dad's children in equal shares (or to children of a deceased child). If you are not the only heir, you need to provide information concerning your siblings or descendants of a deceased sibling. A sample copy of the Illinois small estate affidavit can easily be obtained online. You will need to decide whether to sell the stocks or get them transferred into the names of the heirs. For tax purposes, you need to determine who the stocks belonged to and their value on the date of death of each of your parents.