Legal Question in Wills and Trusts in Massachusetts
reopening an estate
My grandfather passed away in 1994 and his estate was probated and closed. My grandmother who lives in New York just found some savings bonds in his name. The bank suggested we reopen the estate and cash the bonds through the estate. Is that necessary or worthwhile?
2 Answers from Attorneys
Re: reopening an estate
It is not clear whether your grandfather lived in MA at the time of his demise. This is the answer for Massachusetts, New York may be different.
It is possible to reopen an estate for appointment of an administrator d.b.n., to account for after discovered assets. Assuming that the issuer of the bond will not otherwise allow the bonds to be retitled or converted to cash without reopening the estate, it would appear that you have limited options. You may also have to review tax filings, etcetera, to determine if any additional taxes are due. If the estate was probated elsewhere, you need to consult with an attorney in that jurisdiction.
Re: reopening an estate
You have to weigh the value of the bonds to the costs of taking action.
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