Legal Question in Wills and Trusts in Massachusetts

Re: Stock and no beneificary

First, I am sorry for the loss of one or both of your grandparents.

The answer to your question will also depend upon where your grandparents were living when they passed away.

In Massachusetts, you can open what is called a voluntary administration of your grandparent's estate IF the total estate is valued at $15,000.00 or less (exclusive of any automobiles).

If your grandparents failed to name a beneficiary, then the stocks and other investments will pass according to the wills that they left behind.

If you would like their wills and other documents reviewed, please do not hesitate to contact me. I can advise you whether you will need to do a formal or voluntary probate of your grandparent's estate, and perhaps help guide you through this process.

Re: Stock and no beneificary

Any asset that is not jointly owned or has a named beneficiary is an asset that goes through probate -- it doesn't matter if it's mentioned in the will or not. The only person with legal authority to cash out the stocks or change the ownership is the executor appointed by the court -- and what needs to be done depends on what's ordered in the Will.

Unless the estate is less than $15,000, I strongly advise you to consult an attorney. There are a number of issues involved in winding up a person's affairs -- final income tax returns, valuing assets to minimize any taxes, making sure that distributions are handled correctly, determining whether you need to file a tax return for the estate, etc. A good attorney who knows the probate court procedure and the quirks of the courthouse can make the executor's job much easier.

I have been practicing probate law in Norfolk, Suffolk and Middlesex Counties since 1998 and would be pleased to be of assistance.

Re: Stock and no beneificary

It would be wise to consult with an attorney, as there may be other related information which would affect any advice given. This would include how long ago your grandparents passed away, whether their estates have already been probated, whether any real estate is involved, where they were domiciled, etcetera.

Generally, though, the will does not have to refer to specific items of personal or real property. The "residuary clause" of the will, when admitted to probate, directs what happens with anything titled in a decedent's sole name.

For small estates in MA (under $15,000 total assets and no real estate), transfer of property can be accomplished by filing the will and death certificate, along with filing fee, and having the executrix appointed as "Voluntary Executrix." You should still speak with an attorney, as they can help make sure that there are no other issues to resolve (and if there aren't any, the attorney's fee will be quite reasonable).

Please feel free to contact my office if you have further questions.