Legal Question in Wills and Trusts in New York
My mother passed away in February. The estate was sizable but under the the 2009 estate tax limits. Most everything was left in trust to my brother and I. My Mother was a resident of Florida. Administering the estate has been a hassle, but all problems have been overcome. There are several US Treasury Bonds in my mothers name which need to be transferred to my brother and I. What is the process by which I can have the bonds transferred to our names? We both live in NY.
2 Answers from Attorneys
Was there a will? Typically, a will would be probated and letters issued. If property is in other states, then an ancillary probate proceeding would take place in the other state. I can't really answer your question because I don't know what has been done up to this point.
Dave
http://nylegaladvisor.com
US Treasury obligations (e.g., Treasury bills) can be held with a "payable on death" (POD) designation. Many states have also adopted a "transfer on death" (TOD) law pertaining to stock brokerage accounts that works in the same way that the POD arrangement does. Upon proof of the account owner's death, the brokerage transfers his or her account to the designated beneficiary outside of probate.
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