Legal Question in Wills and Trusts in Pennsylvania
stocks
My mother died without a will in February 2007. I recently found a stock account in her name valued at approximately $8000.00. I have a brother and sister, with whom I shared a small insurance policy. Am I obligated by any law to give them a share of these stocks. I think it is not necessary to probate this in Pennsylvania because it is under $10,000.00.
1 Answer from Attorneys
Re: stocks
Under the intestacy statute you would have to share with your siblings. You are her heirs at law.
Also you each will have to pay inheritance tax on the windfall.
You also have the problem that without an administrator you will need proof that your mother died and that all potential heirs have signed off on closing the account.
If you have any further questions feel free to contact me, the initial consultation is free.
{John}
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