Do I need Probate for stocks and savings bonds (NYC)?

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Gambler
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Do I need Probate for stocks and savings bonds (NYC)?

Post by Gambler »

New York City

my dad died in July.

he left $300k in company stock from his employee stock purchase plan.
and My mom found some old US Savings Bonds (series E) dated 1978. it's worth $450 total (9 x $50). It's in his name only.

My mom also has Series EE from the 1990's and worth $20k (20 x $1000). Unsure about who's name it's in since it's in a safety deposit box. She think's it's in both his and her names.

My mom has an elder law attorney that she is using to create a trust to shield her assets.
He said that the stocks and savings bonds (just the ones in his name only) need Probate court.

But I read the Bogleheads wiki about probate and it said for New York, I don't need it for stocks?
http://www.nolo.com/legal-encyclopedia/ ... 31740.html

"Transfer-on-death registration for securities:
New York lets you register stocks and bonds in transfer-on-death (TOD) form. People commonly hold brokerage accounts this way. If you register an account in TOD (also called beneficiary) form, the beneficiary you name will inherit the account automatically at your death. No probate court proceedings will be necessary; the beneficiary will deal directly with the brokerage company to transfer the account."


so even if the stock is ok, what to do about the savings bonds?

THX!


edit:
Don't think the stock is registered TOD. (see my post below.)
Last edited by Gambler on Fri Oct 24, 2014 2:48 pm, edited 2 times in total.
"Always be thankful for what you have no matter how much or how little" -EternalOptimist
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Re: Do I need Probate for stocks and savings bonds (NYC)?

Post by placeholder »

Was the stock account registered as TOD because if not then it's too late to do it now.
bsteiner
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Re: Do I need Probate for stocks and savings bonds (NYC)?

Post by bsteiner »

You probate the Will, not the assets.
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Gambler
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Re: Do I need Probate for stocks and savings bonds (NYC)?

Post by Gambler »

placeholder wrote:Was the stock account registered as TOD because if not then it's too late to do it now.
hm.. i don't think it is registered as a TOD.
I called up the company. all they need is their transfer form filled out and notorized, the original death certificate, and the original stock certificate.

funny thing is that I can put anyone's name in the transfer form as the new acct holder.

do you guys have any reservations in doing it this way?
sounds waaaaaaaaaayyyyy easier! (and cheaper. and quicker.)
"Always be thankful for what you have no matter how much or how little" -EternalOptimist
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Re: Do I need Probate for stocks and savings bonds (NYC)?

Post by placeholder »

Was it a joint account?
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Gambler
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Re: Do I need Probate for stocks and savings bonds (NYC)?

Post by Gambler »

placeholder wrote:Was it a joint account?
i assumed not.
the stock certificate only has my dad's name on it.

but i'll call
"Always be thankful for what you have no matter how much or how little" -EternalOptimist
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