Q: Do we have to reopen my mother's estate?
My mother’s estate was closed in Virginia about a month or so ago; she died in October 2015. My brother, the executor of her estate, has been contacted by a company about an unclaimed asset in the amount of $37,200, stating that the asset remains dormant as of 9/15/17. None of us (her seven children) was aware of this asset, which might have been something my father purchased and it passed on to my mother at his death in 1993. The company, of course, wants 25% upon recovery of the asset, but I believe we can identify the asset without their help as my brother received a letter from the company holding the asset (about a year ago) that showed dividends paid in 2016. Other than the potential of having to amend her tax returns, once we identify the asset and begin the process of recovery, the question is: will we have to reopen my mother’s estate? The estate was probated in Rockbridge County, VA.
A: The answer depends on what the asset is. If it is an asset with designated beneficiaries, like an insurance policy, a bank account, or a stock account often have, then it is a non-probate asset, and the probate estate is unaffected. If it was a personal asset of the decedent, you will probably need current Letters of Administration to collect it or even inquire about it, and that will require reopening the estate.
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