Q: If it would cost me more to probate a will than I would actually get, am I required to do so? What are the implications?
My mother passed away last year, and we didn’t have any issues with inheritance, except for a 1099 showing dividends from an employee stock plan. The account is very small, so it would be more expensive to probate it then it’s actually worth. We’d like to simply ignore it, but we know we’ll get another 1099 in her name next year. Are there any legal repercussions to simply ignoring the account, assuming all the heirs are in agreement?
A:
No but before you decide not to did you look under unclaimed money on the Treasurer's website? Look under both her married and maiden names.
https://www.patreasury.gov/unclaimed-property/
Also if she had a car you want to pass title to, a house you would need to open a simple estate.
However, why not find out what the fund has--not just her payments but the principle?
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