Q: Hello, I have a ESOT that my father gave to me; it’s in his name but he has passed away. What should I do with it?
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- California
- (916) 704-3009
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- Answered
A:
When your father passed away, his Employee Stock Ownership Plan (ESOT) became part of his estate. You’ll need to follow the proper steps to transfer the ESOT to yourself or the appropriate heirs. Typically, this process involves contacting the ESOT administrator to notify them of your father’s passing and providing necessary documentation, such as a death certificate and proof of your legal right to manage his estate.
If your father had a will, the executor named in the will should handle the transfer of assets, including the ESOT. If there was no will, California's intestacy laws determine who inherits the assets, and you may need to go through probate. Probate could involve filing paperwork with the court to officially appoint you or another family member as the estate's administrator.
It’s important to act promptly, as there could be deadlines related to the ESOT. Also, reviewing any tax implications with a tax professional would help avoid complications. Reaching out to the ESOT plan administrator is a good first step to understand the exact requirements.
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