What happens when you Probate an estate and then you later find out that there are additional assets?
Well, first things first, the executor or administrator should do the best job that they can at determining what assets need administered through the Probate Court. But inevitably we’ve worked on cases where new assets came to life after the estate was closed.
So, what happens to new assets? In order to get a newly discovered asset transferred through an estate, you must file an Amended Inventory. The Inventory is a list of the decedent’s assets and their values. Once you identify a new asset, you must prepare and file an Amended Inventory. And just like the original inventory, the heirs must waive their right to the hearing on the inventory. Once that is completed then the Probate court will approve the Amended Inventory and allow the executor or administrator to proceed with the distribution of the asset.
If it’s real estate, then the Probate Court will prepare a Certificate of Transfer to be filed with the Recorder’s office. If it is a vehicle, then the Probate court will prepare an Authorization for Certificate of Title to be filed with the Title Office. If it’s a liquid asset like stocks, bonds, mutual funds, bank accounts or insurance proceeds, then the asset can be deposited into an Estate Account and then disbursed to the heirs.
If your loved one has recently discovered a new asset, then give us a call so that we can quickly transfer the asset through Probate.