Ask Terry Questions Stock at death

Stock at death

By Terry Savage on January 07, 2024 | Financial Planning / Retirement

My husband and I own stock shares some held by us and some in certificate form. How can these transfer to my children after we die. Our house is in a land trust and other accounts have them as beneficiaries. Will these stock shares have to go through probate? I have heard of transfer upon death but do these have to be listed separately
To do this?

Terry Says

As long as the shares are listed in your individual (or joint) names, and assuming you meet the asset levels for probate in your state, yes those shares will have to go through probate.
(For example, in Illinois if all probate assets are more than $100,000 then probate is required.)

I suggest you see an expert estate planning attorney. A land trust will protect your house from probate, but a Revocable Living Trust has other advantages — including the ability to manage the asset if one of you becomes incapacitated. And if you have other probate assets (which do not include life insurance or retirement accounts, which avoid probate because they have a named beneficiary) then you might want to do an update on your estate plan.

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