How to distribute a small estate?

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How to distribute a small estate?

How do I cash in bonds left to me after my father’s death 7 years ago. He had no real property and might have been on state assistance in CT. There are 2 bonds with face value of 1k each worth cash value today of 6k each. What do I do and are there taxes to be paid?

Asked on July 22, 2011 Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I am so sorry for your loss.  Please check to see if in fact your Father was on public assistance before he passed away as that will impact on the transfer of the bonds.  His estate may owe the state for his care.  How, may I ask, were the bonds left to you? As for the issue of a small estate, each state has a mechanism for the transfer of property under a certain value.  Some estate require a small estate petition and some a small estate affidavit.  You can go to the Probate court in the county in which your father resided at the time of his death and as for the information on the matter or try your local bar association.  As for taxes,  speak with an accountant.  SOmeone will pay something I am sure.  Good luck. 


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