If new assets are found after an estate is closed, is it required by law to reopen the estate?
See question for estate closed in state of ohio
It depends. If it is an asset which is titled in the decedent's name, such as a bank account or stock certificate, you will need to reopen the estate to transfer title. If it is an asset that doesn't require a title, such as artwork or household goods, you probably do not need to reopen the estate.
Asker
The assets is property in an irrevocable trust, per stirpes
Asker
Asset, that is
I agree with Mr. Huddleston. The Trustee will have to make that determination.
Asker
Thank you so much!
Sorry to sound like a lawyer, but it depends. If the amount is not large and those entitled can agree, one could wait until the asset ends up in Unclaimed Funds. But generally if there are worthwhile assets discovered after conclusion of the administration, the estate must be re-opened to obtain clear ownership or title to the asset.
Mr. Huddleston is an Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Columbus and Dayton, serving client families and private business owners throughout Ohio. He may be contacted directly by phone toll-free at 888.488.7878 or by email [email protected]. Mr. Huddleston responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but his responses are not legal advice and do not create an attorney-client relationship.
Asker
I believe ownership is solid as part of an irrevocable trust, per stirpes, the trust is transferred. Is there a law that the estate has to be reopened if that trust was not discovered until after the estate was closed. Reopening has no benefit to the heirs, but possibly to satisfy a debt.
A "found" asset owned by an irrevocable trust is a different matter than a "found" asset owned personally by a decedent. Your question cannot be answered reliably on this forum. The trustee of the trust needs to engage counsel to help figure out the most efficient mechanism by which to see that the asset is handled appropriately. If there are no income or estate tax consequences to distribution of the asset, it may be as simple as paying it directly to the beneficiaries.
Asker
Thank you so much - I will be seeking local consul
