Stock tied to life insurance policy

[jag]

What is the name of your state?
I am in the state of ohio. My mother died leaving only a $750 Metropolitan Life insurance policy with 52 shares of stock tied to it. The beneficiary, my father, is deceased. MetLife sent me forms to complete for payout of insurance policy. I didn't know about the stock until they told me. I sold the stock via automated telephone response system about 1 week after her death. Proceeds of sold stock total less than $4000.

Two questions:
1. Did I error in selling the stock? If so, what are ramifications, how can I correct this?
2. Do I have to file through probate for this amount?

 

[Dandy Don]

Are you the only heir or are there other siblings who are living?

Technically it is the executor of her estate who only has the authority to handle the financial matters, so you need to open up probate to get the check distributed to all legal heirs.

Who was the check made payable to--the estate of your deceased mother?

Check at your county courthouse probate court to find out if there are special, simplified procedures for smaller estates.

DANDY DON IN OKLAHOMA ([email protected])

 

[jag]

There are 3 other siblings, I am the executor. The check was made out directly to my mother and I deposited it directly into a joint checking acct with her and my name. I will distribute equally among all heirs.

 

[moburkes]

Does your mother's estate have any debts?

 

[jag]

No debts -- such as loans, credit cards, etc. There are a few Dr and caregiver invoices for services rendered that are rolling in. The accounts are current and full amounts are paid as bills received.

thanks.