Estate w/ NO Funds for Probate, Transferring / Cashing-Out Stocks

[TamD]

Jurisdiction

Kansas

We have not received the death certificate for our deceased, Intestate, elderly unmarried, childless uncle of 5 nephews / nieces so we have not begun dealing with probate yet, but we had a question regarding disbursement of his only assets which are stocks from three different companies.
The complications are that he had his original stock certificates stolen from him. So, there is going to be a lengthy and costly process of Intestate Probate when the Estate has no money that can be accessed, then $ reissuing the stolen stock certificates and then cashing out the stocks for disbursement. The problem is that the estate has NO funds with which to proceed.
We have not inquired with an attorney yet.

So, the question is:
How does an estate with no funds go through the Intestate Probate process and then fund gaining access to assets that require a large outlay of expense?

Thank you.

 

[Zigner]

One of the expected beneficiaries can loan the estate money to cover the expenses.

 

[adjusterjack]

The one who is willing to advance the money for the probate is the one who should first be appointed by the court as representative of the estate. That puts that person in control of the probate and the eventual disbursement so he/she can recover expenses before the rest is distributed.

TamD, are you willing and able to front the money?

 

[zddoodah]

The complications are that he had his original stock certificates stolen from him. So, there is going to be a lengthy and costly process of Intestate Probate

I'm not sure I'm following this.

I assume that he owned the stock directly (i.e., not as part of some sort of investment fund). Correct? Has anyone contacted the companies in which he held the stock to inquire what procedures will be required and, perhaps more importantly, to ensure that the companies still have the shares in his name after the theft? It is at least theoretically possible that whoever stole the certificates has redeemed them.

Assuming the companies still show your uncle as the owner of the shares, the lack of certificates should neither lengthen nor increase the cost of probate. Why do you think otherwise?

How does an estate with no funds go through the Intestate Probate process and then fund gaining access to assets that require a large outlay of expense?

The prior response is accurate, but I can't help but think that you're over-estimating the cost of this. Consulting with a local probate attorney would be a good idea for whichever of you wants to undertake the task of administering the estate.