Question

a just found out the shares of apple stock she bought several years ago for $100 just skyrocketed in value to $100,000! she was so ecstatic that she danced out into the street. unfortunately the garbage truck did not see her before fatally crashing into her. if she was a new york resident what would happen to her apple stock (assume she was single, childless and had not made done any estate planning. just like most of you)?

Answer 1

If the student was a New York resident and had not done any estate planning, her Apple stock would be subject to the probate process. Probate is the legal process by which the deceased person's assets are distributed according to the state's intestacy laws when there is no will or estate plan in place.

Step-by-step explanation:

If the student was a New York resident and had not done any estate planning, her Apple stock would be subject to the probate process. Probate is the legal process by which the deceased person's assets are distributed according to the state's intestacy laws when there is no will or estate plan in place.

As a single and childless individual, the student's Apple stock would be distributed according to the rules of intestate succession, which prioritize close family members such as parents or siblings. If no eligible family members are found, the estate may escheat to the state.

It is important for individuals to engage in estate planning to ensure that their assets are distributed according to their wishes. This can be accomplished through the creation of a will, trusts, or other estate planning documents.