Are inherited stocks subject to probate in NY?

Question

Existing "will" with no beneficiary specified.

Answer 1

If the stocks are part of the estate, they will be subject to probate
UNLESS the owner has specified that they be "Transferred on Death" to a specific beneficiary. This important estate tool ("Transfer on Death") only became available in NYS as of January 1, 2006.

In either event, (probate of TOD) the beneficiaries will inherit the stock with a cost basis as of the date of death OR the price of the stock 6 months after death. The executor of the will determines what date will be used.