How to Cash in Paper Stock Certificates From a Deceased Person
When a loved one dies, handle as swiftly as possible the matters concerning his estate, including the redemption of his stock certificates. Each stock certificate bears the decedent’s name, the name of the corporation that issued the stocks and the number of shares owned. Because your name is not listed on the stock certificate, you must go through a legal process to redeem them.
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Instructions
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Secure a copy of the will. The will must name you as the executor of the deceased person’s estate. If no will exists, you can still request a letter from the probate court appointing you as an administrator over the estate.
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Take the will to a local probate court to get a letter of testamentary or a letter of administration; the document name may vary. The letter legally recognizes you as the official administrator of the estate. If you are uncomfortable tackling this matter on your own, seek help from a probate attorney.
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Complete a stock power form to name yourself as the new owner of the stock certificates. A blank stock power form can be obtained from the corporation that issued the stocks or from your own broker.
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Take the unsigned stock power form and unsigned stock certificates to a financial institution that offers Medallion Signature Guarantees. Most banks offer this service for free.
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Present the letter of testamentary, the stock power form and the stock certificates to the bank representative. Present government-issued photo identification to authenticate your identity.
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Endorse the stock power form and the back of the stock certificates. Wait for the representative to provide the medallion signature guarantee seal. A medallion signature seal is an embossed seal that is placed on the stock power form. The presence of the seal is proof that the signature is genuine and that the signee’s identity has been verified.
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Complete an affidavit of residence, which is a form that certifies your residential address. Take the form to a notary public to have it notarized.
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Cash the stock certificates. To do this, present the signed stock certificates, the stock power form, the letter of testamentary and the affidavit to a broker or to the corporation that issued the stock certificates.
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