Medallion Signature Guarantee to transfer shares of a decedent - what is required?

[bigcatsrock]

What is the name of your state (only U.S. law)? WI
Hi:
My mother passed away in January 2008. She left behind no assets except some stock shares with an insurance company. The company requires me to fill out the transfer of stock form and get a medallion signature guarantee stamp from my bank. I took the paperwork to my bank, including the will that states I am the personal representative. The bank officer said that I need to go to the courthouse and obtain a domicillary letter stating I am a personal representative. I called the courthouse and they said there was no such thing, that I needed to put her estate into probate but if it is under $50,000 (which is it only a few thousand we are talking about here), that I can fill out a transfer by affadavit form. Help! What on earth do I need to get a medallion signature guarantee stamp from my bank. A different branch of the bank said they only need to see my ID and they look me up and record the transaction they are vouching for. Thanks for your advice/Help.
Signed, Confused in WI

 

[xylene]

What is the name of your state (only U.S. law)? WI
Hi:
My mother passed away in January 2008. She left behind no assets except some stock shares with an insurance company. The company requires me to fill out the transfer of stock form and get a medallion signature guarantee stamp from my bank. I took the paperwork to my bank, including the will that states I am the personal representative. The bank officer said that I need to go to the courthouse and obtain a domicillary letter stating I am a personal representative. I called the courthouse and they said there was no such thing, that I needed to put her estate into probate but if it is under $50,000 (which is it only a few thousand we are talking about here), that I can fill out a transfer by affadavit form. Help! What on earth do I need to get a medallion signature guarantee stamp from my bank. A different branch of the bank said they only need to see my ID and they look me up and record the transaction they are vouching for. Thanks for your advice/Help.
Signed, Confused in WI

If another branch said they could do it, why did you not just go there?

Medallion signature guarantee does not require court papers.

You branch manager is just wrong.

 

[seniorjudge]

This is an example of the golden rule: He who hath the gold maketh the rules.

So, if the stock folks say you need a medallion, then go get one.

 

[TinkerBelleLuvr]

The Gold Medallion signature guarantee is a step-up from a notary. The bank needs to see that YOU are who YOU claim to be. It is required because of the financial papers.

Go to the second branch - the first branch manager has NO idea what he's talking about.

It is strictly to verify who you are.

 

[aanubis]

What is the name of your state (only U.S. law)? WI
Hi:
My mother passed away in January 2008. She left behind no assets except some stock shares with an insurance company. The company requires me to fill out the transfer of stock form and get a medallion signature guarantee stamp from my bank. I took the paperwork to my bank, including the will that states I am the personal representative. The bank officer said that I need to go to the courthouse and obtain a domicillary letter stating I am a personal representative. I called the courthouse and they said there was no such thing, that I needed to put her estate into probate but if it is under $50,000 (which is it only a few thousand we are talking about here), that I can fill out a transfer by affadavit form. Help! What on earth do I need to get a medallion signature guarantee stamp from my bank. A different branch of the bank said they only need to see my ID and they look me up and record the transaction they are vouching for. Thanks for your advice/Help.
Signed, Confused in WI

If it's required you need to do it. It's a major "pita" if you can't find a bank or investment firm that carries the ability to do this. Not all do and it certainly is not a notary.

The Medallion is a guarantee that your signature is yours. The organization giving you the Medallion is then on the hook financially if it wasn't your signature. It typically isn't required unless the sum is over $25,000.

You need nothing from the courthouse or any other entity, just the ability to prove with a valid photo id that you are who you say you are. Then sign in front of them. It's a large rectangle box stamp with info and usually, but not always is stamped in green.