Transfer of Stocks

[IrishNodak]

What is the name of your state? Colorado

I have some shares of stock that I need to transfer to my name from my deceased mother. I contacted the company and downloaded the forms I need to fill out and send. Parts of it are easy and parts are confusing. What type of attorney might help me with this? It's not worth big money. There are only 30 shares and they are less than $1.00 per share.

 

[Davis]

I'm in Ohio and just did this.

You don't need a lawyer but you do need a broker.

First, find out what kind of acc't she had; was it a "TOD" (Transfer on Death) acc't?
Call and ask, they have to tell you.

TODs are real easy, you have a copy of her deathe certificate, SS card, dr license and prrof of domicile. That form is called an Affadavit of Domicile and must be filled out and notarized by a notary public. It is self-explanatory, go through it line by line.

If you have stock certificates (not a portfolio acc't like I mentioned above), then you still must have a broker who can go throught the Transfer Agent (issuing bank) and have the certificates changed to your name.

Again, a lawyer will charge you hourly plus a commision to "his guy" (broker) then the Transfer Agent charge, by then you'll have nothing.

Call a reputable INDEPENDANT broker and good luck.

 

[tranquility]

Why wasn't that done in probate? How did you get ahold of those stocks certificates?

 

[xylene]

I'm in Ohio and just did this.

You don't need a lawyer but you do need a broker.

Thats a load of bunk.

You do not need a broker to transfer the ownership of certificated shares.

Contact the transfer agent for the stock. This is very common.

 

[tranquility]

I've done this a lot as well, and that's why I asked the questions I did. The owner is dead, per the OP, and I suspect it will be difficult to get her signature on the transfer forms.

This not unusual situation has a process to resolve the problem. It's usually done in probate. One thing I usually have to get is a medallion guarantee (like notary, but from a bank) on the signature line on the transferee portion of the power to transfer the stock. To get that medallion, I have to present proof of my power (will, trust, letters testimentary) and pay a fee to the bank. Since we're only talking about $30 here, I'm not sure that will be worthwhile.

 

[IrishNodak]

Thanks for all the replies. It wasn't done in probate because her estate wasn't probated. It wasn't very big. She was living with us the last year of her life. We took care of her.
Thus why I have the stock certificates.

You're right...$30.00 isn't alot but there are quarterly dividends. Those dividends are small(13.00) but they are something I would like to pass on to our son someday from his grandfather. He worked at the company the stocks were originally from(buy out now stocks are named something different).

I did get the paperwork from the stock bank. It tells me what to do if the estate was non probate and I do need the medallion guarantee. Would my credit union do this? Would they help with the paperwork? Can a broker still help?

 

[Dandy Don]

Check with your county courthouse to see if there are simplified procedures for smaller estate/probate cases. Since no probate was done there was no official executor. You can file to become executor and soon after receive document called letters testamentary (get a certified copy to present to the stockholder company), and that document gives you authority to claim any and all assets.

DANDY DON IN OKLAHOMA ([email protected])

 

[tranquility]

You say the stock is worth $30, but that you get $52 dollars ($13 x 4) in dividends a year? PM me, I'll pay you $35 for the stock.

Edit:
A problem with Dandy Don's suggestion is with the stock ownership. Who would own the stock if the court oversees the distrubtion from the estate?

 

[IrishNodak]

I know it sounds weird. It says they are $.89 per share and we own 30 shares. Sometimes the dividends are $11.00, sometimes $13.00. They USED to be $22.00 per quarter for years until the buy out.

Let me give some more details. We moved my mom to Colorado after my father died. She lived with my sister and then her last year with us. The last year she was in and out of the hospital every other week. Seriously. So my sister had power of attorney up until her death. Don't know if that has any bearing.

My mother did make a will with an attorney in Colorado. She divided things equally among my siblings and I. The reason I know the estate wasn't probated is because about a year after her death we had some other stocks that were worth a couple thousand. When we tried to sell them we had to go to the courthouse and get a copy of the probated estate. Guess what? It was never done by the attorney. Even tho' we paid him thousands to help us with everything. When we called him about it he insisted he had done it properly and the courthouse was just mistaken. He then sold the stocks for us through a supposed broker friend he knew.

That said, I'm assuming that I would run into the same problem now as I don't believe he was truthful. I don't know if I could get him into any legal trouble because of it as it was 13 years ago. I have a copy of the will, I have the paperwork for what we paid him, I have her death certificate and my fathers. I have the paperwork for when they changed it to her after my fathers death.

It's just that the forms are confusing. Now I'm even more confused...attorney or broker?
Or can I not do anything about them?