Transferring securities of the deceased’s stocks, bonds, or mutual fund shares can be a complex process for the estate‘s personal representative. It’s still complex if part of the process is outsourced to a bank or stockbroker. The representative’s role will be to submit the necessary documents to the transfer agent. Consequently, the nature of these documents depend on the way the securities were owned and estate is distributed.
If the securities were held in tenancy in common with a surviving person, the decedent’s part may be subjected to California probate, while the surviving person’s is not. This means there will be an issuance of two new certificates. One in the name of the beneficiary of the decedent’s part, and the other in the name of the living tenant in common. A probate court order, however, is only necessary for the decedent’s share.
To transfer title to the heir or beneficiary of the decedent’s interest, the personal representative will have to submit the following documents:
- A letter to request the transfer, which gives the name, address, and Social Security number of the new title owner
- An Affidavit of Domicile bearing the notarized signature the representative
- A stock power, signed as above
- Certified copies of Letters Testamentary or Letters of Administration
- The original stock, bond, or debenture certificates
Do you still have questions regarding transferring securities? We know this process can be confusing and difficult. Talk to San Diego estate planning and probate attorney Scott Grossman about your situation and the questions you have. Call our lawyers at (951) 683-3704 or (888) 443-6590 for your FREE 30-minute telephone consultation. Also, order our FREE book The Insider’s Guide to California Probate and Trust Administration.
AttorneyThe Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307