Transfer of US Shares when the shareholder has died
There are official procedures in place in order to transfer ownership of stocks and shares in the US. This can be a difficult procedure; including completing the relevant forms correctly to ensure that they are accepted on first submission, supplying the correct supporting documents to the North American Transfer agents and also ensuring that any holdings are correctly tax certified to comply with IRS regulations.
Here’s some of the documentation that may be required:
– Transfer of Stock Ownership Form
– A copy of the death certificate
– A sealed copy of the grant of probate or letters of administration (often this must be dated within 60 days of the submission of the documents to the transfer agents, if its not then an exemplified/sealed and certified up to date copy would need to be obtained from the Probate office in the UK)
– Original Stock Certificates (unless held in electronic/book entry form)
– An affidavit of domicile stating that the deceased was not a US citizen or resident and that US assets were below the $60,000 IRS tax threshold at the date of death
– Federal Transfer Certificate if the estate exceeds $60,000
– A Medallion Guarantee Stamp
We can also deal with the full process of transferring or selling shares listed in the USA and Canada including dealing with the Federal Transfer Certificate.
Dealing with the transfer and sale of shares overseas can be complicated and time consuming without knowledge of how to complete the documents that are required by the US/Canadian transfer agents, at OPM we have experience in dealing with transfers and sales across the USA and Canada. Please contact us for a quote on 020 8017 2050 or at email@example.com
What is a Medallion Guarantee Stamp?
A Medallion Signature Guarantee protects shareholders by preventing unauthorised transfers and possible losses for investors. They also limit the liability of the transfer agent who accepts the transfer or sale request. The Medallion Signature Guarantee is now a nationwide requirement in the United States of America if you wish to transfer stocks, shares and bank account funds.
If you own stocks and shares and you wish to transfer or sell them or if you are an executor of a person’s estate and the deceased had stocks and shares in the USA, the stock transfer forms will need to be stamped with the Medallion Guarantee Stamp in order for them to be accepted by the Transfer agents.
A Notary Public is unable to provide this service; it can only be actioned by financial institutions that belong to the Securities Transfer Agents Medallion Program (STAMP). There are over 7,000 US and Canadian banks with agents available but what do you do if you’re in the UK?
OPM can process a Medallion Signature Guarantee stamp from the UK, on your behalf. There are certain legal documents we’ll need to verify your identity, proof of your ownership or capacity to act, death certificate or grant of probate and verification of the value of the shares that requires the guarantee.
For further details or to appoint us to process your Medallion Guarantee Stamp or for us to deal with the full transfer or transfer and sale including the guarantee please contact OPM on 020 8017 2050 or at firstname.lastname@example.org
OPM provide an overseas bankruptcy search service, covering many different countries such as Spain, USA, France, Germany and many many more
If you require a Medallion Guarantee Stamp for the transfer or transfer and sale of a North American asset then we can provide this service, we can cover up to $5 million USD, please contact us for a quote.
If a relative has died abroad but still has assets in the UK or you’re dealing with an estate where there are overseas assets, a probate reseal will be required if the other country is part of the Colonial Probate Act.
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Are you dealing with an estate which has beneficiaries located overseas?
You must check that they have not declared Bankruptcy overseas and that they are fully entitled to the Inheritance.
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