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Definitely in the "First World problem" category but as I try to wrap up the last few pieces of the inheritance from my cousin, I'm running into a roadblock.
I inherited two individual stocks. I couldn't do anything with them until the probate period ended, which occurred on October 12. Now I'm working to get them transferred into my name so that I can then move them into our brokerage account.
I contacted Vanguard and they walked me through the process but when I explained that I hold the paper stock certificates but that they don't represent the actual number of shares currently held due to past stock splits, they said I need to contact each company and get updated documentation of the actual number of shares.
I called shareholder services and then sent me the necessary paperwork to re-title the accounts. Those forms need Medallion Signature Guarantees. No problem. My bank does those. I made an appointment and went over there a little while ago. The rep checked all of the paperwork and said there were a couple of other things I'd need.
He gave me the number of the MSG team and advised me to call them as they are the experts on these matters. I just called them and one thing they need is the court order naming me executor of the estate. No problem. I have that. But it has to be dated within the past 60 days. Nope. The order was issued on 6/28/21 when we started the probate process. So now I have to contact the estate lawyer and have him go to the court and get an updated order with a current date (which I'm sure is going to cost me something). Once I have that, I should hopefully be set to proceed with the MSG process.
They definitely don't make the process easy.
My advice to all? Make sure that for every account you possibly can, name a beneficiary or title the account TOD (transfer on death) to the person you want to inherit it. That will avoid your heirs having to deal with all of this after you're gone.
I inherited two individual stocks. I couldn't do anything with them until the probate period ended, which occurred on October 12. Now I'm working to get them transferred into my name so that I can then move them into our brokerage account.
I contacted Vanguard and they walked me through the process but when I explained that I hold the paper stock certificates but that they don't represent the actual number of shares currently held due to past stock splits, they said I need to contact each company and get updated documentation of the actual number of shares.
I called shareholder services and then sent me the necessary paperwork to re-title the accounts. Those forms need Medallion Signature Guarantees. No problem. My bank does those. I made an appointment and went over there a little while ago. The rep checked all of the paperwork and said there were a couple of other things I'd need.
He gave me the number of the MSG team and advised me to call them as they are the experts on these matters. I just called them and one thing they need is the court order naming me executor of the estate. No problem. I have that. But it has to be dated within the past 60 days. Nope. The order was issued on 6/28/21 when we started the probate process. So now I have to contact the estate lawyer and have him go to the court and get an updated order with a current date (which I'm sure is going to cost me something). Once I have that, I should hopefully be set to proceed with the MSG process.
They definitely don't make the process easy.
My advice to all? Make sure that for every account you possibly can, name a beneficiary or title the account TOD (transfer on death) to the person you want to inherit it. That will avoid your heirs having to deal with all of this after you're gone.
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