For an executor, finding forgotten assets while the estate is open requires diligence and luck. In early January 2013, while keeping up with the mail for reasons mentioned in the article Keep up with the Mail and Charitable Solicitations, a letter arrived from an investment firm. While curious, I quickly opened the letter and began scanning over it. The letter was to inform the account holder (the decedent) that the account number changed because the firm changed transfer agents. In addition, the letter revealed that the decedent had seven shares of stock held in direct registration. After reading the letter, knowing exactly what to do, I immediately called shareholder services and asked for the transfer package.

Selling the Forgotten Stock

In late January 2013, with other tasks taking priority, this would be a great time to sell the forgotten stock. So, as described in the article Selling Stocks of a Decedent Held in Direct Registration, I began the process of selling the forgotten stock. After completing the paperwork, I took the forms to the bank to get the Medallion Signature Guarantee and to have the Affidavit of Residence notarized. That same day, I mailed the transfer package back to the investment company. About a week later, the access code arrived for the new estate account. Immediately, I logged-in to the account and sold the shares. The trade executed at the end of the day because of direct registration rules, which closed the account. After the account closed, I updated the inventory of assets. The update included the seven shares of stock and the amount received from the stock.

Conclusion

Throughout the estate administration, not one document existed to show the decedent owned the stock. Moreover, if the company didn’t change transfer agents, I would of never known the decedent held the stock. Fortunately, the letter arrived in the mail while the estate was open. Anyway, executors should remain diligent and never overlook mail related to the estate. The mail is where the executor will find forgotten assets and perhaps some luck.

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