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Affidavit of Residence Form, Beneficiary, Brokerage Firm, Common Estates, decedent, estate, Executor, Inheritance Tax Waiver Form, Joint Account, Medallion Signature Guarantee, Notary, probate, Stocks, Tax Id Number, Transfer Agent, Transfer Form, Transfer Stocks, Transfer-On-Death Accounts, W-9 Form
In many common estates, executors may need to transfer stocks owned by the decedent at some point in their estate administration. To determine the extent of their involvement in the transfer process, the executor must review how the decedent held the stocks during life. For instance:
- If the decedent held stocks in an account with a Transfer on Death registration, and the account has designated beneficiaries, the beneficiaries handle the transfer process.
- If the decedent held stocks in a joint account, the surviving account holder owns the stocks. However, the surviving account holder is responsible for the transfer process if the surviving account holder wants to drop the name of the decedent from the account.
- If the decedent held stocks in an individual account and the stocks were only in the decedent’s name, then the stocks would have to go through probate and the executor transfers the stocks to the estate.
- If the decedent named a beneficiary in the will to receive the stocks and the stocks weren’t needed to pay the debts and taxes of the estate, then the executor transfers the stocks to the beneficiary at the end of the probate process.
If the executor determines that their involvement in the transfer process is necessary, then the executor should contact the brokerage firm or transfer agent that holds the stock for instructions on how to transfer stocks owned by the decedent.