Overseas Probate

Medallion Guarantee

 

We can offer assistance if you need to obtain a Medallion Guarantee (also known as the Medallion stamp, Gold Medallion or Barcoded Medallion Signature) to sell or transfer shares or funds from the USA or Canada. We have expertise in dealing with American and Canadian securities, overseas probate and the tax requirements of the IRS (Internal Revenue Service) in the USA or Canada.

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Medallion Guarantee

If you are administering an estate, you may need to transfer stocks and shares into the names of beneficiaries or sell the deceased's holding. In order to do this, you may be required to obtain a medallion guarantee also referred to as the medallion bar-code or signature guarantee. Typical examples of why this problem arose is because American companies took over English companies, for example Cadbury's were bought by "Kraft" and "Schweppes" were purchased by Dr Snappel. People who have shares in these companies such as Cadbury's or Schweppes are generally unaware that a Medallion Guarantee will now be required when selling or transferring these types of shares.


The Transfer of US Shares when the owner is deceased

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, providing copies of official documents and there may be a tax implication. It is slightly easier to transfer shares into the co-owners name from a joint account when the other owner has passed away. Either way, here's some of the documentation that may be required.

  • Transfer of Stock Ownership Form
  • A copy of the death certificate
  • A copy of the grant of probate or letters of administration
  • Original Stock Certificates (unless in electronic form)
  • Inheritance Tax Waiver
  • An affidavit stating that the deceased was not a US citizen or resident
  • Federal Transfer Certificate if the estate exceeds $60,000
  • A medallion guarantee
Call us for a quote, instant help or impartial advice on freephone0800 612 61050800 calls are free - 0333 are local rate - Just click to Call

We can also deal with the full process of transferring or selling shares listed in the USA and Canada.

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 IWC we have experience in dealing with transfers and sales across the USA and Canada. Please contact us for a quote

 

What is a Medallion Guarantee?

In America, after the shocking events of 9/11, the bar-coded guarantee was introduced to help prevent cross border fraud. It is a guarantee whereby the transferring financial institution certifies that the signature is genuine and thus, accepts liability for any forgery.

Signature guarantees protect shareholders by preventing unauthorised transfers and possible losses for investors. They also limit the liability of the transfer agent who accepts the certificates. The signature guarantee is now a statutory 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 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.

A public Notary is unable to provide this service; it can only be done 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?

IWC can process a signature guarantee 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 approximate value of the shares.

For further details or to appoint us to process your guarantee please contact IWC.

Let us know if you need help resealing probate.

Call us for a quote, instant help or impartial advice on freephone 0800 612 61050800 calls are free - 0333 are local rate - Just click to Call
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