Full question:
Can I use a Small Estates Affadavit to meet the Stock Certificate Transfer Agent's law requirement for them to reissue a stock certificate in my deceased father's name? The stock value is approx. $990, and there are no other assets of my father that must be declared for probate? And if so, can that reissued stock then be deposited into my joint stock broker's account(my deceased father and I are registered as co-owners of the account). The Transfer Agent says since there is a Certificate Loss, if the Small Estate Affadavit won't qualify, I'll need to get a Certified Letter of Appointment, which I think will be expensive, approaching the value of the stock.
- Category: Wills and Estates
- Subcategory: Small Estates Affidavit Law
- Date:
- State: California
Answer:
In California, if a decedent's estate is valued at less than $100,000, you can use small estate procedures to collect and distribute assets. An heirship affidavit can replace letters of administration, and a Lost Certificate Affidavit may help reissue stock for a deceased owner. Whether the transfer agent accepts this affidavit is based on their company policy, and a bond may be required. It's best to check with the transfer agent for their specific requirements. If the stock is reissued to an heir using a small estate affidavit, the heir has the right to use or deposit it as they wish.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.