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 the value of a decedent's estate doesn't exceed $100,000, the small estate procedures may be used to collect and distribute the assets of the estate. An heirship affidavit may be used in place of letters of administration. A Lost Certificate Affidavit may be used if you are trying to get stock reissued concerning an owner who is deceased. It will be a matter of company policy whether or not the affidavit of lost certificate may be accepted to issue a new certificate. A bond may be required. I suggest inquiring of the transfer agent for precise requirements. If the stock is issued to an heir under a small estate affidavit, the heir has ownership rights to use or deposit it as he wishes.
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.
