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I recently inherited some stock, and have the final court papers. How do I get this stock changed over to my name? The issuers of the stock sent me a letter from what is evidently a third-party (Keane) who want a 20% fee to do this. This is not going to happen. Any tips on how to handle this?
If the stock is being held by a brokerage firm, like Schwab, Vanguard or Fidelity, you should contact them. Each firm will have their own process. They may be able to help you transfer a paper certificate if you are going to deposit it with them.
Or you can just meet with your own financial advisor, who will tell you what paperwork is required to transfer the stock into your account(s), get him or her that paperwork (typically it will be the will and letters testamentary and a death certificate or something along those lines, or just the contact info for the stock/investment account(s) if you were named the beneficiary of the stocks by the deceased), and have your financial advisor contact the other firm and move it over.
we've just been through this process two years ago and now this January.
Other than the time required to sign forms at our broker's office, it's been relatively easy and without any fees.
All we had to do was contact our broker and let them know which brokerage(s) or banks held the shares. Our broker inquired about the accounts and verified what shares were held in the accounts.
Then our broker filled out the forms to transfer the shares into our names, we signed ... and, in due course, the full value of the shares showed up in our portfolio at our broker. There were no fees to do this on any shares.
There was only one holding which was tied to a specific investment "advisor" firm which could not be transferred to our brokerage house, so we set up the monthly payments directly to our checking account from the original broker. (that is a $12,000 REIT kicking out $54/month, and we're signed up on their "buy-back" program where they will periodically buy back shares as funds allow; this REIT has bought back shares from a $100,000 position down to the $12,000 over the last several years.) But there's been no fees, no losses in making the transition from the original holders and our broker did all the paperwork at no charge for the process.
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