Closing all of my dad's accounts is making crazy

[DawnM]

One account needs a notary.

Another account needs a medallion signature (ugh, that will be a pain in the butt)

Another one needs something else.

I don't have time to do all this and work and take care of things I need to do.

A flippin' medallion signature????    They said they won't even talk to me about who is the beneficiary until I get one and send them an original of the death certificate.   Um, it's me, I am the beneficiary.

And there are others I haven't even called yet.   I am too overwhelmed.

Maybe I can take care of all of this during Spring Break.

[fairfarmhand]

What is a medallion signature?

[DawnM]

1 minute ago, fairfarmhand said:

What is a medallion signature?

What Is a Medallion Signature Guarantee? 

A medallion signature guarantee is one of several special certification stamps that guarantees a signature that authorizes a transfer of securities is authentic. Parties will generally require a medallion signature guarantee when an owner wants to sell or transfer securities—such as stocks or bonds—held in physical certificate form. If an owner holds securities through a broker, they will not need to obtain a signature guarantee to sell or transfer the securities.

[Idalou]

15 minutes ago, fairfarmhand said:

What is a medallion signature?

 It's like a step up from being notarized. You got them at a bank, but usually you need to be a member of that bank. They cost more than a notary.

 

[Idalou]

20 minutes ago, DawnM said:

One account needs a notary.

Another account needs a medallion signature (ugh, that will be a pain in the butt)

Another one needs something else.

I don't have time to do all this and work and take care of things I need to do.

A flippin' medallion signature????    They said they won't even talk to me about who is the beneficiary until I get one and send them an original of the death certificate.   Um, it's me, I am the beneficiary.

And there are others I haven't even called yet.   I am too overwhelmed.

Maybe I can take care of all of this during Spring Break.

I'm sorry it's overwhelming. But most reputable places won't say anything at all about anything unless there is a death certificate involved. 

[DawnM]

8 minutes ago, Idalou said:

 It's like a step up from being notarized. You got them at a bank, but usually you need to be a member of that bank. They cost more than a notary.

 

I hope my bank offers it.

[Vintage81]

8 minutes ago, DawnM said:

I hope my bank offers it.

If you work with a financial advisor/broker, they may also be able to help you with a signature guarantee. 

[mlktwins]

My DH had to do a lot of Medallion Signatures for his parent’s estate. It wasn’t too bad really. See where you can get one done and make an appt so you don’t have to wait.

[Grace Hopper]

The medallion signature (never heard that term) may be something you need a certified copy of the death certificate to obtain, iirc from some of my parents’ business after death. 
 

There will come a day when you will be done. I know that’s not a comfort now but in a year or so you will look back and be amazed at all you handled these past few years (and handled quite well, I believe). 

[mlktwins]

22 minutes ago, Idalou said:

 It's like a step up from being notarized. You got them at a bank, but usually you need to be a member of that bank. They cost more than a notary.

 

My DH didn’t have to pay anything for his. Maybe it depends on the amount of money one has in the bank.

[Pawz4me]

I've had the medallion signature thing done at our credit union. It is best to make an appointment. I was told only the branch manager could do them, but I don't know if that's true at all financial institutions. Our credit union doesn't charge, it's a member benefit.

[history-fan]

Yes it is stressful. I was doing all  this a few years ago.

[DawnM]

43 minutes ago, Vintage81 said:

If you work with a financial advisor/broker, they may also be able to help you with a signature guarantee. 

We do not.   My husband is our financial advisor and he works for a large accounting firm and doesn't offer it.

My dad actually had a medallion signature but here locally we had to drive him pretty far to get one at his bank.

[Arcadia]

1 hour ago, DawnM said:

They said they won't even talk to me about who is the beneficiary until I get one and send them an original of the death certificate.   Um, it's me, I am the beneficiary.

Presenting a death certificate is a requirement even for beneficiaries. Hopefully you can get everything done easily over spring break.

[Carol in Cal.]

We have medallion signatures as a free member benefit through our credit union.  

[Carol in Cal.]

4 minutes ago, Arcadia said:

Presenting a death certificate is a requirement even for beneficiaries. Hopefully you can get everything done easily over spring break.

Right, but often a copy rather than an original is acceptable below certain financial levels. 

[prairiewindmomma]

Medallion signatures are free at my bank. They are easy to get if you book an appointment. 

[*LC]

When an elderly family member died, her only heir had handled her finances for more than a decade. Since he had used online banking, he was able to move money/close everything without jumping through hoops. There were many reasons this was the only way things would work for this weird family situation with a relative who lived past 100. All the witnesses to the will had died and the law firm had closed decades earlier. 

I think I remember you are the only heir. 

[Vintage81]

2 hours ago, DawnM said:

We do not.   My husband is our financial advisor and he works for a large accounting firm and doesn't offer it.

My dad actually had a medallion signature but here locally we had to drive him pretty far to get one at his bank.

Oh, ok…I’m sorry. 😕 Hopefully your bank will be able to provide what you need. 
 

4 hours ago, DawnM said:

They said they won't even talk to me about who is the beneficiary until I get one and send them an original of the death certificate.   Um, it's me, I am the beneficiary.

And there are others I haven't even called yet.   I am too overwhelmed.

Maybe I can take care of all of this during Spring Break.

I’m surprised they wouldn’t talk to you at all. I used to work at a mutual fund company and we’d get calls often regarding people’s accounts where the owner had passed away. If it was the first call notifying us that the owner had passed away, we couldn’t give full account access to the beneficiary over the phone (without having any documentation on file), but if the beneficiary name was on file (along with some identifying info), we could give basic information about what was needed in order to claim the account…certified death certificate, what form was needed, signature guarantee, etc. There were different requirements depending on the type of account, so we could at least provide that. 

Anyways, I’m so sorry all of this is overwhelming. I hope you’re able to sort through it all and eventually get it all settled. 

[SKL]

Probate can be a surprising amount of work, and time-sensitive.  I hope your bank is helpful.

[Carol in Cal.]

46 minutes ago, Vintage81 said:

 

I’m surprised they wouldn’t talk to you at all. I used to work at a mutual fund company and we’d get calls often regarding people’s accounts where the owner had passed away. If it was the first call notifying us that the owner had passed away, we couldn’t give full account access to the beneficiary over the phone (without having any documentation on file), but if the beneficiary name was on file (along with some identifying info), we could give basic information about what was needed in order to claim the account…certified death certificate, what form was needed, signature guarantee, etc. There were different requirements depending on the type of account, so we could at least provide that. 

 

Fidelity is pretty much like what Dawn was talking about, per recent experience of a friend of mine.  And they are BIG, so I’m thinking it’s a bit of a trend.

[Grace Hopper]

3 hours ago, Carol in Cal. said:

Right, but often a copy rather than an original is acceptable below certain financial levels. 

I understand this may vary but ime they wanted a certified copy for anything that wasn’t just a joint checking account (joint with me and parent).
 

I got mine from the funeral home. I would have expected the OP to have received them by now. You may have to ask for additional copies, that can slow down the process. 

[Laura Corin]

I sympathise.  We have only just managed to get closing statements for all Mum's accounts (her money was split to ensure insurance in case of bank collapse) so that probate can go forward.

[pinball]

You could just not do it and let all the money go to unclaimed funds in the municipality where the money is held.

figure out how much your time is worth and then decide.

[Laura Corin]

12 minutes ago, pinball said:

You could just not do it and let all the money go to unclaimed funds in the municipality where the money is held.

figure out how much your time is worth and then decide.

It's worth considering that you are talking to a bereaved person for whom this is one more stressor, and to whom a little grace might be offered.

Edited March 16, 2023 by Laura Corin

[fairfarmhand]

8 hours ago, SKL said:

Probate can be a surprising amount of work, and time-sensitive.  I hope your bank is helpful.

I know. The business end of death is horribly overwhelming 

[pinball]

15 minutes ago, Laura Corin said:

It's worth considering that you are talking to a bereaved person for whom this is one more stressor, and to whom a little grace might be offered.

Right…and if it is adding so much stress, it might not be worth it.

[DawnM]

2 hours ago, pinball said:

Right…and if it is adding so much stress, it might not be worth it.

Well, it is enough to pay off my house, so yeah, it is worth it, it is just far more work than I anticipated.   But even if it weren't that much, I am not an all or nothing person.   I would not just give the money to the state, that is ridiculous.

[Arcadia]

3 minutes ago, DawnM said:

Well, it is enough to pay off my house, so yeah, it is worth it, it is just far more work than I anticipated.   But even if it weren't that much, I am not an all or nothing person.   I would not just give the money to the state, that is ridiculous.

Regardless of amount, your dad meant you to have it. So in a way it is honoring your dad’s wishes. Take your time.

[DawnM]

5 minutes ago, Arcadia said:

Regardless of amount, your dad meant you to have it. So in a way it is honoring your dad’s wishes. Take your time.

Thank you, yes.

And one of his accounts I finally told to BACK OFF, I will get to it when I get to it.   They were hounding me.

The truth is, I have had to take some time to process his death, process that I am not "taking his money in place of him" (I know, sounds dumb, but my brain went there), and start working on this.

A friend told me today that it "takes a year to die" meaning that all the things that need to be done can take a year.   Getting off mailing lists, closing all credit cards, accounts, etc....and I think she is right.

[pinball]

24 minutes ago, DawnM said:

Well, it is enough to pay off my house, so yeah, it is worth it, it is just far more work than I anticipated.   But even if it weren't that much, I am not an all or nothing person.   I would not just give the money to the state, that is ridiculous.

good luck to you. I hope it goes smoothly.

If it was a couple hundred dollars, though, I stand by my advice. Its not worth going “crazy” or dealing with the stress involved.

[fairfarmhand]

11 minutes ago, DawnM said:

 

A friend told me today that it "takes a year to die" meaning that all the things that need to be done can take a year.   Getting off mailing lists, closing all credit cards, accounts, etc....and I think she is right.

This is accurate. After about 6 months after my MIL died things settled down, but a whole year to sort of have it all wrapped up

[Harriet Vane]

13 minutes ago, DawnM said:

A friend told me today that it "takes a year to die" meaning that all the things that need to be done can take a year.   Getting off mailing lists, closing all credit cards, accounts, etc....and I think she is right.

Definitely accurate. Dh’s parents passed away in 2021. Most things were tied up in about a year or less, but there was one insurance company that was horrible to work with. We are still finishing up with them. 

[DawnM]

18 minutes ago, pinball said:

good luck to you. I hope it goes smoothly.

If it was a couple hundred dollars, though, I stand by my advice. Its not worth going “crazy” or dealing with the stress involved.

True, however, I would HOPE that if it were that low it wouldn't be multiple accounts to have to deal with.

[Laura Corin]

1 hour ago, DawnM said:

The truth is, I have had to take some time to process his death, process that I am not "taking his money in place of him" (I know, sounds dumb, but my brain went there), and start working on this.

 

The stages can surprise you.  I thought I was doing okay - and my husband was doing most of the working with banks - but I became completely stymied by the distribution of some mementos to my brothers and nieces and nephews.  In the end, my husband had to sit next to me, just to help me to make a few very small decisions.  It wasn't about the objects.  Hugs.

[DawnM]

I made an appt with the bank for tomorrow afternoon to get a medallion signature.   

[SKL]

4 hours ago, pinball said:

Right…and if it is adding so much stress, it might not be worth it.

It's not really a choice though.  If you're the executor of the will / probate, you may be acting not just on your own behalf, but on behalf of any other potential beneficiaries.  You also have to file state and federal estate taxes, so you have to go through a bunch of work even if you have no interest in taking possession of the assets.  Beyond that, if you die without finishing this business, it's left to your survivors to sort it out.

When my grandma died, half of her children didn't want to inherit property because their siblings were more in need.  It's not that simple though.  You can't just say "thanks but no thanks."  There's a whole cumbersome process to go through, and you might end up paying an attorney to not inherit.

[Laura Corin]

57 minutes ago, SKL said:

It's not really a choice though.  If you're the executor of the will / probate, you may be acting not just on your own behalf, but on behalf of any other potential beneficiaries.  You also have to file state and federal estate taxes, so you have to go through a bunch of work even if you have no interest in taking possession of the assets.  Beyond that, if you die without finishing this business, it's left to your survivors to sort it out.

When my grandma died, half of her children didn't want to inherit property because their siblings were more in need.  It's not that simple though.  You can't just say "thanks but no thanks."  There's a whole cumbersome process to go through, and you might end up paying an attorney to not inherit.

Yes. Even though we - UK - had full bank records for my Mum, we needed the official date of death balances for probate.  As executor,  I had a legal duty to make the declaration, pay any taxes and make any distribution. 

[prairiewindmomma]

@DawnM, not to be Captain Obvious, but bring your stuff that needs a notary along with you just in case you can also get that taken care of. The people who can do medallion signatures are typically also notaries. 

[DawnM]

1 minute ago, prairiewindmomma said:

@DawnM, not to be Captain Obvious, but bring your stuff that needs a notary along with you just in case you can also get that taken care of. The people who can do medallion signatures are typically also notaries. 

I am so mad at myself.   I had a notary signature and paid $10 for it and have LOST the paper!   So now I need to redo it.   UGH.

[DawnM]

3 hours ago, SKL said:

It's not really a choice though.  If you're the executor of the will / probate, you may be acting not just on your own behalf, but on behalf of any other potential beneficiaries.  You also have to file state and federal estate taxes, so you have to go through a bunch of work even if you have no interest in taking possession of the assets.  Beyond that, if you die without finishing this business, it's left to your survivors to sort it out.

When my grandma died, half of her children didn't want to inherit property because their siblings were more in need.  It's not that simple though.  You can't just say "thanks but no thanks."  There's a whole cumbersome process to go through, and you might end up paying an attorney to not inherit.

You are correct.

Thankfully I am an only child.   

When DH's mom dies I think it will be a problem.   His mother has favorites and so I am not sure she will leave things very equitable.   And his sister loves to brag about how she is the favorite (she is) and has the biggest house, the fanciest car, more of her mom's money/time/etc....   It will be great....🙄

[SKL]

9 minutes ago, DawnM said:

You are correct.

Thankfully I am an only child.   

When DH's mom dies I think it will be a problem.   His mother has favorites and so I am not sure she will leave things very equitable.   And his sister loves to brag about how she is the favorite (she is) and has the biggest house, the fanciest car, more of her mom's money/time/etc....   It will be great....🙄

If you're lucky, your sister-in-law will be selected as executor and you can just watch from the sidelines.  🙂

[DawnM]

Well.....I made an appt with B of A to get a medallion signature.

They called me prior to coming in to tell me what they needed.

1. They need to know where the funds are coming from and see the account in my dad's name.

2. They need to know where the funds are going to and make sure I have a beneficiary account set up.

3. They need a copy of the death certificate.

4. They need to see proof that I am the beneficiary.

 

Um.....you don't need ANY of that AND the account said they won't even talk to me or tell me I am the beneficiary UNTIL I get the medallion signature and you are telling me I can't get the medallion signature until you have proof I am the beneficiary.   

We are at a stand still.

I cancelled the appointment and don't know what to do now.

[Kassia]

ugh, I'm sorry.  It's such a hassle and so complicated.  😞

[DawnM]

33 minutes ago, Kassia said:

ugh, I'm sorry.  It's such a hassle and so complicated.  😞

It seems as if nothing I do isn't complicated.

I went to pick up my son's prescription and even though I provided the doctor with my son's adoption decree (we still have not received the new birth certificate) she put his old name on there.   So, the insurance card is his current name but the prescription is in his old name.   ARGH!

There is more that happened this week but you get the drift......nothing is straight forward or easy.

[Kassia]

16 minutes ago, DawnM said:

It seems as if nothing I do isn't complicated.

I went to pick up my son's prescription and even though I provided the doctor with my son's adoption decree (we still have not received the new birth certificate) she put his old name on there.   So, the insurance card is his current name but the prescription is in his old name.   ARGH!

There is more that happened this week but you get the drift......nothing is straight forward or easy.

I wish you could make a blanket fort and get under it with some chocolate and just stay there for a while.  sending hugs

[DawnM]

3 minutes ago, Kassia said:

I wish you could make a blanket fort and get under it with some chocolate and just stay there for a while.  sending hugs

That sounds like a PLAN!

 

[SKL]

1 hour ago, DawnM said:

Well.....I made an appt with B of A to get a medallion signature.

They called me prior to coming in to tell me what they needed.

1. They need to know where the funds are coming from and see the account in my dad's name.

2. They need to know where the funds are going to and make sure I have a beneficiary account set up.

3. They need a copy of the death certificate.

4. They need to see proof that I am the beneficiary.

 

Um.....you don't need ANY of that AND the account said they won't even talk to me or tell me I am the beneficiary UNTIL I get the medallion signature and you are telling me I can't get the medallion signature until you have proof I am the beneficiary.   

We are at a stand still.

I cancelled the appointment and don't know what to do now.

How do you know you're the beneficiary?  If you have anything other than something your dad said orally, maybe that would be sufficient as "proof" for B of A.  Or if you have a copy of his will, the line leaving xyz to you.  Or if your dad used a lawyer, maybe they'd be willing to send you something real quick without charging more than a couple bucks.  Or if he died intestate, what about your birth certificate or other official document proving you're his daughter (along with your mom's death certificate perhaps)?

I'm not familiar with these medallion things.  Is is just something saying your signature is your real signature?  If so, why would they need to know what you're going to use it for?  Sorry I'm ignorant.

[Vintage81]

1 hour ago, DawnM said:

Well.....I made an appt with B of A to get a medallion signature.

They called me prior to coming in to tell me what they needed.

1. They need to know where the funds are coming from and see the account in my dad's name.

2. They need to know where the funds are going to and make sure I have a beneficiary account set up.

3. They need a copy of the death certificate.

4. They need to see proof that I am the beneficiary.

 

Um.....you don't need ANY of that AND the account said they won't even talk to me or tell me I am the beneficiary UNTIL I get the medallion signature and you are telling me I can't get the medallion signature until you have proof I am the beneficiary.   

We are at a stand still.

I cancelled the appointment and don't know what to do now.

I'm really sorry this has become so difficult for you!!

Just a few thoughts/questions (you don't have to answer if you don't feel like it)...

For the account you're trying to claim, do you know for sure you're listed as the beneficiary? Some accounts just don't have anyone listed, which makes things slightly more complicated and may be why they are more reluctant to talk with you. I understand, in the end, you would still be the recipient of the money, but I'm wondering if they just need more paperwork to prove you're the rightful recipient...like documents from the estate probate process. 

Also, I'm curious what are you getting medallion guaranteed? Did the company the account is held at provide you with a form? 

[lauraw4321]

4 minutes ago, Vintage81 said:

I'm really sorry this has become so difficult for you!!

Just a few thoughts/questions (you don't have to answer if you don't feel like it)...

For the account you're trying to claim, do you know for sure you're listed as the beneficiary? Some accounts just don't have anyone listed, which makes things slightly more complicated and may be why they are more reluctant to talk with you. I understand, in the end, you would still be the recipient of the money, but I'm wondering if they just need more paperwork to prove you're the rightful recipient...like documents from the estate probate process. 

Also, I'm curious what are you getting medallion guaranteed? Did the company the account is held at provide you with a form? 

If there’s no name beneficiary (which is common for regular bank accounts) you might need to go through probate. I know you would in my state.