Medallion Signature Guarantee: How to Transfer Securities After a Death

What a Medallion Signature Guarantee Actually Does

If you have been named executor of an estate that holds US or Canadian stocks, mutual funds, or bonds, you will almost certainly encounter a requirement that stops most people cold: the medallion signature guarantee.

A medallion signature guarantee is not a notary stamp. It is a specialized endorsement from a financial institution that participates in one of three recognized programs — STAMP (Securities Transfer Agents Medallion Program), SEMP (Stock Exchanges Medallion Program), or MSP (New York Stock Exchange Medallion Signature Program). When a bank or credit union stamps your transfer documents, that institution takes on full financial liability if the signature turns out to be forged. That financial guarantee is what makes transfer agents accept the documents and release securities.

This is the critical distinction that trips up executors: a notary public verifies identity. A medallion signature guarantee indemnifies against fraud. No US or Canadian transfer agent will accept a notary stamp, a solicitor's certification, or a consular seal as a substitute.

Why Transfer Agents Require It

The medallion guarantee exists because securities transfers are irreversible. Once shares move out of a deceased person's account, the transfer agent cannot claw them back without a court order. The guarantee shifts the risk of unauthorized transfers from the transfer agent to the guarantor institution.

For executors, this means that even with valid court-issued Letters Testamentary, a certified death certificate, and an Affidavit of Domicile, transfer agents like Computershare, EQ Shareowner Services, and American Stock Transfer will not process your request without that stamp.

How to Get a Medallion Signature Guarantee

The process is straightforward if you bank with a large US institution:

1. Contact your bank or brokerage. Call the branch (not the general customer service line) and ask specifically about medallion signature guarantees for an estate transfer. Most major banks — JPMorgan Chase, Bank of America, Wells Fargo, Charles Schwab, Fidelity — participate in at least one program.

2. Bring your documents in person. You will typically need the original Letters Testamentary or Letters of Administration (court-sealed and dated within 60 days for most transfer agents, 6 months for New York courts), a certified death certificate, the Affidavit of Domicile, and a completed transfer form from the specific transfer agent.

3. You must be an existing customer. Because the guarantor institution assumes financial liability, nearly all of them require you to hold an active account. If you do not bank with a participating institution, you may need to open an account first.

The guarantee itself is usually free for existing customers, though some institutions charge a nominal fee.

The Foreign Executor Problem

Here is where cross-border estates hit a wall. If the executor lives in the UK, Australia, Canada, or anywhere outside the US, walking into a US bank branch is not an option. Foreign banks do not participate in STAMP, SEMP, or MSP. UK solicitor certifications carry no financial indemnity and will be rejected.

Foreign executors have three practical paths:

Appoint a US-based co-executor or agent. If a trusted family member or attorney in the US holds power of attorney for the estate, they can obtain the guarantee on your behalf.

Use a specialist medallion guarantee service. A small number of firms — some UK-based probate companies among them — have arrangements with participating US institutions and can facilitate the stamp for foreign executors. Expect to pay several hundred dollars for this service.

Request a medallion waiver. This is the option most executors do not know about.

The Small Estate Medallion Waiver

Some transfer agents offer waiver programs for modest holdings; a $10,000 threshold is one common example. Each program sets its own eligibility rules.

To use the waiver, you typically need to:

• Submit a written request directly to the transfer agent
• Provide a certified copy of your photo ID
• Include written proof of the securities' value
• Pay the $50 fee

Contact the transfer agent's estate or legal department directly to confirm their current waiver threshold and required documentation.

What Executors Get Wrong

The most common mistake is assuming this can be handled quickly. Transfer agents are notoriously slow — expect 4 to 8 weeks for processing even with perfect documentation. Missing or expired Letters Testamentary (the 60-day freshness requirement catches many executors off guard) will send the entire package back to you.

The second mistake is confusing a medallion guarantee with a notary seal. Submitting notarized documents to a transfer agent will result in a flat rejection, adding weeks of delay while you obtain the correct stamp.

If you are managing an estate with securities held across multiple countries, the medallion guarantee is just one of several jurisdiction-specific transfer requirements you will encounter. The International Estate toolkit walks through the complete securities transfer process — including the medallion waiver route, foreign executor workarounds, and the parallel requirements for UK and Australian share registries — so nothing falls through the cracks during an already overwhelming process.