In taking care of matters from my late father’s estate, I have had to fill out various forms to claim my share of some accounts as a beneficiary.
One company made me sign a form and get it notarized.
Another made me sign a form and get the signature guaranteed, not notarized.
The third seems to just take my word for it with my signature.
In all cases, a death certificate was needed, which I understand, but can anyone shed light on why different companies have different requirements to accomplish the same task (i.e. close out an IRA)?
I’m not sure why companies go through some of these routines, but there are times when it’s quite comical, if you stop and think about it. Long after my father’s estate was settled, some long-forgotten stock shares popped up. In order to liquidate them, I had to go through the routine of getting my signature guaranteed, and the company holding the shares then sold them and coughed up the proceeds. However, other than the fact that I have the same last name as my late father, I was never asked to produce any other proof that I was, in fact, entitled to the proceeds from those shares. The signature guarantee was just an example of exalting form over substance.
This particular company wouldn’t even tell my brother who is the executor of the estate who the beneficiaries are. He was only told there were four (which equals the number of children in the family). But he was not told how much money was in the account either.
Until a check arrives. And I get a signature guarantee.