What to do when a Continental Stock Transfer account holder dies
Report the death to Continental Stock Transfer's Stock Transfer Department at 1-800-509-5586
When an account holder at Continental Stock Transfer passes away, the next step depends on how the registered shareholdings were set up. Accounts with beneficiary designations or trust ownership transfer outside of probate. Accounts titled solely in the deceased's name require the estate's legal representative to work with Continental Stock Transfer's Stock Transfer Department (1-212-509-5586) to access and distribute the funds.
To start a claim, contact Continental Stock Transfer by phone at 1-212-509-5586 or email documentation to cstmail@continentalstock.com. You will need the account holder's full name, account numbers, and the death certificate.
Death claim process
To file a claim after an account holder's death, here is what Continental Stock Transfer requires:
Filing a claim
- Probate: court-certified letters testamentary or letters of administration, dated within 60 days of the request (6 months for New York estates)
- Small estate: a notarized small estate affidavit as prescribed by the state of domicile, listing the legal heirs, dated within 60 days, with a certified death certificate
- The small estate route is available only where the estate is under the state's small estate limit
- Name each transferee with address and Social Security or tax identification number, and allocate the shares across the certificated, DRS and DRIP columns
- Check "INHERITANCE" in the box 13 cost-basis section and enter the date of death (or alternate valuation date) and the fair market value, the average of the high and low price on that date
- Have every fiduciary sign before an Eligible Guarantor Institution and affix a legible medallion stamp
- Probate: a probate court certified copy of the personal representative's certificate of appointment (letters testamentary, letters of administration or equivalent)
- The certificate of appointment must be dated within 60 days of the transfer request, or six months for New York State estates
- Small estate: an official notarized small estate affidavit as prescribed by the decedent's state of legal domicile, listing the legal heirs and dated within 60 days
- With the small estate affidavit, a certified copy of the death certificate. The value of the estate cannot exceed that state's small estate limit
- Check the affiant's capacity: executor, personal representative, administrator, joint tenant survivor, or heir at law
- State the decedent's city, county and state of domicile, how many years it had been the same, the domicile on the last federal income tax return, and where the decedent last voted
- Print it, then sign and date it in blue or black ink before a notary public
- Boxes 1 to 3: each transferee's full name (no first initials), full address, and Social Security or tax identification number
- Boxes 4 to 7: split the shares across certificated, DRS or book-entry, and Dividend Reinvestment Plan shares and give the total. One Stock Power covers only one type of security
- Box 12: choose a physical certificate, a DRS statement, a Dividend Reinvestment Plan, an existing Continental account, or DWAC to a broker (broker name and DTC participant number)
- A DWAC or DRS Profile transfer to a broker settles separately, in roughly 48 to 72 hours once the receiving broker starts it
- Box 13: check "INHERITANCE" as the cost-basis transaction type, and enter the date of death (or the alternate valuation date) as the acquisition date with the fair market value on that date
- Continental defines fair market value as the average of the high and low price on the acquisition date, and says the estate's authorized representative should supply it
- Co-executors or co-trustees must each sign, and every signature must be guaranteed
- A notary public guarantee is not accepted
- Send it by registered or certified mail with return receipt, or by a traceable courier
- If certificates are enclosed, Continental suggests insuring the package for 3 percent of the current share value
Required Documents
- Certificate of appointment from the probate court, on the probate path: letters testamentary, letters of administration, or equivalentA probate court certified copy, dated within 60 days of the transfer request (6 months for a New York State estate).
- Small estate affidavit, on the small estate path, for an estate within the state's small estate limitAn official notarized affidavit as prescribed by the decedent's state of legal domicile, listing the legal heirs and dated within 60 days.
- Certified copy of the death certificate, on the small estate path, and on the path that removes a deceased joint tenant
- Irrevocable Stock Power with a medallion signature guaranteeEvery fiduciary signing must be guaranteed, and co-executors and co-trustees must all sign. Only a medallion guarantee from an Eligible Guarantor Institution is accepted, not a notary public.
- Notarized Affidavit of Domicile on Continental's form, signed by the personal representative, or by the surviving tenant when removing a deceased joint tenantPrinted, then signed and dated in blue or black ink before a notary public.
- Signed instruction letterNames each transferee with address, Social Security or tax identification number, and the number of shares to each.
- Substitute IRS Form W-9 for each transferee, IRS Form W-8BEN instead for a non-US transferee, renewed every three yearsWithout a certified taxpayer identification number, Continental must withhold 24 percent of dividends and sale proceeds.
- Cost-basis information for the box 13 "INHERITANCE" electionThe date of death or alternate valuation date, and the fair market value on that date.
- State inheritance tax waiver, where the decedent's state and date of death require one
- Original stock certificates, or the DRS or DRIP statement, certificates for certificated holdings; for book-entry holdings, the statement or a reference to the shares in the instruction letter
- First and last pages of the trust agreement, when a transferee is a trustWith the trust name, the trustee names, the creation date and the trust beneficiary.
- Affidavit of Loss and Agreement of Indemnity, if the deceased person's certificates cannot be locatedIssued by the Lost Securities Department after a stop is placed on the certificate.
Forms Continental Stock Transfer issues3
- Irrevocable Stock Power
Completed by the personal representative, with a medallion signature guarantee from every fiduciary. Available to download.1, 2
- Affidavit of Domicile
Completed by the personal representative, or the surviving tenant when removing a deceased joint tenant. Available to download. Must be notarized.3
- Affidavit of Loss and Agreement of Indemnity
Completed by the estate, when the certificates cannot be located. Sent by the institution on request.4
What happens to each kind of account6
- Directly registered shares
Continental keeps the issuer's shareholder records and is not a broker, so there is no account to close. The estate re-registers the shares or sells them on Continental's books.4
After the transfer the shares can stay in DRS book-entry form in the heir's or trust's name, be moved to a broker by DWAC, or be sold through the issuer's plan or Continental's Share Sale Program where one is offered. Continental does not accept ACAT transfers.4
- Account in one name
Shares in the deceased person's name alone go through the estate, on court letters or a small estate affidavit.4
- Joint account with survivorship
Shares registered JT TEN or TEN ENT pass to the surviving tenant.4
- Joint account without survivorship
Under a TEN COM registration, the deceased person's portion goes to the estate even though the account looks joint.4
- Payable-on-death account
A TOD registration passes to the one named beneficiary.4
- Trust account
A trust registration passes under the trust.4
State requirements Continental Stock Transfer statesNew York
- New York
For a New York State estate, the court certificate of appointment may be dated within six months of the transfer request, rather than 60 days.4
What Continental Stock Transfer's agreement and guidance say2
- Indemnity a claimant may have to give
To replace lost certificates above Continental's $100,000 assumption limit, the personal representative and all heirs and beneficiaries of the estate sign the Long Form Travelers Affidavit. The premium is 3 percent of market value, or 5 percent for non-US applicants.4
- Dormant and unclaimed accounts
Continental reissues stale-dated or lost dividend checks. It requires a special affidavit for a check of $10,000 or more, and for a check of $1,000 or more where the address or registration on the account has since changed.4
Continental Stock Transfer's Stock Transfer Department can be reached by phone at 1-800-509-5586, email at cstmail@continentalstock.com, and fax at 1-212-981-1696 for questions throughout the claims process.
Sources
Data sourced from Continental Stock Transfer primary sources (13 pages reviewed). How we research.
Continental Stock Transfer death claims support
Stock Transfer Department (deceased shareholder and estate transfers)
Phone
Toll-free
Lost Securities Department
Dividend Reinvestment Department
Uncashed / stale-dated dividend checks
Tax Department, corrected or duplicate Form 1099
Fax
Hours
Mailing address
Website
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