Medallion Signature Guarantee Services
Lester Aldridge offers two services: A “Medallion Only Service” and a “Full Registration Service”.
With the Medallion Only Service, you draft all the necessary papers and we would only provide the required Medallion Signature Guarantee stamps. The whole application is dealt with through Lester Aldridge, who are the first UK based law firm to become part of the Medallion STAMP Programme.
There is no requirement for the paperwork to be sent to North America at any stage of the process – it will not even have to leave our offices!
Alternatively, we offer a service for estate matters whereby we attend to the requirements of the transfer agents, draft all the necessary papers to register death, transfer the shareholdings and also arrange for any required sale. This is our “full registration service” and it includes the provision of the required Medallion stamps at no further cost.
The Medallion Only Service:
The fee for the “Medallion Only Service” is £235, plus VAT for UK residents.
If you select this service you will be responsible for ensuring that all the papers required by the transfer agents have been confirmed by them and that you have completed these correctly.
This service does not include checking the completed papers, or liaising with the transfer agents, or any advice or assistance in the drafting of any of the required papers.
As we would have had no prior involvement with the transfer agents, we cannot be sure if the papers you have drafted will meet their requirements. Therefore, if you have any queries about the transfer paperwork, please refer it to the transfer agent/ share registrar before sending this to us so that they can clarify their requirements to you.
Once the stamp has been affixed to your papers, the documents are returned to you so that you may arrange to forward these on to the transfer agents/ share registrars together with all their other requirements.
If this is the service you require, please see our Medallion Signature Guarantee Application Checklist leaflet, which details our requirements.
The Full Registration Service:
The fee for the full registration service starts from £850 plus VAT and disbursements for shareholdings worth in excess of US $10,000. For shareholdings of a lower value, we may offer a discounted price where appropriate. For very low value shareholdings, where our usual registration services would not be economical, please get in touch with us to see if an alternative service can be arranged.
With the full registration service, there are a number of factors which will have an impact on the type of administration required. The value of the shares, the format in which they are held, the domicile of the deceased shareholder and what you want to have done with the shares, will all be taken into account to determine which service is appropriate to meet your needs.
As part of this service, we include any Medallion Signature Guarantee stamps that are required – there is no additional cost for these.
For Canadian holdings, where the instructions are to execute a sale of the shares, it is not always necessary for a Medallion Signature Guarantee stamp to be required. Under our full service, we can ensure that only those that require a medallion go through the application to obtain one.
Please note that additional fees will apply if any work is required with regard to missing share certificates, escheatment of securities, confirming shareholdings, lifting restrictions on shareholdings and the collection of outstanding dividends.
If the value of any US stock at the date of death, for a non-US citizen, exceeds US $60,000 you will need to obtain a federal tax clearance certificate (also known as a federal transfer certificate) from the Internal Revenue Service (IRS) and pay any estate tax (if applicable). We can assist with this, however, please note that the work required is quite extensive, as it currently takes the IRS at least 6 – 9 months to issue clearance on the most simple of estates. It can take up to three years if the estate is selected for audit.
You cannot attend to the shares until the clearance has been issued. If you require a federal tax clearance certificate, a further fee of at least £995 plus VAT will apply, depending on the domicile of the deceased and whether any estate tax is due to the IRS.
For assets other than shares, we would require further information about the estate and the assets to enable us to provide a quote.
If you wish to instruct us to assist in obtaining a medallion only, please just provide the documents as listed on our Medallion Signature Guarantee Checklist leaflet, including the cheque.
If you wish to utilise our full registration service, please provide the following to allow the team to analyse what kind of administration will be required, to determine the appropriate fees and documentary requirements:
- Copy probate and any will;
- Copy death certificate;
- Copy of any papers which confirm the shares held, including copies of any share certificates (together with confirmation as to whether you hold the original), and copies of any share statements;
- Confirmation as to whether you wish for the shares to be sold or transferred;
- Confirmation that the deceased was not a US citizen. Once our team have considered the documents, they will advise if further information is required or provide you with an appropriate letter of engagement for your consideration.
The documents listed above may be emailed to us or posted, using the contact details below.
If you believe you may require our assistance with the administration of any North American assets, we would be pleased to discuss your case with you. Please contact us at +44 (0)1202 786194 or 786118 for an initial discussion about your matter, or email us by clicking below:
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Trust and Estate Practitioner
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