[WSBAPT] Medallion Signature Guarantee

[Thomas Fiscus]

Hi Listmates -
Client's husband had a separate account with an investment company.  There was no beneficiary designation but there is a procedure for a transfer of the account to the spouse.  The catch is that even though this is a small estate and the spouse has completed a small estate affidavit, the investment company requires a Medallion Signature Guarantee, which can only be gotten through a participating bank.  Key Bank is a participating bank, but refuses to accept the Small Estate Affidavit as sufficient evidence that the spouse is a valid claiming successor.  The bank, despite having had the spouse as a customer for 20+ years, wants some of court order.  The cost of a probate (to get Letters Testamentary) would practically make it useless to make the claim.  Is anyone aware of a way to get an Order from the court in a Small Estate process that says she's a proper claiming successor?  The Bank claims the statutory provisions about the obligations of a holder to honor the Affidavit don't apply to it because it isn't actually a holder of the asset.  Ideas appreciated.
ThanksTom
Law Office of Thomas J. Fiscus
Box 1167Eastsound, WA 98245Ph 360-376-3988
WSBA # 44741
The contents of thise-mail and its attachments are intended solely for the addressee(s).  Inaddition, this e-mail transmission may be confidential and may be subject toprivilege protecting communications between attorneys and clients.  If youare not the named addressee, or if this message has been addressed to you inerror, you are directed not to read, disclose, reproduce, distribute,disseminate or otherwise use this transmission.  Delivery of this messageto any person other than the intended recipient(s) is not intended in any wayto waive privilege or confidentiality.  If you have received thistransmission in error, please alert the sender by reply e-mail.  TreasuryCircular 230 requires that we inform you that any statements regarding tax mattersmade herein, including attachments, cannot be relied upon for the purpose ofavoiding tax penalties, and such statements are not intended to be used orreferred to in any marketing or promotional materials

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20220506/54f50075/attachment.html>