Subscribe for Daily Updates!
Hi. My father was a Connecticut resident when he died. He had 2 Coops apartments in Manhattan, NYC. In his last will he left his children (My siblings and I) his shares in the two coops. We don't know where he saved his certificates of shares. We are dealing with the probate process in Connecticut.
What do we need to do to ask the Coops Boards to issue Certificate's duplicates ?
What will the Boards require?
Can the Boards refuse to issue the certificates duplicates or reject us as new shareholders?
I'm also sorry to hear about your dad's passing.
If your dad was a Connecticut resident but owned property in NY, you may also require a NY probate. Your attorney will advise. If your dad still has a mortgage on either property then the mortgage-holder will probably have the stock certificate(s).
Your attorney should have advised you to get a "date of death" appraisal on both co-ops as soon as possible. The current value of the units will become your new basis for capital gains purposes and will save you a lot on taxes when you do sell the units.
I cannot reiterate enough how important it is for you to follow Carl's suggestions — in particular, letting the attorney who is handling your dad's estate take care of this matter for you as well. My wife was a Trust & Estates attorney in NYC, and she used to say (facetiously) that she billed the most hours from people who tried to save $$$ by taking the DIY approach.
I asked for a stock certificate duplicate in the name of my deceased father and the Coop Administration is requesting me a Title 9 Eagle Insurance.
Is an insurance neccesary to issue a stock certificate duplicate?
Hi Frank - Search for "Title 9 Eagle Insurance" in your favorite search engine. There are a lot of articles describing what it is, its purpose, and why you are being asked to obtain it.
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Sorry to hear about your dad. In order to have a new stock certificate issued, the executor of the estate will typically need to present Letters Testamentary and a death certificate when making the request. Some co-ops may request additional documentation. The fee for reissuance is usually a few hundred dollars.
The certificate will still be in your dad's name. Those who inherit the shares do *not* automatically become shareholders themselves, under most Proprietary Leases. Ordinarily, the only exception is the shareholder's spouse. To become a shareholder, you would need to go through the usual application process. Alternatively, the estate can sell the apartment and the purchaser would need to present a complete and acceptable application.
Even if the board rejects you as a shareholder, the estate will still own the shares and lease, and can sell the apartment to someone else.
Please check with your attorney and your accountant about the tax implications. It is possible that becoming a shareholder yourself will reduce your capital-gains tax burden when you sell to someone else. Only a professional in the field can tell you for sure.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.