Legal Question in Wills and Trusts in Pennsylvania
This is kind of long. My Mother passed 5 years ago. She didn't have a will. All her life insurances policies had me as beneficiary, not my brother or sister. Eight months ago, I found out that she was given 100 shares of Prudential Common Stock from Prudential when she bought the life insurance policy. There is no beneficiary listed on the stock. I'm trying to get it in my name so I can sell it and split it between the three of us. Prudential does not handle their stock, Computershare handles it. Computershare wants a Medallion Seal from a bank. My bank won't give me the Seal because I'm not listed as beneficiary...they can't be sure that was my Mother's intent. I have been going round and round with Prudential, Computershare and my bank for 8 months. I live in Pennsylvania...what can I do to get this stock in my name so I can sell it?
1 Answer from Attorneys
Stock is not the same as life insurance. You are not the sole beneficiary; you and your siblings are all beneficiaries of the stock. The only way to get this is either for all of you to do it or to probate an estate for your mother. The personal representative could get the stock or have it liquidated and could divide the proceeds between you and your siblings.
If probate is necessary, you will have to do that in the county/state where your mother resided at the time of her death. If this in PA, then you need to talk with the Register of Wills at the Orphan's Court.
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