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|Identification, Passports, and Medallion Guarantees: Are you prepared?|
After the RV, the likelihood of your documents needing notarization and other forms of ID verification will skyrocket. To complete Wills, Powers of Attorney, financial directives, and many other important documents you will need a notary. That notary will need your ID to be current.
This is especially true for elders. When a decline in health occurs, no one remembers to keep ID up to date. Once someone becomes homebound, it is very difficult to renew drivers licenses and state/provincial ID cards. Don’t just ask your parents if their ID is current - get the card and read the expiration date. If they live far away, have them read the expiration date to you over the phone.
The best US ID is a passport. They last ten years and you can renew via postal mail.
Some financial directives and other documents require Medallion Signature Guarantees. This is different than notarizations. To learn about Medallions, see Wikipedia
Workers at financial institutions such as brokerage houses and banks provide Medallions. The provider is stating that your ID looks correct and they have had a relationship with you over time.
After the RV, introduce yourself to manager and assistant managers at banks and financial institutions. Tellers and administrative workers have high turnover so it is best to be known at the management level.
I have seen some retirees who could not obtain Medallions when they needed them. They moved to a distant area for retirement and hadn’t made themselves known to upper management at new banks or financial centers. Then they became homebound and the problem became worse.
So get passports for your family members including your parents. Introduce yourself to upper management at financial institutions and help your parents do the same.
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Some financial directives and other documents require Medallion Signature Guarantees.
Typical guru speak designed to make you think they know more than they do. They are counting on you to not bother doing your due diligence and checking them out. Here are the actual facts: A Medallion Signature Guarantee is required and only required for transfer of physically held securities, i.e. bonds, while stocks are also securities instruments, they have not existed as paper instruments, at least in the US for years. Unless you physically hold the securities in a physical certificate form, you have no need to even think about this. If they are held by the brokerage firm, and typically they are, you have no need for this. If you do, the the brokerage or agent through which you purchased the security will be able to provide one for you.
The bigger question is why you would want to hold such a certificate in the first place. It is far safer and more secure held in a brokerage.
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
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