When an account has multiple beneficiaries and is not part of an estate, the process for obtaining a Medallion Signature Guarantee is different than for accounts with a single owner or beneficiary. Because each beneficiary has a legal right to their portion of the account, we must ensure that all parties are acting in agreement or have already received their distribution before we can stamp documents.
**Important Note: **We recommend confirming with the transfer agency if one medallion stamp will suffice or if each party must provide their own. Since we charge *per *medallion stamp, multiple stamps will each require a separate fee.
Our Policy for Multiple Beneficiaries
If only one beneficiary is requesting a partial distribution: We can only stamp the document if you provide proof that:
All other beneficiaries have already received their portion of the funds or assets, OR
All beneficiaries are completing their distributions at the same time as part of the same transaction.
If multiple beneficiaries are requesting distributions together: All beneficiaries must sign the required documents at the same time or submit them together for processing. We may require identification and supporting paperwork from each beneficiary.
If other beneficiaries are handling their portion separately: We must see proof—such as a stamped transfer form or confirmation from the transfer agent—that their part of the distribution has already been completed.
Why This Policy Exists
A Medallion Signature Guarantee confirms not only that the person signing is who they claim to be, but also that they have the legal authority to make the requested transfer. In multiple-beneficiary accounts, no single person can authorize the transfer of another’s share. These extra checks protect all beneficiaries and prevent disputes or unauthorized transfers.
What Proof Is Required?
Depending on your situation, acceptable proof may include:
Confirmation from the transfer agent that other beneficiaries’ portions have been processed
Copies of stamped documents from other beneficiaries
A written statement from the financial institution verifying that all distributions are being made simultaneously
Common Questions
Q: What if one beneficiary is unavailable or refuses to participate? We cannot proceed without either that beneficiary’s participation or proof that their portion has already been distributed by the financial institution. You may need to work with the transfer agent to resolve disputes before we can stamp.
Q: Can each beneficiary get their own Medallion stamp separately? Yes, but each will need to apply independently and meet our identity verification and documentation requirements. The transfer agent may also have rules about how and when separate requests can be processed.
Q: Does this apply if the account is part of an estate? No. If the account is part of an estate, different rules apply based on probate documentation, executor authority, and the will or trust. See our Estate and Probate Documentation for details.
Q: What if my documents are already signed by all beneficiaries? If all beneficiaries have signed and we can verify their identities and rights to the account, we can typically stamp the documents in one session.
Related Articles
Estate and Probate Documentation
Trust Documentation Requirements