Prohibits transfer agents from accepting waiver of probate forms to bypass formal estate procedures through the courts.

The bill amends the surrogate's court procedure act by adding a new section that prohibits transfer agents from accepting waiver of probate forms. This prohibition aims to prevent the bypassing of formal estate proceedings through the courts. Transfer agents, defined as trust companies, banks, credit unions, or brokerage firms, are forbidden from accepting such forms, even if they are accompanied by a valid medallion signature guarantee. This prohibition applies to all residents of the state at the time of their death.

Prohibits transfer agents from accepting waiver of probate forms to bypass formal estate procedures through the courts.

The bill amends the surrogate's court procedure act by adding a new section that prohibits transfer agents from accepting waiver of probate forms. This prohibition aims to prevent the bypassing of formal estate proceedings through the courts. Transfer agents, defined as trust companies, banks, credit unions, or brokerage firms, are forbidden from accepting such forms, even if they are accompanied by a valid medallion signature guarantee. This prohibition applies to all residents of the state at the time of their death.