Harbor Funds | Frequently Asked Questions - Re-Registrations

Education & FAQs

Customer Support FAQs

Online Access
Quicken
Importing Tax Data
Account Services
Re-Registrations

Retirement FAQs

Roth IRA
Traditional IRA
Rollovers

Tax FAQs

Cost Basis
Understanding Form 5498
Understanding Form 1042-S
Understanding Form 1099-DIV
Understanding Form 1099-B
Understanding Form 1099-R
Foreign Tax
Re-Registrations
When will I need a Letter of Instruction with a Medallion Signature Guarantee? Show
Certifying written requests with a Medallion Signature Guarantee is common with financial transactions. The Medallion Signature Guarantee is used to verify that your documentation is complete and that you are legally entitled to request changes to an account. There are several situations in which this type of certification is required.
  1. In general, when the assets in one account are being moved to another account, that does not have the same beneficial owner, a Medallion Signature Guarantee is required.
  2. In the event an account owner is not able to act on behalf of his/her account, the party acting on behalf of the account owner must provide clear and complete authorization to act on the account, as well as obtain a Medallion Signature Guarantee.

For more information about completing a Letter of Instruction, or whether a Medallion Signature Guarantee is required, please contact a Shareholder Services Representative at 800-422-1050, Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern time.
How do I re-register an Individual Retirement Account (IRA)? Show
In order to re-register an Individual Retirement Account (IRA), you will need the following documents:
  • A clear and complete Letter of Instruction, with a Medallion Signature Guarantee, signed by the new account owner. The Letter of Instruction should include the registered account name, account number and a description of the request (i.e. transfer shares due to death or divorce). This letter must contain all required signatures and must also indicate whether the signer is the Harbor Funds' account owner (or authorized party acting on behalf of the account owner) or a beneficiary of the account
  • A completed IRA Account Application signed by the new account owner in Step 10
  • State Inheritance Tax Waiver (if applicable). This document may only apply if the account is being re-registered due to the death of the account owner.
How do I re-register a taxable (non IRA) account? Show
The following documents are required to change the registration on a taxable (individual, joint or trust) account:
  • A clear and complete Letter of Instruction, Medallion Signature Guaranteed, signed by the account owner . The letter of instruction should include the registered account name, account number and a description of the request (i.e. transfer due to death, divorce or disclaiming of the assets. This letter must contain all required signatures and must also identify the capacity of the signer(s) – account owner, beneficiary, trustee, Power of Attorney, etc.
  • A completed New Account Application signed by the new account owner in Step 13
  • A State Inheritance Tax Waiver (if applicable). This document may only apply if the account is being re-registered due to the death of the account owner.
What should I include in a Letter of Instruction (LOI)? Show
A Letter of Instruction should include the registered account name, account number, and a description of the request. You can use our Letter of Instruction form or draft your own letter of instruction. The letter must also be signed by someone who is authorized to make this request. In the event that shares are being transferred to another account, please include the percentage, dollar amount or number of shares to be transferred.

Please note: Your signature on the Letter of Instruction may need to be Medallion Signature Guaranteed. For a list of circumstances which require a Medallion Signature Guarantee refer to the Prospectus.
How do I obtain a Medallion Signature Guarantee? Show
To obtain a Medallion Signature Guarantee, take the unsigned letter of instruction or form to the guaranteeing institution. Most institutions will not guarantee your signature unless you sign in their presence. Be sure to bring the specific personal identification and neccessary documentation the guaranteeing institution requires.

Harbor will accept a Medallion Signature Guarantee from eligible guarantor institutions including banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations.

Please keep in mind the following important information regarding Medallion Signature Guarantees:
  • The Medallion Signature Guarantee should not be dated or limited.
  • Photocopies of a Medallion Signature Guarantee are not acceptable.
  • A notary public is not an acceptable substitute for a Medallion guarantee.
  • A witnessed, verified, or certified signature is not an acceptable substitute for a Medallion Signature Guarantee.
Harbor Funds may waive or require a Medallion Signature Guarantee under certain circumstances at Harbor Funds' sole discretion.

A Medallion Signature Guarantee may be refused if any of the following is applicable:
  • It does not appear valid or in good form.
  • The transaction amount exceeds the surety bond limit of the Medallion Signature Guarantee.
  • The guarantee stamp has been reported as stolen, missing or counterfeit.
Please note: A Medallion Signature Guarantee will not take place of required documentation, which must be provided to Harbor Funds dependent upon the situation.

Example of a Medallion Signature Guarantee Stamp
Is it sufficient to submit the Last Will and Testament in place of the Letters Testamentary? Show
No. The Letters Testamentary or Letters of Administration are court-issued documents designating an executor or administrator to administer the estate of the deceased. If this document is required in order to re-register your account, Harbor Funds cannot accept the Last Will and Testament in its place. (NOTE: Letters of Administration are issued either when the decedent had no will or when the personal representative appointed is not named in the will, in which case it would be Letters of Administration with Will Annexed.) However, if an estate does not go through probate, a Small Estate Affidavit may be issued to take the place of Letters Testamentary or Letters of Administration.
If I am a beneficiary on an account, but I do not live in the U.S. and/or do not have a SSN, how do I re-register an account? Show
When the beneficiary who is listed on the account is residing outside of the United States and will not be returning within a reasonable amount of time, Harbor will re-register the account to the beneficiary and immediately liquidate the proceeds. This is provided that the beneficiary has a Social Security Number.

If the beneficiary does not have a Social Security Number, before re-registering the account, the beneficiary must apply for a temporary Social Security Number and upon receipt of the number must complete a Form W-8BEN, certifying their foreign status. After providing Harbor with the required information, the account will be re-registered to the beneficiary and liquidated immediately.
If I am a secondary beneficiary on an IRA and the IRA shareholder is deceased, what is required to re-register the account if the primary beneficiary has pre-deceased or disclaimed their rights? Show
If you are the secondary beneficiary listed on an account and the primary beneficiary predeceased the account owner, you must provide:
  • A clear and complete Letter of Instruction, Medallion Signature Guaranteed, signed by the new account owner. The Letter of Instruction should include the registered account name, account account owner. The Letter of Instruction should include the registered account name, account number and a description of the request. This letter must contain all required signatures and must
  • A completed IRA Account Application, signed by the new account owner in Step 10
  • State Inheritance Tax Waiver (if applicable). This document may only apply if the account is being re-registered due to the death of the account owner.
If the primary beneficiary is disclaiming his/her rights, he/she must provide a valid disclaimer to Harbor Funds. A valid disclaimer must be:
  • The disclaimant's written, irrevocable refusal to accept interest in the IRA, and
  • Delivered to Harbor Funds within nine months of the date of the IRA owner's death (or, if later, within nine months of the disclaimant attaining age 21)

The disclaimant must not take receipt of any of the shares prior to disclaiming the assets. A beneficiary, however, may disclaim a partial interest in the IRA and accept a portion, and the income attributable, not disclaimed. As a result of the disclaimer, the interest passes without any direction on the part of the person making the disclaimer to either:

  1. The named secondary beneficiaries
  2. Account owner's estate