The US could have as much as $780 billion in forgotten paper stock certificates laying around — here's how to cash in if you inherit one of them

So, what happens if you inherit some?

Let’s say you’ve recently lost a loved one, and while sifting through an old filing cabinet you stumble across a bundle of stock certificates tucked into a folder. Maybe they’re for a household name like Walmart or IBM, dated sometime in the early ’90s. You have no idea if they’re still valid, what they’re worth or what to do next.

What exactly did you find and how do you cash it in? Here’s what you need to know to assess the value, understand the process and avoid leaving money on the table.

How to find out what your paper stock is worth

To figure out whether your certificate still holds value, start by examining the company name, the number of shares and the date. If the business still exists, you’ll want to look up its investor relations department or check a reputable financial site to confirm it’s publicly traded. But if the company has changed names, merged or been acquired, things can get trickier. Your stock may have morphed into shares of another firm, or if the company went out of business the shares may be worthless. Take note of the registered owner’s name and the CUSIP number, which is crucial for tracking a stock’s history.

At this point, you’ll want to contact the present-day company’s transfer agent. These firms handle stock ownership records and can confirm whether the certificate is valid, whether the shares have split and what they’re worth today. An agent will likely ask for the information above and may help you trace any corporate actions that have affected its value over time. If you inherited these stocks, they may assist with transferring ownership, as long as you have supporting documentation, such as a will or death certificate.

To calculate total value, once you’ve verified the stock is still active, multiply the number of shares it now represents by the current trading price. For example, if those Walmart certificates equate to 150 shares and the stock is trading at $100, you’re looking at $15,000.

Selling the shares and cashing out

Once you’ve established that your paper shares are valid and of value, you have a few ways to turn them into spendable assets. The transfer agent should be able to assist you.

A common route is to deposit them into a brokerage account. This can involve signing over the stock on the back of the certificate in the presence of a notary public, along with further paperwork confirming ownership.

Alternatively, transfer agents may offer direct sale services, allowing you to sell the shares through them without involving a brokerage. Be aware of any fees charged.