How best to deal with shares after death
Discussion
Centurion07 said:
You have probate so can do what you like with them. AIUI.
Unfortunately not. Just spoke to Equiniti about it. They can transfer them, but only into the name(s) listed on the grant. If you wanted to transfer them to anyone alse you have to put them in your your name first.Probate means that the executor(s) are legally and formally recognised and appointed. Their next job is to claim all asserts for the deceased's estate, and hence that's why payment will only be made to the executors. Once the estate has collected all asserts, and paid off all liabilities, the net amount will be identified and this is to be distribute by the executor(s) to the beneficiaries strictly in accordance with the deceased's will.
Getting all the assets paid into the estate and all the liabilities paid off can be time consuming. The executor(s) also have to produce a final account setting out how all the financials have been dealt with, including possible settlement of the final amount of inheritance tax depending on the size of the estate.
R.
Getting all the assets paid into the estate and all the liabilities paid off can be time consuming. The executor(s) also have to produce a final account setting out how all the financials have been dealt with, including possible settlement of the final amount of inheritance tax depending on the size of the estate.
R.
The Leaper said:
Probate means that the executor(s) are legally and formally recognised and appointed. Their next job is to claim all asserts for the deceased's estate, and hence that's why payment will only be made to the executors. Once the estate has collected all asserts, and paid off all liabilities, the net amount will be identified and this is to be distribute by the executor(s) to the beneficiaries strictly in accordance with the deceased's will.
Getting all the assets paid into the estate and all the liabilities paid off can be time consuming. The executor(s) also have to produce a final account setting out how all the financials have been dealt with, including possible settlement of the final amount of inheritance tax depending on the size of the estate.
R.
+1 this is precisely my understanding too.Getting all the assets paid into the estate and all the liabilities paid off can be time consuming. The executor(s) also have to produce a final account setting out how all the financials have been dealt with, including possible settlement of the final amount of inheritance tax depending on the size of the estate.
R.
Just to wrap up this thread...
Equiniti not being particularly helpful at all but after some probing about their price structure for selling shares did quietly mention that I could have them transferred into my name at no cost and I could convert them to electronic shares which would then enable me to sell them for only £15 per company rather than the £60 (each) they charge for paper shares. However despite admitting on the phone that no ID or credit check would be required to sell the paper shares because "the grant of probate is confirmation of you who you are and no further checks are required", they then informed me that in order to convert them to electronic shares would require a physical ID check (DL or PP) and credit check as well as NINO, which for personal reasons I'm not prepared to do, so I have decided to sell them as is and the estate can take the hit.
Capita on the other hand have been absolutely fantastic (I don't believe those 2 words have ever featured in the same sentence before). Very helpful lady on the phone initially who talked me through the full process and 2 letters have arrived today, 1 with the return of the death cert, grant and condolences for my loss and 1 with a cheque following the sale of the shares, less their (not too unreasonable) sale fee. No fuss, no dramas, just did what I asked.
I appreciate the issue with Equiniti is obviously a "computer says we have to do it like this" reason, but if Capita can manage to do it without any drama and it not costing a small fortune then imo there's no reason why Equiniti can't do same.
Equiniti not being particularly helpful at all but after some probing about their price structure for selling shares did quietly mention that I could have them transferred into my name at no cost and I could convert them to electronic shares which would then enable me to sell them for only £15 per company rather than the £60 (each) they charge for paper shares. However despite admitting on the phone that no ID or credit check would be required to sell the paper shares because "the grant of probate is confirmation of you who you are and no further checks are required", they then informed me that in order to convert them to electronic shares would require a physical ID check (DL or PP) and credit check as well as NINO, which for personal reasons I'm not prepared to do, so I have decided to sell them as is and the estate can take the hit.
Capita on the other hand have been absolutely fantastic (I don't believe those 2 words have ever featured in the same sentence before). Very helpful lady on the phone initially who talked me through the full process and 2 letters have arrived today, 1 with the return of the death cert, grant and condolences for my loss and 1 with a cheque following the sale of the shares, less their (not too unreasonable) sale fee. No fuss, no dramas, just did what I asked.
I appreciate the issue with Equiniti is obviously a "computer says we have to do it like this" reason, but if Capita can manage to do it without any drama and it not costing a small fortune then imo there's no reason why Equiniti can't do same.
I've resurrected this thread as I have a similar query, but would like up to date info if anyone has it.
My late father held shares in Shell, Sainsburys and LLoyds - not that many. about £6K worth in total. He appointed a solicitor as executor and the beneficiaries of his estate are my brother, his 2 adult children and me. I've said I'll take the shares as part of my percentage share as the others don't want them, and with the market having fallen in the last couple of months we should hold on to them as the market will bounce back. I was under the impression that transferring the shares to me would only involve a small admin fee - however, the executor is suggesting that a broker needs to be involved. Can anyone advise what I should be suggesting to the executor as the best way to handle the transfer? or would it be best if the executor sold them?
My late father held shares in Shell, Sainsburys and LLoyds - not that many. about £6K worth in total. He appointed a solicitor as executor and the beneficiaries of his estate are my brother, his 2 adult children and me. I've said I'll take the shares as part of my percentage share as the others don't want them, and with the market having fallen in the last couple of months we should hold on to them as the market will bounce back. I was under the impression that transferring the shares to me would only involve a small admin fee - however, the executor is suggesting that a broker needs to be involved. Can anyone advise what I should be suggesting to the executor as the best way to handle the transfer? or would it be best if the executor sold them?
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