How best to deal with shares after death
Discussion
Hi folks.
My Old Dear had a bunch of shares as per of her estate and am wondering how best to "sort" them out please. I'm lead to believe the easiest way to do is with the grant of probate (under application already to release an ISA) rather than via a Small Estates form process. I've also been told that appointing a stock broker would sort it all out for me, but their fees vary considerably. I have no interest in keeping the shares myself so just want rid of them asap via the easiest and cheapest method.
At last statement :
BG Group £1030
Centrica £280
National Grid £220
Lloyds Banking £100
Any help/advice appreciated, thanks.
My Old Dear had a bunch of shares as per of her estate and am wondering how best to "sort" them out please. I'm lead to believe the easiest way to do is with the grant of probate (under application already to release an ISA) rather than via a Small Estates form process. I've also been told that appointing a stock broker would sort it all out for me, but their fees vary considerably. I have no interest in keeping the shares myself so just want rid of them asap via the easiest and cheapest method.
At last statement :
BG Group £1030
Centrica £280
National Grid £220
Lloyds Banking £100
Any help/advice appreciated, thanks.
Simpo Two said:
Wouldn't it be nice if the companies who issue the shares had a little bloke in an office to deal with share sales. Then you could send him the death certificate and get your condolences letter and cheque a few days later.
No other companies/office blocks/middlemen required.
I may be due a parrot here, but as I know next to nothing about shares is your post meant to be a sarcastic hint or.. ? No other companies/office blocks/middlemen required.
Just reviving this thread as I'm a bit stuck again. Had some complications involving the other executor but all sorted now and received the grant of probate solely in my name a few weeks ago. Sent these off to Equiniti (Royal Dutch Shell, Centrica, Lloyds) and Capita (National Grid). Not heard back from Capita yet but Equiniti have sent 'sell' forms back for each and listed their fairly substantial fees and percentages that they will take, also adding that if their value isn't higher than their fees then they will refuse to sell! They want the share certificates for each company enclosing with the forms too. Unfortunately I can't find it for Lloyds but have lots of account statements and tax vouchers for them - will that suffice as proof? They've said there is a £60 admin fee per lost certificate. 
The schedule of shareholdings they've included is as follows :
Centrica 89.00 shares
Lloyds 188.00 shares
Royal Dutch Shell 41.00 shares
No idea what current value is.
I was recommended to contact SVS Securities broker to sort it all out but despite 2 separate attempts and promises to call me back after asking if they could deal with a deceased's shares I'm no further ahead.
I would rather not transfer to my name then sell them for personal reasons.
The schedule of shareholdings they've included is as follows :
Centrica 89.00 shares
Lloyds 188.00 shares
Royal Dutch Shell 41.00 shares
No idea what current value is.
I was recommended to contact SVS Securities broker to sort it all out but despite 2 separate attempts and promises to call me back after asking if they could deal with a deceased's shares I'm no further ahead.
I would rather not transfer to my name then sell them for personal reasons.
Centurion07 said:
In which case you're going to have to suck up the registrar's fees.
ISTBC but I don't think there is any other way to sell shares in a deceased's name.
Shell are currently around the £20 mark. Have a look on on LSE.co.uk. Make sure you get the right ones when checking.
Looking at the amounts involved, if you sell them via the registrar then there'll be barely anything left. Your only alternative is to transfer them to your name (or someone else's who agrees) and sell them through an online broker for a flat fee per transaction.
I've not yet sorted out my missing certificates but you can guarantee the only proof the registrar will accept is the certificate otherwise you'll be paying the ridiculous lost cert. fee!
You say I can transfer them to "someone else who agrees" - is this correct? I was under the impression that they'll only transfer them to whoever is named on the grant. A friend of mine has an account with SVSXO already so I'd be interested to learn more about this if you have info please.ISTBC but I don't think there is any other way to sell shares in a deceased's name.
Shell are currently around the £20 mark. Have a look on on LSE.co.uk. Make sure you get the right ones when checking.
Looking at the amounts involved, if you sell them via the registrar then there'll be barely anything left. Your only alternative is to transfer them to your name (or someone else's who agrees) and sell them through an online broker for a flat fee per transaction.
I've not yet sorted out my missing certificates but you can guarantee the only proof the registrar will accept is the certificate otherwise you'll be paying the ridiculous lost cert. fee!
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.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.
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