Understanding share accounts of a deceased family member

[JeS10]

Okay, so my father-in-law died suddenly before he got round to explaining to any family member how his share accounts worked; what holdings he had etc. He was intending to go through his paperwork and accounts with me, despite me not being the most financially literate person (read, not remotely).

I believe he uses the share centre, and has three accounts in there: two ISAs and an account he dealt from. The account he dealt from apparently has 9 holdings. One of those holdings is in Atlantic Coal. We received a notice advising of corporate action, the company apparently delisting from AIM owing to wanting to acquire a bigger rival, something that is considered a reverse-takeover. He had 100000 in the company, and we realise this doesn't amount to much considering their current share price. But, the question is what do we do in this situation? Just cancel the holding and do something else with the money?

You'll have worked out that I've not got a clue what I'm talking about.

[megaphone]

I expect there will be a default option, if you do nothing you will get ...blah blah.

Did he make a will? If so who is the executor of his will? It will be their responsibility to deal with all this. They need to get in touch with the share centre and inform them of his death, they will want to see a death certificate and probate before they will let you take over the account.

[Eric Mc]

Was he using a single broker?

[muckymotor]

The Share Centre should write to him (are they aware he has passed away?) and tell him what will happen. There will possibly be a default action by them where the cash value of the shares is returned to his account.