Shares and inheritance
Discussion
My grandfather died recently, he left my brother all his stocks and shares (inc 200 or so Diageo shares at £21 a pop!). His paperwork is a mess so it's a nightmare finding anything. How do we go about transferring the shares to my brother?
And if anyone is wondering, I got his battered 1996 Ford Fiesta full of fag ash, for which I got the princely sum of £50 for scrap. #winning
And if anyone is wondering, I got his battered 1996 Ford Fiesta full of fag ash, for which I got the princely sum of £50 for scrap. #winning
Right but who do we speak to in order to do that? We don't even know what other shares there are yet as he wasn't... organised. No idea how he originally bought them, whether he had a broker or what. We only know about the Diageo ones because there was recent paperwork for a dividend.
Oakey said:
Right but who do we speak to in order to do that?
The registrar.For Diageo, that's https://www.diageoregistrars.com/forms/ContactUs.a...
But before you do any transferring, you'll need probate granting. And for probate to be granted, you need to know - and document - everything that formed part of his estate, with values at the date of death, so that you know if there's any IHT liability. This is all part of the executor's job. Who is that? If he left things to people, then he must have had a will - which would usually identify the executor.
Yeah, that poor sucker is me. His estate is under the IHT limit and he paid all his bills on time, he had no debts bar £300 on a credit card which is in the process of being paid off (his bank will just take it from the savings). There's only a handful of beneficiaries and the will is relatively straightforward. There's just things like utilities to resolve.
Unfortunately he didn't think to list what companies he'd invested in. We think there's some stock in Southern Electric and a Spanish energy company.
Unfortunately he didn't think to list what companies he'd invested in. We think there's some stock in Southern Electric and a Spanish energy company.
OP. did he own a property? If so you'll need to check it doesn't push his total estate above the nil rate band threshold. Even if it doesn't you'll still require a valuation in order to complete the IHT205 form.
With a state pension plus investments he may well have had to do a annual tax return. If so he will have needed all the dividend vouchers during each tax year in order to complete it. A return may lead you to the vouchers which will tell you the holdings and shareholder references.
Once you have those, finding who the registrars are is simple. If you can't find the share certificates you'll need to contact the relevant registrars. There will be a fee to pay and an indemnity form to sign to obtain duplicates (this assumes the shares are not held electronically - i.e. in CREST).
Unfortunately it's a right ballache dealing with the estate of a relative whose paperwork is sketchy/chaotic. Ask me how I know...
With a state pension plus investments he may well have had to do a annual tax return. If so he will have needed all the dividend vouchers during each tax year in order to complete it. A return may lead you to the vouchers which will tell you the holdings and shareholder references.
Once you have those, finding who the registrars are is simple. If you can't find the share certificates you'll need to contact the relevant registrars. There will be a fee to pay and an indemnity form to sign to obtain duplicates (this assumes the shares are not held electronically - i.e. in CREST).
Unfortunately it's a right ballache dealing with the estate of a relative whose paperwork is sketchy/chaotic. Ask me how I know...
He has a bungalow that he let fall into ruin, his neighbour died last year and that property sold for £69k at auction and that was in a better state. We'll get a valuation but I don't think it's going to be a concern valuewise!
Cheers for the other info, should be very helpful in helping track things down.
From what we've found so far it looks like there's
200ish shares in Diageo
100 shares in Southern Electric
A dividend cheque for about £5 from Iberdrola
Maybe some HBOS shares, no idea what's become of those now?
Some money in savings and the bank (again, well under the limit).
The battered Fiesta
A house full of junk (not unearthed any lost treasure unfortunately)
Yet to find evidence of other stocks and shares.
He's sort of thrown me in at the deep end!
Cheers for the other info, should be very helpful in helping track things down.
From what we've found so far it looks like there's
200ish shares in Diageo
100 shares in Southern Electric
A dividend cheque for about £5 from Iberdrola
Maybe some HBOS shares, no idea what's become of those now?
Some money in savings and the bank (again, well under the limit).
The battered Fiesta
A house full of junk (not unearthed any lost treasure unfortunately)
Yet to find evidence of other stocks and shares.
He's sort of thrown me in at the deep end!
Any HBOS share certificate you may find is worthless.
When the bank collapsed 7 years ago it was taken over by Lloyds TSB.
He should have received a new certificate for the relevant amount of its stock.
When the bank collapsed 7 years ago it was taken over by Lloyds TSB.
He should have received a new certificate for the relevant amount of its stock.
This is beginning to resemble an archaeological dig. 
Thus was a telco demerged from Scottish Power in March 2002. It was taken over by Cable and Wireless plc in October 2008
C&W plc demerged in 2010 into two companies: Cable & Wireless Worldwide plc & Cable & Wireless Communications plc
The former was acquired by Vodafone in July 2012, the latter by Liberty Global in May 2016.
Happy hunting...
Thus was a telco demerged from Scottish Power in March 2002. It was taken over by Cable and Wireless plc in October 2008
C&W plc demerged in 2010 into two companies: Cable & Wireless Worldwide plc & Cable & Wireless Communications plc
The former was acquired by Vodafone in July 2012, the latter by Liberty Global in May 2016.
Happy hunting...
Oakey said:
We're pretty certain it's under £325,000, it's highly unlikely he's going to be one of these people who invested in MS or Apple back in the day and has been sat on millions of pounds.
I guess it's possible but it's a bit optimistic.
Is it worth reading this ??????? I guess it's possible but it's a bit optimistic.
https://www.gov.uk/inheritance-tax/overview
We
Oakey said:
His wife died 10 years ago speedyguy.
My recently deceased FIL's wife died 1991.I can't remember the exact year but it was prior to that that any unused spousal allowance could be transferred from what I gather.
https://www.gov.uk/government/publications/inherit...
http://www.which.co.uk/money/tax/guides/inheritanc...
Oakey said:
We don't even know what other shares there are yet as he wasn't... organised.
Company share registers are generally operated by one of a limited number of big independent contractors known as "Registrars". Have a look at the article on this link which sets out some explanation. The article is quite old but is bang on target for you.http://www.thisismoney.co.uk/money/investing/artic...
By the time you have contacted,
- Capita Registrars
0870 162 3191
- Computershare
- Equiniti (previously Lloyds TSB Registrars)
Spencer Road
Lancing
West Sussex
BN99 6DA.
0871 384 2030
you should have the ground pretty well covered. All you need to do is show proof of your appointment as executor/administrator and supply them will full names and all former addresses of the deceased. Ask for details of ANY shareholdings by that person of which they are aware.
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