Share ownership transfer upon death and other matters
Discussion
Hi guess this and a few other questions I'll likely ask in the next few weeks have all been asked before but PH search is almost as difficult as getting the FiL to hear anything.
MiL passed away yesterday, I and a few other family members are tasked with sorting things out due to him being deaf as a post and having no broadband (everything is so much easier with a computer).
Anyway, enough of my rambling, my MiL has shares in a FTSE100 company but these are paper shares rather than electronic. These will need to be transferred into my FiL's name. What's the cheapest and simplest way of going about this please? (He may just sell them once transferred).
She had savings held with NS & I. He's read recently that the only way to have the monies transferred is by "Probate" and this can cost a couple of £thousand. (Article in Times, Saturday before last IIRC). Anyone any advice or confirmation of procedures on this please? The rest of her Estate is held jointly so no major trauma hopefully.
Thanks for any guidance. (It'll be English Law not Scottish if that makes a difference).
MiL passed away yesterday, I and a few other family members are tasked with sorting things out due to him being deaf as a post and having no broadband (everything is so much easier with a computer).
Anyway, enough of my rambling, my MiL has shares in a FTSE100 company but these are paper shares rather than electronic. These will need to be transferred into my FiL's name. What's the cheapest and simplest way of going about this please? (He may just sell them once transferred).
She had savings held with NS & I. He's read recently that the only way to have the monies transferred is by "Probate" and this can cost a couple of £thousand. (Article in Times, Saturday before last IIRC). Anyone any advice or confirmation of procedures on this please? The rest of her Estate is held jointly so no major trauma hopefully.
Thanks for any guidance. (It'll be English Law not Scottish if that makes a difference).
Skyedriver said:
my MiL has shares in a FTSE100 company but these are paper shares rather than electronic. These will need to be transferred into my FiL's name. What's the cheapest and simplest way of going about this please? (He may just sell them once transferred).
Condolences on your loss.When I last did this for some SSE shares held by my late mother on paper certificates, it was a case of finding out which company is the registrar for the shares in question (should be Googlable), and contact their helpline to get them to send the necessary forms to you (or to your FiL). I seem to remember that the rules had just changed, meaning that I needed to find out my mother’s National Insurance number. HMRC refused to give it to me initially, but they complied when I had obtained probate.
Edited to add: My memory is a bit hazy… I may have been trying to sell them directly rather than transferring them, which may have been the reason I needed the NI number.
Sorry for your loss.
On the NS&I probate query - every institution has different levels where they demand probate so best to ask them directly (or check the website). I can't recall what the limit was for NS&I when I did this for my father's estate Some can be as high as £30,000 some as low as £3,000 from memory.
If the estate is simple (no IHT) then I would recommend considering doing probate yourself. It's not as complicated as it could be if you are vaguely organised in your approach and can save the estate thousands.
On the NS&I probate query - every institution has different levels where they demand probate so best to ask them directly (or check the website). I can't recall what the limit was for NS&I when I did this for my father's estate Some can be as high as £30,000 some as low as £3,000 from memory.
If the estate is simple (no IHT) then I would recommend considering doing probate yourself. It's not as complicated as it could be if you are vaguely organised in your approach and can save the estate thousands.
Skyedriver said:
Hi guess this and a few other questions I'll likely ask in the next few weeks have all been asked before but PH search is almost as difficult as getting the FiL to hear anything.
MiL passed away yesterday, I and a few other family members are tasked with sorting things out due to him being deaf as a post and having no broadband (everything is so much easier with a computer).
Anyway, enough of my rambling, my MiL has shares in a FTSE100 company but these are paper shares rather than electronic. These will need to be transferred into my FiL's name. What's the cheapest and simplest way of going about this please? (He may just sell them once transferred).
She had savings held with NS & I. He's read recently that the only way to have the monies transferred is by "Probate" and this can cost a couple of £thousand. (Article in Times, Saturday before last IIRC). Anyone any advice or confirmation of procedures on this please? The rest of her Estate is held jointly so no major trauma hopefully.
Thanks for any guidance. (It'll be English Law not Scottish if that makes a difference).
Sorry for your lossMiL passed away yesterday, I and a few other family members are tasked with sorting things out due to him being deaf as a post and having no broadband (everything is so much easier with a computer).
Anyway, enough of my rambling, my MiL has shares in a FTSE100 company but these are paper shares rather than electronic. These will need to be transferred into my FiL's name. What's the cheapest and simplest way of going about this please? (He may just sell them once transferred).
She had savings held with NS & I. He's read recently that the only way to have the monies transferred is by "Probate" and this can cost a couple of £thousand. (Article in Times, Saturday before last IIRC). Anyone any advice or confirmation of procedures on this please? The rest of her Estate is held jointly so no major trauma hopefully.
Thanks for any guidance. (It'll be English Law not Scottish if that makes a difference).
I am currently sorting my Dads estate as he died in Feb. Generally, I would recommend that you get the funeral etc out of the way before you start to worry about the estate.
Surely, if the plan is to sell. The executors can sell them and distribute the proceeds as per the will.
However, IIRC no one will be able to trade the shares until probate is granted.
Edited by blueg33 on Monday 11th April 14:46
blueg33 said:
Sorry for your loss
I am currently sorting my Dads estate as he died in Feb. Generally, I would recommend that you get the funeral etc out of the way before you start to worry about the estate.
Surely, if the plan is to sell. The executors can sell them and distribute the proceeds as per the will.
However, IIRC no one will be able to trade the shares until probate is granted.
Sorry blueG33, so wrapped up in our own case. Should have offered similar condolences to yourself.I am currently sorting my Dads estate as he died in Feb. Generally, I would recommend that you get the funeral etc out of the way before you start to worry about the estate.
Surely, if the plan is to sell. The executors can sell them and distribute the proceeds as per the will.
However, IIRC no one will be able to trade the shares until probate is granted.
Edited by blueg33 on Monday 11th April 14:46
With regard to getting the funeral out of the way first, he didn't sleep last night at all hardly worrying about the NSand I thing and the shares she held.
The funeral was in his mind yesterday afternoon and last night, trying to decide the music to be played. We speak to the Funeral Director this afternoon, another ball game all together, he's 85, deaf, or rather tunnel listening, total control freak, ex teacher. Worries about every detail.
We'll get there. Thanks
Skyedriver said:
Sorry blueG33, so wrapped up in our own case. Should have offered similar condolences to yourself.
With regard to getting the funeral out of the way first, he didn't sleep last night at all hardly worrying about the NSand I thing and the shares she held.
The funeral was in his mind yesterday afternoon and last night, trying to decide the music to be played. We speak to the Funeral Director this afternoon, another ball game all together, he's 85, deaf, or rather tunnel listening, total control freak, ex teacher. Worries about every detail.
We'll get there. Thanks
No worries, its been a few weeks now and to be honest his passing was a relief as the last few months were badWith regard to getting the funeral out of the way first, he didn't sleep last night at all hardly worrying about the NSand I thing and the shares she held.
The funeral was in his mind yesterday afternoon and last night, trying to decide the music to be played. We speak to the Funeral Director this afternoon, another ball game all together, he's 85, deaf, or rather tunnel listening, total control freak, ex teacher. Worries about every detail.
We'll get there. Thanks
You will need to support your FiL, my mum was really organised but has lost all of that since dad died and has made some really odd.decisions
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