IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
shares on death
Closed Thread
Views: 9,034
Thread Tools Search this Thread Display Modes
# 1
superref
Old 20-09-2007, 4:45 PM
MoneySaving Newbie
 
Join Date: Sep 2007
Posts: 1
Question shares on death

Can anyone help. My husbands father recently died and left him several lots of utility shares (bought in 1980's and 90's). Do we have to transfer them into my husbands name to sell them? if yes how?!
Do I have to approach a stockbroker to sell or can I do it?

thanks
superref is offline
Report Post
# 2
Jake'sGran
Old 20-09-2007, 6:39 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jul 2006
Posts: 3,256
Default

Quote:
Originally Posted by superref View Post
Can anyone help. My husbands father recently died and left him several lots of utility shares (bought in 1980's and 90's). Do we have to transfer them into my husbands name to sell them? if yes how?!
Do I have to approach a stockbroker to sell or can I do it?

thanks
Your husband cannot transfer them into his name now. Your FinL should have done it before he died. They will need to be sold and your husband can buy them in his own name or use the cash some other way. To sell them you can find a broker on line or in the high street (Nat West have a good service I believe)and you will need to provide evidence of the death of the original holder which, I imagine, will be a copy of the death certificate. If you were buying shares there are some cheap brokers on line but I am not sure who is the best for selling them.

I am not an expert so if I have got something wrong no doubt someone else will put it right. But I am sure the shares cannot now be transferred into your husband's name.
Jake'sGran is offline
Report Post
# 3
mk-donald
Old 20-09-2007, 7:16 PM
MoneySaving Stalwart
 
Join Date: Dec 2004
Posts: 742
Default

You will get most/cheapest help from speaking to the Utility companies share registrars themselves as you're not the first and won't be the last person in this situation.

The situation may be complicated as to whether the estate is large enough or contains things that require 'Grant of Probate' to be obtained so the estate can be dealt with - with a formal 'executor' whose responsibility it is to see the estate is dealt with in accordance with the will (or any variation agreed by the main beneficiaries) if I remember my law studies correctly - or is small enough (as for instance my father's estate was) for a personal representative to deal with it all - typically with a handful of copies of the death certificate to present to people.

For example Centrica plc have help on this specific subject at:
http://www.centrica.com/index.asp?pageid=708

Shareview, one of the big registrars, have generic advice for shares they register:
https://www.shareview.co.uk/asp/faq.asp?#DEATH

eg "If the estate is small, with relatively few assets, and you do not need to obtain a grant of representation, many companies have special arrangements designed to make things easier for the family of a deceased shareholder to sell or transfer the shares."

Last edited by mk-donald; 20-09-2007 at 7:18 PM.
mk-donald is offline
Report Post
# 4
mugwump
Old 20-09-2007, 7:16 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jul 2007
Location: Cheshire
Posts: 6,929
Default

They can be transferred, see the thisismoney site
mugwump is offline
Report Post
# 5
CLAPTON
Old 20-09-2007, 7:21 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Mar 2006
Posts: 31,731
Default

Quote:
Originally Posted by superref View Post
Can anyone help. My husbands father recently died and left him several lots of utility shares (bought in 1980's and 90's). Do we have to transfer them into my husbands name to sell them? if yes how?!
Do I have to approach a stockbroker to sell or can I do it?

thanks

The executors need to obtain probate and pay any IHT before the assetts can be disposed of.
Once probate is obtained the shares can either be sold or transferred.
Unless the estate is less than 5k.
CLAPTON is online now
Report Post
# 6
localhero
Old 20-09-2007, 7:47 PM
Serious MoneySaving Fan
 
Join Date: Apr 2007
Location: Greater London
Posts: 813
Default

The executors should have completed a stock transfer form or asked whether your husband wanted them sold.
localhero is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT. The time now is 4:16 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 19 November 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.