Advice on Shares left in a will

joanne04

My Dad was power of attourney for a close friend who left him all his shares in his will. My Dad handled all of his personal accounts when his friend's health deteriorated as none of his existing family were interested and in fact failed to visit him in over 3 years before he died. The solicitor told my dad that these couldn't be transferred in to his name but would have to be sold first.

It has been six months since my dad's friend died and he has heard nothing since. He contacted the solicitor this week who is now saying that there was suffcient money left in bank accounts to cover the other amounts bequeathed to people and that because of this he will have to sell some of the shares to cover these amounts.

I don't want to sound harsh and money grabbing but is it right that his entitlement should decease if everyone else is getting the full amount? Surely it should be an equal percentage loss by all people mentioned in the will? Like I said my dad didn't even want to sell the shares in the first place.

My Dad doen't know much about this and I have no clue also so I wonder if anyone can give me some advice on this.

McKneff

He could get a free half hour with a solicitor, I think that is the way to go.

My own personal opinion, the shares as they are should go to your father,

Other bequeaths should have been lessened on a percentage basis.

If father had left him the house, i dont think it would have to be sold to give other people more.
It would be a house. full stop.
Like I say, just my personal opinion.

Emmzi

sure it isn't debts? shares would need to be sold to cover the debts of the estate first. Worth checking.

vaio

Another vote for getting some legal advice

My view is it depends how the will is written…..

If it says “I leave Jim my shares (worth £100) and the cats home £100” then if there is only £50 cash in the estate then the shares get sold and Jim and the cats home each get £75.

If it says “I leave the cats home £100 and the rest, including my shares to Jim” then Jim only gets anything once the cats home have been paid in full.

I also can’t see any reason they would have to be sold rather than just transferred like a house would be. They probably will need to be valued for probate/tax reasons but that’s easy to do without selling them.

Savvy_Sue

McKneff wrote: »

He could get a free half hour with a solicitor, I think that is the way to go.

My own personal opinion, the shares as they are should go to your father,

Other bequeaths should have been lessened on a percentage basis.

If father had left him the house, i dont think it would have to be sold to give other people more.
It would be a house. full stop.
Like I say, just my personal opinion.

vaio wrote: »

Another vote for getting some legal advice

My view is it depends how the will is written…..

If it says “I leave Jim my shares (worth £100) and the cats home £100” then if there is only £50 cash in the estate then the shares get sold and Jim and the cats home each get £75.

If it says “I leave the cats home £100 and the rest, including my shares to Jim” then Jim only gets anything once the cats home have been paid in full.

I also can’t see any reason they would have to be sold rather than just transferred like a house would be. They probably will need to be valued for probate/tax reasons but that’s easy to do without selling them.

Agree with vaio, depends how the will is written, but I know nothing about shares!