Accessing unsold shares

THE-WIFE_3

I would appreciate some advice from anyone having been in the same situation, please.

My old bat of a stepmother died in 2003 and my brother had been appointed executor of her will, there only being three beneficiaries, himself, my sister and I. I had taken over running her affairs as I was the only prepared to go and visit her and managed to get her into a care home for her final days.

It took my brother nearly five years to wind up her estate, namely sorting out her three bank accounts and selling her then Abbey National shares. He didn't have to go to probate as the estate was so small. Although I had informed him of all the shares that were in her name, he has failed to sell what I believe to be our father's shares that she inherited on his death. All her bank and shares info came to my address after she went into the home as we didn't want anyone knowing her situation. This dividend info still arrives at my home address.

What I would like to know is whether there is a time scale on when an estate has to be sorted, I've asked my brother several times to sell the shares, he has all the info but has failed to do so. Is it possible for me to sell the shares now? I have a copy of her will, death certificate etc.

dzug1

There is no mandatory timescale - though this should have been sorted long ago.

It should be possible for you to sell the shares - though you will probably have to pay an expensive indemnity to the registrars to allow the transfer in the absence of probate.

What's been happening to the dividends? On the face of it they have been misappropriated.

THE-WIFE_3

Thank you for a quick reply, dzug, the dividends are being applied every quarter to the share account. I have the paperwork in front of me as the info is still being sent to my address, it's how I know my brother hasn't done a thing about selling them despite plenty of reminders and the necessary paperwork.

Savvy_Sue

I'm just wondering, is it a fairly simple matter of filling in forms and getting them signed? If so, can't you fill the forms in (since you have the information available to you), and lock yourself in a small room with your brother until he signs them?

THE-WIFE_3

Thanks, Sue, that might be an idea!

John_Pierpoint

Brother is out of his depth, probably, when it comes to buying and selling shares?
Are these share in the woman's name now or still in the name of father?
Will the registrar allow it without a grant of probate?
Care to give us all a list of the "portfolio"?

monkeyspanner

If the shares have been transfered into your stepmothers name it should be a simple matter of getting a share dealing service to action a sale. To do this your brother would need to provide the will or certified copy of the will and a death certificate to demonstrate he has authority to act. There may be the complication of the dealing sevice needing a certificate of probate but he should be able to get around this if the estate is small and he can demonstrate probate was not required. However, if he took 5 years to sort out a few bank accounts it doesn't sound like he will want to sort this out. There is no time limit as far as I know and the shares will be held indefinitely. If the shares are in your fathers name then it becomes more complicated as you will need two sets of will and death certificate information to demonstarte the share ownership. I would suggest that you use a share dealing service you can access face to face as dealing with an online srvice will prove difficult with the paperwork complications.

Savvy_Sue

THE-WIFE wrote: »

Thanks, Sue, that might be an idea!

I too have a brother ... only in our case we're joint executors, and we have one last thing to sort out (I think!) which we've both been off-putting!