putting shares into joint names?

jakirk

I have approx 2900 Standard Life shares in my name.

Can I get them put into joint names with my wife and will it cost anything, so that my wife can sell them easily if I am not around?

The shares are still where they were when I got them when Standard Life demutualised.

xylophone

Ask the Registrar (Capita?) for a form and transfer them from yourself to the two of you?

jakirk

Ask the Registrar (Capita?) for a form and transfer them from yourself to the two of you?

But will there be any cost for doing this?

barak

jakirk wrote: »

I have approx 2900 Standard Life shares in my name.

Can I get them put into joint names with my wife and will it cost anything, so that my wife can sell them easily if I am not around?

Not absolutely sure what you mean by "not around", but I don't think putting the shares in joint names would achieve anything as selling shares in joint names would normally require two signatures.

If you were literally not around, your executor could sell the shares or transfer them into your wife's name.

An alternative would be to gift the shares to your wife now by transferring them into her sole name, which need not cost anything - being covered by "1. Transfers otherwise than on sale" for no consideration and therefore not subject to Stamp Duty.

You just need a Stock Transfer form to complete and send with the share certificate to Capita Registrars [preferably by recorded delivery - well worth the 77p].

http://www.capitaregistrars.co.uk/media/stock-transfer-form.pdf

If you've never completed a Stock Transfer form you may need some help. It's important to get it right, but it's easier than it looks! Much of it is left blank. The registrars will send your wife a new certificate in her name.

jakirk

So shares in joint names are not the same as a joint bank account?

No point in doing that then.

barak

jakirk wrote: »

So shares in joint names are not the same as a joint bank account?

No, it's not the same. Having shares in joint names makes life much more complicated!

xylophone

The OP should check the Capita website?http://www.capita.co.uk/investors/pages/shareholder-faqs.aspx

"Transferring shares to another person

1. Download and print a stock transfer form.

2. Complete and sign the form - guidance notes to help you complete your form correctly are included with the Stock Transfer Form.

3. Arrange for the collection and payment of stamp duty if applicable. If you require advice in respect of stamp duty you can telephone the Stamp Taxes Helpline on 0845 603 0135 .

4. Post to Capita Registrars your stock transfer form with share certificate(s) covering at least the number of shares to be transferred.

Death of a shareholder

The documentation required to register the death of a shareholder is dependant on the type of shareholding. Write to Capita Registrars advising of the death of the shareholder. Ensure that you:

State the full name, address and investor code of the shareholder (as shown on their share certificate).

State the name of the company in which they hold shares.

Enclose with your covering letter the following documentation:

If the account is held solely in the name of the deceased enclose:

Sealed copy Grant of Probate or Letters of Administration. For Scottish residents the equivalent document is a Certificate of Confirmation. For offshore registered companies the Grant of Probate must come from the relevant offshore court e.g. Jersey or Guernsey.

Share certificate(s) representing the total holding.

Alternatively if Probate (or the equivalent) is not being sought due to the small value of the estate, you can apply to use our Small Estate Procedure, providing the total value of the UK estate is under £20,000 and the total value within the estate of shares is under £10,000. Contact us if you require the relevant forms for Small Estates.

If the account was held jointly with another person enclose:

Death Certificate.

Share certificate(s) for amendment.

See also the Equiniti site http://www.shareview.co.uk/helpcentre/pages/faq4.aspx

"Shares in Joint Names
If shares were held in joint names, the account can simply be re-registered in the sole name of the other holder. We will need a photocopy of the death certificate to amend the register as well as the share certificates so that we can issue replacements in the new name.'

It would therefore appear that a joint shareholding passes by survivorship, just like a joint bank account or indeed a house that is jointly held (ie not as tenants-in- common)?

tescobabe69

If its any help I put all our shareholdings into a Halifax online account in joint names, doesnt cost anything to run and has a handy dividend reinvestment option.

barak

Thanks xylophone for showing us the comparative ease with which shares can be transferred on the death of a joint shareholder. I've transferred shares as executor following a death, but none in joint names and wasn't aware it was quite so simple. It gives jakirk a choice of what to do now. Depending on other factors, I wouldn't expect that if his wife survived him she would have much difficulty in selling his shares whatever he decides.

My own difficulty some time ago was trying to persuade Computershare to allow me to take up a specific offer to shareholders to increase an existing joint certificated shareholding - which they refused to allow. I now have an account run by Halifax and if I had previously done what tescobabe69 usefully describes, it would have been possible.

gadgetmind

If you have the shares in a nominee account, life is easier. With (for example) Hargreaves Lansdown, you can move shares between "fund and share" accounts with just one letter, and at no cost. You can also link accounts so that you can see/manage each others investments.