selling shares with paper certificate and multiple names on cert.

richyg

Hi,

I have been asked if I can help out with this situation. My elderly father and his brother/cousins have a share certificate in a FTSE 100 company which they now wish to sell to simplify an over complex enough family situation as they get old and pass on.

It is held in 4 names AA , AB , AC and BD Smith - as a paper certificate. from 1999 . Worth maybe 50-60k.

They themselves are the 4 trustees of earlier deceased relatives.

However 1 of the trustees is themselves deceased - lets say AA.

The bank which was approached with the paper certificate just turned them away saying they don't deal in paper certificates.

The three surviving and beneficiaries of the 4th all want to sell but noone seems to want to take the business on the high street. Any paperwork required will be signed as needed.

Does anyone have any idea how this could be sold - Is an undisputed holding of the certificate enough to at least get the shares sold and the money into the trustees bank account - as there is one - to then be dealt with ?.

Any advice appreciated.

Ifts

Selling paper shares is easy enough but I am unsure if the normal route will work in your situation, but....

If it is possible to open a nominee account for the trustees? sell the shares and the money could go in to the trustee bank account? Maybe ask X-O (or someone similar) if they could do this for you.

Selling paper shares through a nominee account usually goes something like this -

You use someone like X-O.co.uk share dealing services (£5.95 per trade) for a cheap method of selling the shares.

Open a Share Dealing account with X-O.co.uk (free to open and no annual account charges) then *transfer* your share certificates in to your account (free to transfer in) and sell them for £5.95 per share holding.

How do I transfer in stock that I hold in the form of certificates?

http://www.x-o.co.uk/how_to_use.htm#5


*Recommend using Recorded/Special Delivery when sending the share certificates by post.

barak

richyg wrote: »

Hi,

I have been asked if I can help out with this situation. My elderly father and his brother/cousins have a share certificate in a FTSE 100 company which they now wish to sell to simplify an over complex enough family situation as they get old and pass on.

It is held in 4 names AA , AB , AC and BD Smith - as a paper certificate. from 1999 . Worth maybe 50-60k.

They themselves are the 4 trustees of earlier deceased relatives.

However 1 of the trustees is themselves deceased - lets say AA.....

The first thing that probably needs to be done is to advise the company's registrar of the death of 'AA'. The share certificate would need to be sent [by at least Recorded Delivery/Signed For] together with an original Death Certificate [or a certified copy]. The registrar would then re-issue a certificate in the remaining three names and will probably return the Death Certificate if asked to.

If the shares have been held in a Trust since 1999, there could be a liability for Capital Gains Tax. I think your father and relatives need some expert guidance, perhaps from a Tax Accountant, or from whoever has been submitting Tax Returns.

markwilkinson

If one of the 'owners' of the share certificate is now deceased, there may be compilations with the deceased persons estate.