Dad had shares what do we do?

VLT

Hi, just after some advice. My father passed at the end of Jan and were slowly working through his financial affairs with mum.

We have found he has some united utilities shares that pay out a dividend twice a year into their joint account.
Can we just transfer the shares to mums name? and the dividend will continue as normal?

TIA.

Yorkshireman99

VLT wrote: »

Hi, just after some advice. My father passed at the end of Jan and were slowly working through his financial affairs with mum.

We have found he has some united utilities shares that pay out a dividend twice a year into their joint account.
Can we just transfer the shares to mums name? and the dividend will continue as normal?

TIA.

Is there a will? Have you applied for probate or letters of administration?

VLT

Yes there is a will, everything is left to mum. She is the executer also

Yorkshireman99

VLT wrote: »

Yes there is a will, everything is left to mum. She is the executer also

Once she has probate then she should be able to get the registrar of the shaares to tansfer them.

no1catman

Their value on the date of death will need to be included in any statement of the value of the Estate.

VLT

Never having dealt with a death before, is there a process we need to follow re finances.
Will states everything passes to mum.
Joint account has changed to sole account in mums name , and dads sole account has been closed and all monies transferred to mums accounts.
Dad also has an Isa (shares) bank has contacted Scottish widows for mum, aswell as these UU shares.

da_rule

If they co-owned a house or there's a lot of money involved then your mum may have to apply for probate. UU may insist on seeing a copy of this before they transfer the shares etc.

All you need to do is value the estate and any debts/funeral expenses etc. Providing he didn't make any large gifts (over £325,000 in total) in the last 7 years then there won't be any inheritance tax to pay. All you need to do it fill out form IHT205 and send it off with the probate application. If more assets or gifts or debts are discovered whilst dealing with the estate then the IHT form can be amended.