Probate shares - double trouble

tetrarch

I have a slightly convoluted problem that I am looking for assistance with.

Background:

FIL passed away 2016. MIL was executrix but Mrs Tet did all the paperwork.

MIL passed away late 2022

My Wife and I are executors of my MIL's estate. We filled in all the IHT400 and PA1 forms and are awaiting probate. Whilst clearing the house we have come across share cetificates still in my late FIL's name. We knew these were there in 2016, but had thought that MIL had sold them - apparently not. It's not a huge amount of monetary value and there is not IHT implication

I'd like to transfer these shares into my Wife's name and deal with them at some point in the future. Once the Probate is granted can I act for my MIL in her role as Executrix for my late FIL? i.e. should I submit a Stock Transfer Form to the shares registrar with both probate forms (FIL to MIL and MIL to me) and expect to get new share certificates issued?

Regards

Tet

p00hsticks

First question would be;
Are you sure that the shareholdings are actually still current ?
One of the problems with the old paper certificate shareholdings is that occasionally you would get issued with replacement certificates to reflect company mergers, buyouts etc, and people are often reluctant to dispose of the old now invalid certificates 'just in case'.

SiliconChip

I had a similar issue to deal with when my mother died, it was a slightly convoluted process but the share registrars were quite helpful in coming up with ways to resolve it, which ended up being free of charge which was a bonus.

Marcon

tetrarch said:

I have a slightly convoluted problem that I am looking for assistance with.

Background:

FIL passed away 2016. MIL was executrix but Mrs Tet did all the paperwork.

MIL passed away late 2022

My Wife and I are executors of my MIL's estate. We filled in all the IHT400 and PA1 forms and are awaiting probate. Whilst clearing the house we have come across share cetificates still in my late FIL's name. We knew these were there in 2016, but had thought that MIL had sold them - apparently not. It's not a huge amount of monetary value and there is not IHT implication

I'd like to transfer these shares into my Wife's name and deal with them at some point in the future. Once the Probate is granted can I act for my MIL in her role as Executrix for my late FIL? i.e. should I submit a Stock Transfer Form to the shares registrar with both probate forms (FIL to MIL and MIL to me) and expect to get new share certificates issued?

Regards

Tet

Contact the registrars of the companies in question. I'd suggest you write or email intially, enclosing copies of the certificates in question, and ask them exactly what you've asked in your post here. This is a tricky question for someone encountering it for the first time, but a company registrar deals with hundreds of thousands of shareholders and should have seen most situations before!

tetrarch

p00hsticks said:

First question would be;
Are you sure that the shareholdings are actually still current ?
One of the problems with the old paper certificate shareholdings is that occasionally you would get issued with replacement certificates to reflect company mergers, buyouts etc, and people are often reluctant to dispose of the old now invalid certificates 'just in case'.

The holdings are definitely current. Since the estate was resolved the dividends have been retained as the previous death of my FIL was notified.

I'll update this thread when the probate comes through

Thanks

Tet