Paper Share Certificates Transfer to one Executor using stock transfer form

Trusts Discussion
1

The deceased held shares in paper form in various companies. There are two Executors. The intention is to transfer the paper shares to one Executor , who will then transfer these to an online account and sell electronically. This seems to be the most cost effective solution.
When completing the stock transfer to transfer the paper shares to one Executor, the consideration is NIL. The form is asking to potentially complete either certificate 1 or certificate 2. It seems to me that neither applies so should certificates 1 and 2 just be left blank.

2

I believe the transaction falls within certificate 2, category (b)(i), and suggest the narrative at (3) might be along the lines of: Transfer by the executors of the deceased shareholder into the name of one of those executors to hold as nominee for all of the executors.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals

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3

Many thanks Paul. Very helpful.
John Horner.

4

A more streamlined solution is for both executors to sign a basic crest transfer to a nominee stockbroker; submit same with sealed copy grant, copy confirmation letter from registrars the grant has been lodged and the certificates.

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5

Thanks all for your replies. In the end I called all three registrars. They were all extremely helpful. All gave the same clear advice that the back of the form (certificates 1 and 2) did not need completing as on the front of the form the consideration was NIL. So I only completed the first page for each shareholding. Under transferors details I put the deceased name and address, then I wrote underneath the names of executors making the transfer. Both executors then signed. Under the transferee details I put my name and address.

Within 3 working days I received all replacement paper share certificates back with my name and address on them.

I have now completed a crest transfer form for each shareholding and sent to my preferred broker. As the paper shares are in my sole name I just signed. Once the share dealing account shows the shares, I will get my co-executor to agree when we sell for the benefit of all the beneficiaries.

So I achieved what I intended to do in two steps.

Tiggers says that a: “A more streamlined solution is for both executors to sign a basic crest transfer to a nominee stockbroker; submit same with sealed copy grant, copy confirmation letter from registrars the grant has been lodged and the certificates.”

So this is useful to know for the future – thanks Tiggers. I could have missed out a step and saved some postage and time! I already had plenty of spare sealed copies of the grant and could have asked the registrars for another copy of the letter they sent me saying that I had lodged the grant with them.

However, I used the two-stage approach as I did ask my preferred stockbroker via ‘live chat’ if they could suggest a short cut and they said no! So perhaps they need to update their training, or their representative just thought the two-step approach was less problematical when they came to dealing themselves with the registrars?