If the Deceased held shares then you will often notice various paperwork from a company called Computershare. They are a share registrar and administer the share holdings of many UK based PLC companies. So what is the process required to release the shares held by a Deceased person ? ultimately it depends upon the value of the shareholding as at the date of death.
Small estates
Typically, for small share holdings the share registrar will accept the completion of a small estates declaration and indemnity form, this form is signed by the administrator of the estate and confirms a certification that the person signing the form will administer the estate of the deceased in accordance with a will if applicable, there is no UK inheritance tax, the value of the share holding is less than £20,000 and no UK grant will be applied for.
If the deceased held shares above £20,000, then the share registrar will require a Resealing of the Grant of Representation that has been issued in the foreign country. The list of countries is outlined in the Colonial Probates Act and typically relates to former commonwealth countries. Resealing probate is a legal procedure that enables the overseas grant to be used in the UK.
When Resealing probate is not possible
For resealing probate to apply, the Country must be recognised by the Colonial probates act, if not resealing probate will not be possible and therefore a separate probate application will need to be issued in the UK. This can be a complex application often requiring an affidavit of foreign law – this sets out what process has been followed overseas.
We help clients across the world obtain probate in the UK. We undertake resealing probate as well as a host of other probate and inheritance advice matters ensuring the swift release of UK assets. If you need help and assistance please contact Tim Murden on 00 1482 429985 or e-mail tim.murden@tmsolicitors.co.uk
