Dealing with an Estate

 The information shown below is to provide guidance only.  It should not be construed as advice.  ShareGift Australia strongly recommends you seek your own independent financial and legal advice.

 

Joint security holders under survivorship rules:

 

In the case where one of the holders is deceased, the relevant Share Registry will require a certified copy of the death certificate.  The provision of this document to the registry indicates proof of death and allows them to change the holding into the name of the surviving shareholder.

The document should be certified by an individual authorised to certify documents.  The following are some examples:

  • Chemist
  • Doctor
  • Police Officer
  • Certified Practicing Accountant

When a Share Registry or a Broker requests a certified copy of a document, the certification must be stamped with the certifier’s credentials and the certification should be original.  The statement made by the certifier should be close to “I certify this to be a true copy of the original document”. 

Should the requirement be for the holding(s) to be sold, the Broker will require a certified copy of the death certificate.

Individual holdings where application for Probate/Letters of Administration has been lodged.

 

The following is required to transfer a holding where the value of that holding exceeds a certain amount.  This amount may vary with different registries, therefore it is best to enquire as to what it is.

  • A certified copy of the probate or letters of administration
  • Transmission Form

This form can be specific to the registry; therefore it is best to enquire with the Share Registry as to their form. 

Should the holding be registered in a state which differs from where the probate has been granted, the registry will require a statement issued under section 1071B of the Corporations Act 2001.  It is important that this statement and the dated transfer be lodged with the Share Registry or Broker within 3 months of the date of issue.

Should the requirement be for the holding(s) to be sold, the Broker will require a certified copy of the probate (and if relevant a section 1071B document as per above).  

Small Estates where no application for probate/letters of administration has been made.

 

As indicated in section 2 above, a probate/letters of administration may not be required if each holding does not exceed the relevant registry threshold.  In this case, the Share Registry or Broker will require:

  • Certified copy of the death certificate
  • Certified copy of the Will.  This document will enable the registry or broker to establish the identity of the executors, and
  • A small estates indemnity.  This form is attached.

Should there be no will for the estate (Intestate), the share registry may request the following

  • Certified copy of the death certificate
  • A Intestacy Request and Indemnity form or a statutory declaration of Indemnity from the next of kin.

 

Transmission/Transfer

 

When all of the registry or broker obligations have been met, the securities can be transferred. 

The transfer is done in one of two ways:

  1. To transmit to Executors/Administrators (refer to the registry for their specific form)  or

  2.  To transfer to the beneficiaries (also refer to the registry for their specific form)