Ltd Co - Tfr of Shares on Death

Ltd Co - Tfr of Shares on Death

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Do we have to get Probate to transfer shares in a family company upon the death of one of the shareholders?

The wife sadly passed away last year and we want to transfer her shares to her husband. Her estate is well within the IHT band.

(edit) We're the deceased's and the company accountant in this matter (/edit)

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By WhichTyler
02nd Mar 2011 14:10

Need more information

Are you the executor? The company secretary? The deceased's accountant? The company's accountant? The answer will affect your responsibliities and ability to act.

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By cyrynpen
02nd Mar 2011 14:46

Company Accountant

My apologies, we're the company's accountant.

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By WhichTyler
02nd Mar 2011 21:05

Job for the executor

The share transfer form (which would normally be signed by the shareholder) needs to be signed by the deceased's executor (aka personal representative). They shouldn't start distributing the estate until probate is granted.

You may be asked to provide a valuation of the shares, so thinking about that could be helpful...

 

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By cyrynpen
03rd Mar 2011 08:49

Thanks for the reply - most helpful.

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