Hi
Hoping someone can advise on a probate question.
Shareholder died last year, leaving his share to his partner, an equal shareholder. She is the executor of the will and sole beneficary. The company is very small and will be wound up shortly, and was formed using model articles. As the company accountant, I have been asked by the solicitor dealing with the estate if I require probate to transfer the share as per the will. General searches suggest probate is usually required to be lodged with the company records (the solicitor has said it's not required for any other purpose). But as the beneficiary is the only other officer of the company, and only other shareholder I don't want to advise that probate is required if a copy of the will, together with a letter from the beneficiary is sufficient. I'm a bit surprised the solicitor asked me actually. Can anyone point me in the right direction, or to any links? Thank you.
Related resources
Replies (6)
Please login or register to join the discussion.
I too am surprised that the solicitor asked you. This is a matter for the company to decide, not for you.
You - or rather the company secretary - just needs to be satisfied that the executor has the authority to dispose of the shares.
A copy of the will would cover your backside.
Thanks for that - I couldn't find anything definitive but I'll get a copy of the will, together with a letter from the beneficiary, for the company files.
Much appreciated to both replies.
As I said, it’s not for you to decide what the company needs to see to register a transfer. It’s for the company.
Not sure I agree here - if the asset was a joint asset there would be no problem with a copy of the will showing survivorship rules but it sounds as if this is not a spouse or civil partnership situation and is only in the name of a deceased person?
I am more inclined to say John is right re company policy taking precedence, and if the company m&m are silent then probate is the obvious requirement.
Sadly we all know that death is not an event that brings out the best in people so you never know who might feel the need to challenge the dissolution of the company.
Thanks Marion. There's no issue with anyone challenging the will as no other family members and no other people involved in the company. The business was coming to a natural end even before the shareholder died and would have been wound up once the final affairs had been dealt with. The unmarried couple had a mirror Will leaving everything to each other. It feels like a legal question which is why I thought the solicitor would have advised on probate requirements, or not.