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What happens to shares after a bereavement?

If you are a beneficiary of an estate after the death of a loved one, the administrative tasks that have to be completed can add to your burden. Here's what to consider...

EQi explains

Overview of options available to you
EQi explains

Selling shares you have inherited
EQi explains

Keeping and transferring shares you have inherited

What to consider

We’ve put together an overview of your options, to help you to decide whether to keep, sell or gift the shares to a charity. Before you decide what to do with your inherited shares, it can be useful to think about the following:

Do you know the current value of the shares?

You can calculate their value by looking up the share price of the company and multiplying it by the number of shares held, as listed on the certificate.

- If you have many share certificates, it may be easier to request a valuation. If Equiniti is the Registrar, then you can use Shareview’s share valuation service. Shareview is part of Equiniti and helps people manage their shareholding. Find out more here. [add link]

- The Estate’s solicitor may also be able to provide a valuation.

Would you like to receive money from the shares now?

If you would prefer to receive the money for what the shares are worth, you can request that they are sold. There are a few different ways to sell shares, which you can read about here for more guidance. [add link]

Would you like to keep the shares?

If you believe the share price is likely to increase in value over time, and that you would prefer to keep them as an investment, then follow our guide to understand your options. [add link]

Would you prefer to donate the shares?

You can donate shares to the charity, or charities, of your choice using the Sharegift service. EQi works closely with Sharegift, helping shareholders, or their legal representatives, transferring small amounts of shares to charities, that would otherwise be expensive to sell individually.

You can complete the Sharegift form to donate the shares, or find out more about the scheme at www.sharegift.org.

Information you will need when contacting us
To make any changes to the deceased’s shareholding, it is useful to have the following at hand when you contact us:
- the shareholder’s full name
- their last-known address
- any previous addresses (in case the address we have isn’t the most recent)
  the companies in which the shares are held, and
- if you have them, any Shareholder References (found on the share certificate or correspondence).
- Crest Transfer form

If you would like to sell the shares you have inherited

Before we can act on your behalf, you'll need to obtain a Grant of Representation, which gives you the legal authority to administer the estate of the deceased. To apply, you will need to fill out a Probate Application Form PA1 and an Inheritance Tax form.

You can read more about how to gain the documentation you need here.

Your shares will be sold through Equiniti’s Shareview Dealing service, and the process is determined by which route you take to realise the value of the shares. Here are your options:

Options 1 and 2: How to sell your inherited shares online or by telephone

Here are the four steps you should take if you have decided to sell the shares you have inherited and you decide to sell online or by calling the EQi Customer Experience Centre.

1. Notify us of the death

If you know that the deceased has shares registered to Equiniti, (if you have share certificates, you should be able to see the Equiniti logo) you can notify us of the death by calling our Customer Experience Centre on 0371 384 2793 (or +44 121 415 0875 from overseas). We’ll record on the register that the shareholder has died, and the name and address of the person who notified us.

This will enable us to place a temporary restriction on the register, stopping any share sales or dividends from being issued. It will also mean we’ll cancel instructions (mandates) for dividends to be paid to a bank account or re-invested, and stop any cheques from being sent out.

2. Send us your Grant of Representation

Once you have the Grant, we will need to see the original or a sealed office copy (we are not able to accept certified copies). If you are issued the new style Grant, we will need to see the original with its coloured hologram. The type of Grant depends on the country in which the person died and whether a valid Will exists and so could be one of the following:

• Grant of Probate;
• Letters of Administration;
• Certificate of Confirmation (Scotland);
• A Grant of Representation issued by a Commonwealth country/territory if it has been resealed in the UK High Court of Justice.

Please note the companies below have additional requirements, which you can find out about by clicking for more details.

Ferguson Plc
Genel Energy Plc
Man Group
Petrofac Limited
Royal Dutch Shell
Sanne Group
Trufin Plc

Please send the chosen documentation, along with a covering letter that includes the shareholder's full name and registered address, along with the company name(s) in which the shares are held, to: Equiniti, Aspect House, Spencer Road, Lancing, BN99 6DA, UK.

All original documents will be returned to you, by first class mail, within three days of receipt. We aim to deal with all requests within five working days of receipt.

We will not charge you for registering the death with us using a Grant of Representation.

3. Transfer the shares to your name
Before you can sell shares, you will need to transfer these into your name. The Solicitor for the Estate may transfer the shares to your name as part of the distribution process (TBC).

4. Choose whether to sell online or over the phone
Here’s a summary of what you can expect:
a. Online
i. Place your trade on Shareview (CTA) -
ii. Send in share certificates and Crest Transfer form
iii. Payment
b. Telephone
i. Call up to place your trade on Shareview (CTA)
ii. Send in share certificates and Crest Transfer form
iii. Payment

Day 1

The sale is placed, you have entered into an agreement with Shareview Dealing to sell your shares on the UK stock market.
Day 2

A contract note confirming the sale and pre-filled CREST Transfer form will be sent to you via first class post.
Day 2 to 3

Your contract note and CREST Transfer form should have arrived by post. By signing and returning the form and your share certificates quickly, you’ll be able to receive the money from the sale at the earliest opportunity.

Day 3

The sale of Equiniti registered shares will be settled. If you have already sent your documents, you can now expect the money to be transferred to you.
Day 11

For shares sold in a company where Equiniti is not the registrar and if you have sent your documents, the sale will be settled on day 11. You can now expect the money to be transferred to your account.
Day 23

Please note that if we do not receive your documents by day 23, we have to buy back the shares. You will still be charged the trading commission, additional charges (duties and levies), as well as paying for any change in the share price.

Option 3: How to sell your inherited shares by post

Here is what you need to know if you decide to sell the shares you have inherited by post.

1. Complete the postal share dealing form

Selling your shares by post requires you to fill out a postal share dealing form. On this form you can register the death of the shareholder so you won’t need to submit a Grant of Representation or transfer the shares into your own name before you sell. A fee of £50.00 will be being deducted from the sale proceeds, should you choose to register the death at the time of selling the shares.

Postal Share Dealing form - UK Nationals

Postal Share Dealing form - Non-UK Nationals

Then simply send the form and your share certificate(s) to: Equiniti, Investment Services PSD, PO Box 5014, Worthing, West Sussex, BN99 9AA, United Kingdom.

2. EEA residents and BT Group plc EasyShare

If you inherit shares in BT Group plc EasyShare, and are an EEA resident (excluding UK residents), please complete this form [link?]. We offer a postal share dealing service where your net sales proceeds are paid directly to your bank account in your local currency. Full details of the service, the fees payable and the Terms and Conditions can be found on the form. This service is only open to EEA residents participating in BT Group’s EasyShare. Any instructions received outside the UK, will not be actioned and will be returned to you.
If your registered address is not within the UK or EEA, you will need to contact a local bank or stockbroker. Any instructions received outside of the UK or EEA will not be actioned and will be returned to you.

BT Group EasyShare Postal Share Dealing form – EEA Residents Only

How long should I expect postal sales to take?
This timeline provides an indication of what to expect and what you will need to do at each stage of the sales process.
Day 1: Postal Share Dealing form application received and processed
Day 2: Shares are traded the next business day
Day 4: You will be sent either: sales advice and a cheque, or purchase advice

Option 4: How do I sell my inherited shares via the Small Estate Service?

The Small Estate Service can be used by the Next of Kin or Executor(s) of a deceased’s estate where the value of the shares held in each company is less than £10,000 (including outstanding payments). The value will be calculated at the date of death and applies if there is no Inheritance Tax payable on the estate (under £325,000). For more Inheritance Tax rules please see HMRC.
The Next of Kin is defined as being married to, or blood relative of, the deceased. The recognised order of precedence is;
• Husband, Wife or Civil Partner of the deceased
• Son or Daughter of the deceased (including formal adoption)
• Father or Mother of the deceased
• Brother or Sister of the deceased
• Grandparent or Grandchild of the deceased
Other relations by marriage are not recognised as Next of Kin, for example son/daughter-in-law, step-son/daughter.

The shares will be transferred straight to the next of kin or executor(s) of the estate and we re-issue any uncashed dividends to them at the same time. The form also covers lost share certificates so don’t worry if you don’t have them to hand.
How to request the Small Estate Service
1. Notify us of the death
Please call our Customer Experience Centre on 0371 384 2793 (or +44 121 415 0875 from overseas) to notify us of the death. This will enable us to place a temporary restriction on the register, so that no further dividends are issued in relation to the shares.

2. Fees
Completed Equiniti and Santander forms must be countersigned by Royal & Sun Alliance Insurance plc and we cannot accept countersignature from any other financial institution. This is something we arrange on your behalf but you will need to pay a fee of £34.50 to us, Santander and Royal & Sun Alliance Insurance plc (a total of £103.50)... There is also one fixed administration charge of £45.00 for this service.

If a shareholding is valued at under £100 (shares and/or outstanding payments) at the date of request, there are no fees payable. Shareholdings valued between £100 and £200 (shares and/or outstanding payments) at the date of request, mean only the countersignature fee is payable. Cheques need to be made payable to ‘Equiniti Limited’.

If you would like assistance calculating what to pay, please call us on 0371 384 2793 (or +44 121 415 0875 from overseas).

3. Complete the Small Estate Service and Indemnity form
The Small Estate Service and Indemnity form should be completed but can only be used for one company. For multiple companies, please complete the Additional Holding form (SAYE schemes must also be included). This can be found on the link to the relevant Small Estate Declaration and Indemnity form and if you cannot find the Shareholder Reference for any holdings, please contact us.

For Next of Kin
Complete the Small Estate Service and Indemnity form and when you are ready to send it to us, please include a copy of the Death Certificate along with the fees due for using the service. The shares will then be transferred into the name of the Next of Kin listed on the form. If the form is completed by more than one Next of Kin, the shares will be transferred into their joint names (N.B. a bank account in joint names will be necessary).
Executors
If the Small Estate Declaration and Indemnity form is completed by the Executor, it must be returned to us with a copy of the Death Certificate, the Will or foreign Grants of Probate and any fee payable. Where there is only one Executor named in the Will, the shares will be transferred and payments made to the sole Executor.
Where there is more than one Executor named in the Will, and all persons wish to act, the details and signatures of all named Executors must be entered on the form. The shares will be transferred to and all payments made in the joint names (N.B. a bank account in the joint names will be necessary). For shares held in joint names the address given for the first named Executor will be recorded as the registered address for all future communications.
Where there is more than one Executor named in the Will and the shares are to be transferred to only one, only his/her details and signature should appear on the form. This must be supported by a signed letter of authority from the remaining Executors giving agreement that the named Executor can act on their behalf. The shares will then be transferred and payments made to that named Executor.

Equiniti Small Estate Declaration and Indemnity form
Please send the completed form(s) and cheque (if applicable) to: Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, UK. Our standard response time is seven business days from receipt.

Exceptions
Santander
For Estates with one or more shareholding(s) in Banco Santander, please use the following form.
Santander Small Estate Declaration and Indemnity form

All cheques for Santander holdings need to be made payable to ‘The Registrar for Banco Santander’, and not Equiniti Limited.
BAE Systems Plc, easyJet Plc, QinetiQ Group Plc and Thomas Cook Group Plc
For holdings in BAE Systems Plc, easyJet Plc, QinetiQ Group Plc and Thomas Cook Group Plc, a Nationality Declaration form will also need to be completed by each Next of Kin or Executor who is receiving the shares.
• BAE Systems Plc
• easyJet Plc
• QinetiQ Group Plc
• Thomas Cook Group Plc
Royal Dutch Shell
The Small Estate Service cannot be used for Royal Dutch Shell shareholdings where the Dutch equivalent of the Grant of Representation has or will be obtained. Likewise, it cannot be used for Invensys shareholdings where an Australian Grant of Representation is being obtained. Please click here to see further details.

Online
Click here to send an email to request a Small Estate Declaration and Indemnity form.
Our standard response time is to deal with your request within 7 business days from receipt.
Phone
0371 384 2793 (or +44 121 415 0875 from overseas). Textel/Minicom, please call: 0371 384 2255.

Lines are open Monday to Friday, 8.30am to 5.30pm; excluding UK Bank Holidays. When you call please quote the Shareholder Reference. This can be found on the share certificate/statement or on any previous correspondence sent. Please also be prepared to provide details of any previous addresses at which the shareholder has lived to help identify all shareholdings.

Post
You can write to us to request a Small Estate Declaration and Indemnity form at: Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, UK. Our standard response time is to deal with your request within 7 business days from receipt.

I would like to keep the shares that I have inherited

Shares can be a valuable part of an investment portfolio, and with EQi, you can make decisions about how to grow wealth over the long-term.

You have a choice about how you would like to hold the shares you have inherited. You can keep the shares in certificate form, or start a share dealing account with EQi. Here is what to consider:

Which type of EQi account could be right for me?

Step 1

Notify us of the death

If you know that the deceased has shares registered to Equiniti, (if you have share certificates, you should be able to see the Equiniti logo), you can notify us of the death by calling our Customer Experience Centre on 0371 384 2793 (or +44 121 415 0875 from overseas). We’ll record on the register that the shareholder has died, and the name and address of the person who notified us.

This will enable us to place a temporary restriction on the register, stopping any share sales or dividends from being issued. It will also mean we’ll cancel instructions (mandates) for dividends to be paid to a bank account or re-invested, and stop any cheques from being sent out.
Step 2

Send us your Grant of Representation

Once you have the Grant, we will need to see the original or a sealed office copy (we are not able to accept certified copies). If you are issued the new style Grant, we will need to see the original with its coloured hologram.

Please send the chosen documentation, along with a covering letter that includes the shareholder's full name and registered address, along with the company name(s) in which the shares are held, to: Equiniti, Aspect House, Spencer Road, Lancing, BN99 6DA, UK.

All original documents will be returned to you, by first class mail, within three days of receipt. We aim to deal with all requests within five working days of receipt.

EQi will not charge you for registering the death with us using a Grant of Representation.

Step 3

Complete a Stock Transfer Form

Before you can sell shares, you will need to transfer these into your name using a Stock Transfer Form. The Solicitor for the Estate may transfer the shares to your name as part of the distribution process (TBC).

The share certificate can now be re-issued in your name.
Step 4

Open a share-dealing account

If you would prefer to hold share certificate(s) in a share-dealing account, simply open an EQi account. You can then transfer the share certificates, and there is no fee to pay.

Simply fill out a CREST Transfer form for each individual shareholding and send this with your share certificate(s) to EQi. [add link to CREST Transfer Form]

The only exception to this is transferring shares into a LISA. This type of ISA cannot accept existing investments, only cash transfers. We will help you sell the shares, move the cash into your new LISA and re-purchase shares or make other investments. You can find out more here. [add link to Transfer to EQi]

EQi explains

Pros and cons of share certificates

Many investors hold still share certificates, a paper certificate that confirms their shareholding in a company. They detail the shareholder’s name, the company in which the shares are owned, and the number of shares held.

Pros: There is no limit on the number of share certificates you can hold, and as paper certificates do not need to be held in an account, no fees are incurred unless you want to sell.

Cons: The downside is that share certificates can be lost and there are costs as well as admin to face if you want to replace them. Plus, although no date has been set yet, there are plans to phase out paper certificates.

Why EQi?

Why choose Equiniti?

Shareview Dealing, part of Equiniti Financial Services Limited, allows you to buy and sell share certificates for a one-off fee in any UK listed company.

You can access real time pricing so you can decide if the time is right for you to buy, sell or hold.

Equiniti Financial Services Limited is fully authorised and regulated by the FCA.
Eqi explains

Shares following a bereavement

If you are left with share certificates after someone passes away, see our bereavement page to understand what options are open to you.
- Inherited shares

What happens to shares after a bereavement?

Overview of options available to you

Selling shares you have inherited

Keeping and transferring shares you have inherited

What to consider

Information you will need when contacting us

If you would like to sell the shares you have inherited

Options 1 and 2: How to sell your inherited shares online or by telephone

This timeline provides an indication of the earliest possible time that each part of the sale process can be completed

Day 1

Day 2

Day 2 to 3

Day 3

Day 11

Day 23

Option 3: How to sell your inherited shares by post

Option 4: How do I sell my inherited shares via the Small Estate Service?

I would like to keep the shares that I have inherited

Which type of EQi account could be right for me?

How to transfer your inherited shares into your EQi investment account

Notify us of the death

Send us your Grant of Representation

Complete a Stock Transfer Form

Open a share-dealing account

Pros and cons of share certificates

Why choose Equiniti?

Shares following a bereavement