Death of a Shareholder
Who is the legal representative?
The person dealing with a small estate where the value of the estate is less than £15,000 or the value of the shares is under £10,000 on the date of death.
Who is the executor?
The person named in the will that is dealing with an estate that has been to probate.
Who is the administrator?
The person dealing with an estate that has been to probate but where there is no will.
How do I transfer the deceased shareholders shares?
If the value of the estate exceeds £15,000 or the value of the shares is over £10,000 on the date of death, the Registrars will require sight of the probate document before the shares can be transferred.
If the probate is being obtained and the shares are to be transferred, the probate (sometimes referred to as Grant of Representation) needs to be lodged along with a completed Transfer Form A – this should be completed by the Executor/s.
If the estate is valued at under £10,000 and Grant of Representation has not been obtained, the Small Estates Form needs to be completed by the next of kin and lodged with the Transfer Form A.
To obtain a Small Estates Form you should call the Santander Nominee Service on 0871 384 2000.
These forms are to be returned together with the death certificate.
How do I sell a deceased shareholders’ shares?
If you wish to sell the shares and Grant of Representation has been granted then this needs to be registered by the Santander Nominee Service before the shares can be sold. Once this is done you will be able to sell the shares through a broker of your choice. If you want assistance with Spanish tax formalities, you should contact Abbey share dealing service on 0800 169 2001, please note there is a fee for this service.
If you wish to sell the shares and the estate is classed as a small estate then send the death certificate, and the Small Estates Form together so that this can be registered by the Santander Nominee Service before the shares can be sold. The shares will then be transferred to the next of kin who can then sell through a broker of their choice. If you want assistance with Spanish tax formalities, you should contact Abbey share dealing service on 0800 169 2001, please note there is a fee for this service.
I have a joint shareholding and the other shareholder has died, what do I do if I want to keep the shares in my name?
The death certificate should be sent to the Santander Nominee Service, the holding will be transferred into the sole name of the surviving shareholder.