When you have received deceased estate shares after the passing of a loved one, the process of selling them can be confusing. There is a lot of paperwork required to prove you are the executor and that the deceased owned the shares in question. However, there is no way around this process, and you must follow protocol if you desire to sell these deceased estate shares. This article may provide assistance regarding the process if you’ve experienced the passing of a loved one.
If you received shares on inheritance, you’re in the right place. These are ten tips for selling deceased estate shares.
1. Don’t Move Slowly
Some of the best advice regarding the process of selling deceased estate shares is to not move slowly. The longer you draw the process out, the harder it may be to locate the broker holding the shares. You should notify them of the shareholder’s passing as soon as possible to get the process started.
2. Do Your Homework
Selling deceased estate shares isn’t a process that you should just go into blindly. Although you should begin the process quickly, it’s important to be aware of what the process entails before taking on this task. There are several important steps involved, as well as vital paperwork that must be obtained and filled out before anything can happen. You should educate yourself regarding the specific steps and appropriate paperwork before putting the wheels into motion.
3. Maintain Communication
You should maintain constant communication with the broker during the process. They can provide much-needed assistance regarding the process and provide the necessary paperwork to sell the shares.
Most likely, they’ve dealt with this situation specifically, so they can be a source for free advice. Many times, the knowledge you can obtain from them would cost you to receive the same information from an attorney.
4. Double Check Everything
You need to double-check everything before you move to the next step. This means going over every piece of paperwork you fill out, as well as making sure that everything is legal.
If there was no will involved, you need to be absolutely sure that you are entitled to the shares in question. Legally, you will have to be recognised as the executor to sell deceased estate shares. When there are questions regarding who receives certain items, it may be necessary to turn the situation over to probate court.
The probate court handles all matters regarding the property of a deceased individual. The final ruling will give certainty to the situation of who is entitled to deceased estate shares.
5. Settle Amongst Yourselves
If there was no will, sometimes the best thing to do is settle the matter amongst family members. Sending things to court can sometimes get messy. Tempers can flare, relationships deteriorate, and it isn’t always the most peaceful course of action. If it’s at all possible, deciding who receives what assets in a private matter can be the best way to figure everything out.
If you’re unable to do this in a civil manner, you can hire third parties to settle these disputes. This may be the best way to decide who receives deceased estate shares.
6. Notarise Everything
It’s important that you get everything notarised. Even if you haven’t been told to do so, sometimes getting everything verified is in your best interests. This just ensures that every document is official and there was a witness present when you signed.
This just ensures that everything holds up in a court of law. When it comes to the estate of a deceased individual, you never know what might happen in terms of legal proceedings.
7. Remain Organised
It’s important that you remain organised throughout the matter. Don’t get paperwork mixed up or certain legal terms confused. This can lead to an extension of the timeline and further muddy the waters. If it’s necessary, hire an attorney to guide you through the process. Sometimes you need a professional when it comes to matters of deceased estate shares.
8. Verify the Types of Shares
There are different courses of action depending on the types of shares that the deceased individual purchased. There are broker-sponsored shares and issuer-sponsored shares. Depending on the type of shares you received specifically, there may be changes in the exact way you sell the stocks.
9. Open the Right Accounts
If the shares weren’t held within a brokerage account, you’ll need to open one in the name of the deceased individual’s estate. This entails obtaining the right paperwork regarding the identity of the deceased. Sometimes a death certificate will do, but other times you may need additional documentation.
However, if the shares were held in an account, you can open your own and have the shares transferred before selling.
10. Make Sure Everything Matches
The deceased individual’s name on the information regarding the shares should match the identity information on the death certificate. This is one of the most important elements surrounding the entire situation.
If you make it to the point of sale or transfer and these things don’t match, you won’t be able to continue any further. You’ll need to obtain further documentation to prove the deceased individual’s identity before you can finalise anything.
Deceased estate shares can be sold without as much difficulty as you may have heard. However, it’s important to follow the correct protocol and obtain the necessary documentation.
Failure to acquire the right paperwork can lead to things becoming a long, drawn-out nightmare. Do your research surrounding the process, and things should go much smoother in the end. If you feel it’s necessary, don’t be afraid to contract the services of professionals when it comes to deceased estate shares.
Also read: Tips for Effective Real Estate Management
