October 30, 2017 Romy Threadgold Sale and Transfer of shares Custody Service, Nominee Service, Sale and Transfer, Shares, tax

Handling Overseas Shares in Estate Administration

When managing overseas shares as part of an estate, the process often differs significantly from the procedures in the UK. Below is a step-by-step guide to streamline this process and address key scenarios:

1. Understanding Restrictions on Selling Shares
UK Practice: Executors can sell shares directly in the UK without transferring them into their names.
Overseas Practice: In many countries, shares must first be transferred into the names of the Executors before they can be sold.

2. Selling Shares Overseas
Once the shares are transferred into the Executors’ names, they may choose to sell them.
If required, our brokers can facilitate the sale of shares and ensure the net proceeds are promptly paid to the estate.

3. Paper Share Certificates
Some shares may exist in paper certificate form.
Conversion to Electronic Form: These certificates must be converted into electronic (book-entry) format before the shares can be sold.
Our team can arrange for this conversion to expedite the sale process.

4. Retaining or Transferring Shares

If the estate does not wish to sell the shares immediately, there are options for retaining or transferring them:
Holding Shares Temporarily:

Shares can be placed in our Brokers Nominee Service, where they remain secure until a final decision is made.
This service allows for easy local control and management of foreign shares through our brokers.

Transferring to Beneficiaries:
Shares can be transferred to beneficiaries as part of the estate distribution or for tax planning purposes.
Future transfers or sales, including in the event of the beneficiary’s death, can also be managed seamlessly.

5. Benefits of the Brokers Nominee Service
Simplifies Resealing and Compliance:Complex requirements like resealing processes and obtaining Medallion Guarantees (if needed) are handled locally by our brokers.

Streamlined Transfers and Sales:
Managing foreign shares becomes straightforward, ensuring timely and efficient transactions.

This comprehensive approach ensures flexibility for the estate, simplifies administrative hurdles, and allows for secure and efficient management of overseas shares. Contact our team to discuss specific requirements and next steps.