When an entrepreneur who has passed away had shares originally held in their brokerage account, the executors of their estate will need to sell the share. If you are the executor in need of a way to sell deceased estate shares, note that it is not an uncommon situation. Whether the estate must pay creditors or liquidate assets to disburse funds to heirs, shares must be sold. The good news is that selling shares from a deceased estate is not difficult with the right broker.
First, you need to choose your broker. Look for a company that can offer a simple, streamlined, online sales format (such as Sell My Shares). Make sure they are compliant with ASX rules and regulations. Once you do that, you can move on to the next step.
Before doing anything else, make sure you have a certified copy of either the probate, or the decedent’s will and death certificate. These will need to be emailed to the broker as proof of identity and ownership of the shares. You cannot sell deceased estate shares without proof of both identity (of the decedent) and proof of ownership of the shares.
Once you have emailed these proofs and they have been accepted, the next step is to complete an online share sale form that details the shares being sold. For this step, you will need the securityholder reference number (usually abbreviated as SRN). Other details that you will need to provide for the broker include:
- The number of shares you want to sell (can be the partial or full amount of shares owned by the decedent)
- The service level you desire (dictates the speed and cost of the sale)
- Email addresses for all executors (to ensure all executors complete ID verification)
Once the form is complete and submitted, your certified documents are emailed to the broker, and everything is in order, you need to do nothing more. The sale will be completed the day and within three business days, the proceeds will be deposited into the bank account you specified during the previous process.
Selling shares from a deceased estate can help with funds disbursement to creditors and heirs. Work with a trusted broker to ensure maximum sale price for the lowest cost.
