Selling deceased estate shares in Australia entails a different process than in other parts of the world. In fact, each region has a unique set of rules regarding this process specifically.
There are several common questions regarding selling deceased estate shares in Australia. In this article, we’ll examine the most frequently asked questions when it comes to completing this process.
If you have a loved one that passed away and left you shares, this article is for you. Hopefully, the next section will provide assistance that allows you to make the sale of the deceased estate shares you’ve been holding.
Table of Contents
Is the Process Different Depending on the Types of Shares?
The most important part of the entire process is based on whether the shares were broker-sponsored or issuer-sponsored. Each type of share holds a different set of rules and regulations, as well as a different set of paperwork you must complete making the process official.
How Is Everything Identified?
Depending on which specific type of shares the deceased held, there are two separate identification numbers that represent the shares. One is known as the Holdings Identification Number, and the other is known as the Shareholder Registration Number.
These two numbers uniquely identify the shareholder, as well as the stocks they held specifically. You will need one of these two numbers when you start the process of selling deceased estate shares.
Do I Need Identification?
You will absolutely be required to provide an updated form of identification when it comes to selling deceased estate shares. This is the only way to prove that you are indeed the executor of the deceased individual’s estate.
Additionally, you will also need identification when it comes to the deceased individual. The death certificate must be present and notarised, and the paperwork regarding the shares must match the identity information on the death certificate.
If the information doesn’t match exactly, you will be required to obtain further documentation to prove the identity of the deceased. This is the only way for brokers to verify that they were the true holders of the shares in question.
How Long Does the Process Take?
This question can only be answered solely based on the speed at which the executor prepares the required documentation. It’s important to be sure of the following elements:
- All paperwork must be signed
- Each document must be filled out entirely and accurately
- Most likely, each document must also be notarised and verified for authenticity
Assuming all the requirements above are fulfilled, the process normally doesn’t take that long. Again, the most important part is making sure everything is filled out properly, and the documents are the ones required of a deceased estate share sale.
If you need assistance, you can contact your local company that helps with deceased estate shares. This may be the best course of action to ensure that the process is completed efficiently and correctly. Any hang-ups may increase the time it takes to make the sale official, so perfection is of utmost importance.
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