How to Transfer Shares from a Deceased Estate

When a person passes away, their assets (including shareholdings) form part of their estate. If you have been appointed as the executor or administrator, it is your responsibility to identify and manage these assets in accordance with the Will or, if there is no Will, under the Succession Act 2023 (SA).

Transferring or selling shares held by the deceased can involve several steps and formalities, particularly when dealing with share registries or brokers. This guide outlines what you need to know.

Step 1: Notify the Share Registry or Broker

First, locate the deceased’s shareholding records or any relevant statements issued by share registries or brokers. If you are unsure whether the deceased held shares, consider:

Checking with their accountant or financial planner, and
Searching the deceased’s records at their residence.

Once identified, contact the share registry or broker to notify them of the death. You should also ask them to confirm the requirements for transferring or selling the shares.

Step 2: Receive Confirmation & Requirements

After being notified, the share registry or broker will usually:

Confirm whether the deceased held shares;
Provide a detailed list of the shareholdings; and
Set out their specific requirements for processing a transfer or sale of the shareholding.

Commonly requested documents include:

Certified identification of the executor or administrator;
Certified identification of the deceased;
Certified copy of the Grant of Probate or Letters of Administration;
Certified copy of the Death Certificate; and
Completed death notification or claim form.

Each share registry and broker has their own policies. Be sure to follow their instructions carefully.

Step 3: Identify the Beneficiaries

The executor or administrator is responsible for ensuring the estate is administered correctly.

If the deceased left a valid Will, shares must be dealt with according to the Will.
If there is no Will, you must follow the rules of intestacy under the Succession Act 2023 (SA).

It’s advisable to consult the beneficiaries to determine whether they would prefer the shares to be transferred into their names or sold, with proceeds distributed.

Jointly Owned Shares

If the deceased jointly owned shares with another person, the right of survivorship may apply. In this case, the shares may pass automatically to the surviving joint owner. The share registry or broker may request documentation to process the transfer accordingly.

Step 4: Complete & Submit the Forms

The share registry or broker will typically send the following forms:

Death claim form;
Identification form; and
Application to transfer or sell shares.

You will need to complete these forms and submit them along with all supporting documentation. As part of the form process, you’ll also need to confirm whether the shares are to be transferred or sold and identify the relevant beneficiaries.

Commonly Required Supporting Documents

Certified copy of the executor’s or administrator’s photo identification;
Certified copy of the deceased’s photo identification;
Certified copy of the Death Certificate;
Certified copy of a medical certificate or other proof of death (if the Death Certificate is not yet available);
Certified copy of the Grant of Probate or Letters of Administration;
Certified copy of the Will (if applicable); and
Any additional documents as requested by the share registry or broker.

Contact Us

For more information about transferring shares from a deceased estate, contact Bambrick Legal today. We offer a free, no-obligation 30-min consultation for all legal enquiries.