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| *Ostroff, Fair and Company>>>Investing |
What will happen to shares which is in physical form & owner is dead.? |
What will happen to shares which is in physical form & owner is dead.? according to the WILL of the deceased, and the PROBATE laws of the State, if it is a public company. If the company is private, the patricular procedures/rules of the company will ALSO become a factor. Depends on the company's constitution. Some companies have a restriction placed on shares as a condition that they cannot be sold to any 'outsiders'. In that case the shares would be sold to a company director or another member. However if it is a public company, so long as your named in the will, the transfer of shares will go to your name. both of the above answers are partially right. the shares are part of the estate of the deceased and will be distributed according to the decedent's will, or if there is not a will, in accord with the inheritance laws of the state in which he/she resided at the time of death. If the company is publicly traded, your stockbroker can effect the transfer, usually at little or no charge. If not, then the company will see to the transfer or refer you to their transfer agent. In both cases you will have to provide several legal documents, including a copy of the will, letters testamentary (appointing the executor), perhaps a tax certificate, and the instruction of the executor. been there done that |
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