How do I transfer shares of a deceased person?
Table of Contents
Procedure to change name on Physical Shares of a Deceased
- Physical Share Certificates.
- Death Certificate of the Deceased.
- PAN Card of the Successor.
- Transmission Request Form.
- Attested Signatures by Banker of the Successor.
- Proof of Address of the Successor.
- Any other document as required by the Company.
The certified copy of the will is called a ‘probate’. Succession certificate is not required when probate or letter of administration is issued. The survivors in case of joint holding can get the shares transmitted in their names by production of the death certificate of the deceased holder of shares.
Can shares in demat account be transferred?
There are two ways to transfer your shares or holdings from one Demat account to another. It is very important to have a Demat account to invest money in the stock market. You cannot buy or trade any shares without a Demat account. Trading through a Demat account is just like making transactions through a bank account.
The second practical step in transferring the shares is a resolution of the company’s directors approving the share transfer. The deceased’s share certificate will then be cancelled, and a new certificate will be issued in the name of the executors, or the transferee, and the company’s registers will be updated.
You can send them the certificates along with a covering letter signed by yourself as executor and include the grant of probate. They will then sell the shares on your behalf.
Can you transfer shares without a grant of Probate?
In these cases, it is usually up to the board of directors to decide whether or not they will require a Grant of Probate to be issued before actioning a sale or transfer. They may be agreeable to accepting other evidence instead, such as a certified copy of the Will.