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To think solicitor hasn't done his job and should help sort it out?

(14 Posts)
fedupnow20 Wed 17-Jun-20 18:46:01

DM lived with her brother, who died last year. In his will he left what money he had (not much) in shares to DM 2/3, me 1/3. All his physical possessions he left to me. A local solicitor was named executor of the will.

As my uncle had lots and lots of bank accounts, some joint with my mum, I wrote a list of everything for the solicitor to make it easier for him. I included 4 shares he held in a company, which weren't worth very much at all, but he owned them.

The will has all been settled and the inheritances paid out. Since then, DM has been receiving letters addressed from to my uncle regarding the 4 shares, as though he's still the owner, so info about dividends etc.

I told the solicitor and asked him to make sure the shares were dealt with. He's since written to me saying that the registrars say the admin costs of selling the shares will cost more than the value of the shares themselves so they can't sell them. The solicitor is now asking me what I'd like to do.

I don't know! I assumed they would have been dealt with when the whole account was settled. Something has to be done as he can't hold the shares as he's deceased, and it's upsetting for DM to keep receiving the letters. And I don't know the legal implications of what can be done - can they be transferred to me or DM, do we pay back money from the estate to sort it out, what? But the solicitor is giving no guidance.

AIBU to be pissed off about this?

OP’s posts: |
macaronilemonpony Wed 17-Jun-20 18:47:21

Get a new one

macaronilemonpony Wed 17-Jun-20 18:47:28

?

Spodge Wed 17-Jun-20 18:52:11

Shares can be transferred to you or DM or even into your joint names. If the values are piddlingly small they may as well all go to DM. Solicitor may want written confirmation from you that you are happy with this. He must then get stock transfer forms from the registrars to transfer ownership. There will probably be an admin fee charged by the registrars for dealing with the transfer and it might even be more than the value of the shares, but at least it stops the correspondence coming out in the wrong name.

Floatyboat Wed 17-Jun-20 18:54:51

Well you could get them sold but it would cost you money I guess. Maybe just write to the company pretending the brother has changed address and you'll never hear from them again.

Teacher12345 Wed 17-Jun-20 19:15:19

Just have them transferred into yours or your mums name.

chipsandpeas Wed 17-Jun-20 19:20:31

my dad died 14 years ago and held shares which are still held in his name as its going to cost more than they are worth to transfer or sell them

Boulshired Wed 17-Jun-20 19:30:47

I still have shares held by my uncle, they are basically a liability at the moment as the admin charge and the cost to sell is more than they are worth.

ChangeThePassword Wed 17-Jun-20 19:37:51

He clearly is helping to sort out our by asking what you want to do.

You can sell them or transfer them to your name, but both will probably cost you more than the shares are worth, or you can leave them and see what happens.

One you decide what you want to be done, you can advise the solicitor and they'll act on your behalf.

lljkk Wed 17-Jun-20 19:48:04

solicitor is probably right, so I wonder if you can donate them to a charity who can probably get broker to waive commission on sale.

Marmight Wed 17-Jun-20 19:54:38

One idea...

www.sharegift.org/

Disclaimer, I've never used them

TowelHoarder Wed 17-Jun-20 20:06:43

I work in probate, what we would normally do in this situation is ask the registrar if they will waive their fees to sell the shares, even then sometimes it costs more to sell them than you get back, which I imagine is the case if it’s just 4 shares. You can either have them transferred into yours or your DMs name and one buy the other one out or you can ask the registrar to donate them to charity.

If it were me I’d probably donate them to charity because four shares are never going to be able to be sold because of the fees involved so your heirs will just have the same problem when you go.

TowelHoarder Wed 17-Jun-20 20:09:07

I forgot to mention, I have had people before insist on selling them, so they have actually paid the registrar more to sell the shares than they got back, even after explaining that was what would happen, but some people just like to do things (what they consider to be) properly!

fedupnow20 Wed 17-Jun-20 20:51:06

Thanks all, I’m going to see if they can be donated to charity.

OP’s posts: |

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