Deceased Estates Service

Irrespective of whether the shares are held through Ord Minnett or not, we can assist with your Deceased Estates matters.

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Deceased Estates

Dealing with investments held in a Deceased Estate is for many a new experience which is full of unknowns. Often, the process is frustrating, and there are few people to turn to for assistance.

We want to provide some guidance to Professionals and Executors on how to administer the share and managed fund investments held by an Estate.

How Ord Minnett Deceased Estates Service can help?

Essentially, the main options for managing investments held in an Estate are to:

Sell
Distribute or Transfer
Hold

By providing one point of contact, Ord Minnett can offer a personalised service to assist in facilitating the efficient administration of an Estate, guidance on common problems faced and advice on investments.

Even if the investments are held with another broker, or financial adviser, Ord Minnett may be able to assist.

It is important to recognise that not all Executors, Trustees or Beneficiaries have experience in managing financial affairs when it comes to shares and other financial assets of a Deceased Estate.

Our Aim

Our aim is to:

Educate, inform and empower over the long-term
Provide Estate administration assistance and on-going investment advice
Demystify the investment and administration process
Liaise with other professionals (accountants and lawyers)

Steps to Deceased Estates Decisions

Obtain Grant of Probate or Letters of Administration

To administer an Estate, probate maybe required.

Related Resource: What is Probate?

See your Solicitor for assistance in obtaining a grant of Probate.

For Small Estates (total market value of shares held by the Estate is under $25,000). Probate may not be required.

Selling Shares

For Ord Minnett to Sell Shares on behalf of an Estate, we require the following:

Certified copy of Probate
Certified copies of Identification for the Executor/s (2 forms e.g. Drivers Licence & Medicare Card)
Written instructions to Sell the shares from the Executor/s or Solicitor. The letter of instruction must include details of the holdings to be sold such as:

Registered Name of the Shareholder
Company Name
Registered Address
Bank account details of where the proceeds are to be paid

Either:

Security Reference Number (SRN) - Issuer Sponsored Holdings
Holder Identification Number (HIN) - CHESS Sponsored Holdings

Note: To administer Ord Minnett CHESS Sponsored holdings, please contact your adviser. For Issuer Sponsored holdings and other non-Ord Minnett CHESS Sponsored holdings. please email: [email protected]

Transferring Shares

Transferring shares - to the Executor/s, Beneficiaries or a Testamentary Trust

For Ord Minnett to Transfer shares on behalf of an Estate, we require:

Certified copy of Probate
Certified copies of Identification for the Executor/s (2 forms e.g. Drivers Licence or Medicare Card)
Certified copies of Identification for the Beneficiaries
Off-Market Transfer Forms
Broker Sponsored account held with Ord Minnett for Executor/s or Beneficiaries (or completed account forms)

Note: To administer Ord Minnett CHESS Sponsored holdings, please contact your adviser. For Issuer Sponsored holdings and all other non-Ord Minnett CHESS Sponsored holdings, please email: [email protected]

Deceased Estate Checklists

Initial 'Things to Do' Checklist

Locate all the holdings, and their registration details – including the registered address (Security Reference Number – SRN, or Holder Identification Number – HIN).
Identify relevant brokers, share registries and bank accounts associated with the holdings

How can you find all the holdings, and their registration details?

Update the registered address for all holdings (to the Executor, or Solicitor) – through the Broker and share registry
Update the email address for dividend advice/statements – or change to post.
Update the banking details for dividends to be paid into, and for brokers to settle transactions
Update list of authorised signatories (eg. Executor/s) to deal with matters related to the deceased – with brokers/financial advisers and banks
Provide certified copy of Probate to Brokers, banks, and share registries (if Issuer Sponsored holdings) along with ID for the Executor/s. This will be required to make any changes to the shareholding or banking arrangements.
Transfer assets into the name of the Executor/s on behalf of the Estate – if assets are to be held for a long period or administration is complex.
Open a bank account in the name of the Estate to assist the Executors in managing the financial affairs of the Estate (receiving and paying funds).

Intermediary 'Things to Do' Checklist

Check all dividends have been paid and received – particularly if bank accounts have been recently closed or amended. Reconcile bank statements, search share registries for payment confirmation.
Switch off Dividend Re-Investment Plan (DRP) participation – in writing to share registries [Form]
Provide instructions to SELL, or prepare documentation to TRANSFER the shares to the beneficiaries, or to set up a TESTAMENTARY TRUST
Educate the Executors, Trustees & Beneficiaries

Ensure Executors, Trustees & Beneficiaries understand their role and responsibilities
Ensure they have the skills, knowledge, and confidence to deal with estate and inheritance matters
Guide them to assistance; Help with bedding down in their new role, introduce them to appropriate advice (eg. Accountant)
Follow-Up
Ask for Help

Final 'Things to Do' Checklist

Search for, and request cost base information to determine investment cost bases. This greatly assists with tax issues that may arise on the future disposal of investments. It is much easier to find the cost base information around the time of death rather than many years later when records may have been destroyed or become unavailable.

Information for determining cost bases includes original contract notes, transaction ledgers and company changes (demergers, takeovers, splits, ATO rulings, etc.), and even cost bases inherited from other parties.

Tips:

Request all client transaction history from all brokers/financial advisers (client may have had multiple brokers or advisers) – for individual and joint holdings
Download information from share registry for holding balance history – this picks up all changes in the holding balances and includes “off-market” events such as Rights Issues, Share Purchase Plans, Capital Returns, De-Mergers etc. Share registries hold electronic records from circa 2002
Once a takeover occurs, share registry investor transaction data is unavailable

If a company changes its share registry, shareholder historical transaction data does not transfer to the new registry:

Amend any Trust Deeds (eg. SMSF or Family Trusts) to reflect the change of circumstances [Seek Legal Advice]
Search for any Unclaimed Monies with ASIC and State Treasuries (search Government websites). This includes unpaid dividends, dormant bank accounts and unclaimed Super.

General Enquiries: [email protected]

'Estate Share Transactions Simplified'

Ord Minnett understands the complexity that can surround the sale or transfer of Deceased Estate shares. It is for this reason we provide a 'Estate Share Transactions - User Guide', designed as an aid to help simplify Estate Share Transactions.

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