Transfer of Shares Upon Death
Posted: September 19th, 2021, 6:16 pm
Hi
I'm aware that the question I'm about to ask involves an incredibly small amount but still, out of principle I'd like to know the answer.
My father in law passed away recently and although he had essentially no estate to speak of he had 104 Banco Santander Corporate Nominee CDI shares which I assume were a legacy of the 100 Abbey National shares that everyone received probably nigh on 40 years ago.
Anyway they seem to be worth about £270 on current prices. According to the Small Estate Declaration and Indemnity form I have it looks like to either sell or transfer these shares to his widow there is a Countersignature fee of £34.50 (applicable on holdings worth more than £100) and an admin fee of £45 (applicable on holdings worth more than £200). So it would appear that to merely transfer the shares to his wife she will need to pay around 30% in fees.
Is this just one of those unfortunate borderline cases where the holding value is so low (but over the threshold) that you get hammered no matter what you do? Or is there some other low fee way of transferring shares to a widow?
Like I say, none of this is going to make any difference and I'll phone Santander this week to get their view but I'm just interested in other's opinions.
heathmount
I'm aware that the question I'm about to ask involves an incredibly small amount but still, out of principle I'd like to know the answer.
My father in law passed away recently and although he had essentially no estate to speak of he had 104 Banco Santander Corporate Nominee CDI shares which I assume were a legacy of the 100 Abbey National shares that everyone received probably nigh on 40 years ago.
Anyway they seem to be worth about £270 on current prices. According to the Small Estate Declaration and Indemnity form I have it looks like to either sell or transfer these shares to his widow there is a Countersignature fee of £34.50 (applicable on holdings worth more than £100) and an admin fee of £45 (applicable on holdings worth more than £200). So it would appear that to merely transfer the shares to his wife she will need to pay around 30% in fees.
Is this just one of those unfortunate borderline cases where the holding value is so low (but over the threshold) that you get hammered no matter what you do? Or is there some other low fee way of transferring shares to a widow?
Like I say, none of this is going to make any difference and I'll phone Santander this week to get their view but I'm just interested in other's opinions.
heathmount