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Who owns shares when the owner dies, and the beneficiary subsequently dies before the shares are sold?
My brother died a few months ago. His joint executors and joint beneficiaries are my sister and myself. My brother's wife died ten years ago. Her beneficiary and executor was my brother (her husband).
My sister-in-law owned two lots of shares in London Stock Exchange traded businesses.
My brother never notified the registrar for the first company, and the shares are still held under my sister-in-law's name. For the second company, my brother sold the shares four years ago and the cheque was issued in my sister-in-law's name. My brother tried to cash the cheque and the bank returned the cheque to him.
I have contacted the registrar and they claim that the shares do not pass to me and my sister. They should instead pass to my sister-in-law's children as they are "blood next-of-kin."
It seems to me that my sister-in-law's shares passed to my brother on her death and they now pass to me and my sister on my brother's death.
Who is right, and can anyone point me toward case law to confirm this position?
The value of both lots of shares is around £1,000, so probably not worth instructing a solicitor to take this up.
My brother died a few months ago. His joint executors and joint beneficiaries are my sister and myself. My brother's wife died ten years ago. Her beneficiary and executor was my brother (her husband).
My sister-in-law owned two lots of shares in London Stock Exchange traded businesses.
My brother never notified the registrar for the first company, and the shares are still held under my sister-in-law's name. For the second company, my brother sold the shares four years ago and the cheque was issued in my sister-in-law's name. My brother tried to cash the cheque and the bank returned the cheque to him.
I have contacted the registrar and they claim that the shares do not pass to me and my sister. They should instead pass to my sister-in-law's children as they are "blood next-of-kin."
It seems to me that my sister-in-law's shares passed to my brother on her death and they now pass to me and my sister on my brother's death.
Who is right, and can anyone point me toward case law to confirm this position?
The value of both lots of shares is around £1,000, so probably not worth instructing a solicitor to take this up.