Where the Shares are in physical mode, The RTA (Registrar/Share Transfer Agent) may insist on any of the following documents;
- Original Share certificates.
- Duly filled Transmission Request Form (TRF).
- Notarized copy of the death certificate.
- Succession certificate or.
Stocks and shares can be passed on to nominees by submitting a death certificate copy attested by a notary/gazetted officer. This form must be registered to the appropriate custodian such as NSDL or CDSL. If nomination is not registered, the heirs must submit either: Probate of Will.
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.
At death, Canada’s Income Tax Act deems a person has disposed of his or her capital property (including shares of a private corporation) at fair market value. But a person can transfer capital property to a spouse to defer the tax on capital gains until the sale of the property or upon the spouse’s death.
When a company shareholder dies, ownership of their shares may be transferred to whomever inherits them under the terms of the deceased shareholder’s will, if one is in place, or under the intestacy rules.
There is no need for probate or letters of administration unless there are other assets that are not jointly owned. … Probate or letters of administration will be needed so the personal representative can pass it whoever will inherit the share of the property, according to the will or the rules of intestacy.
All worldwide assets, such as cash and investment accounts, ISAs and shares, are valued as at the date of death, but are not distributed until probate is granted.
The stocks do not have to be listed in the deceased person’s will, which means they can be transferred without having to go through probate.