Securities held by Deceased Estates

Introduction
The solicitor, executor or administrator, etc. of an estate will usually notify the death of a securityholder to the registry or company and request details of the holding of the deceased together with dividend details and the registry's requirements to enable the holding to be finalised. The registry will then usually record the death of a securityholder and amend the former title or salutation of the deceased to "ESTATE" or "EST" together with any change of address requested.

Probate or Letters of Administration
Before permitting the transmission , transfer or sale of any securities from a holding in the name of a deceased person, the company registry will require to sight evidence of the appointment of the legal personal representative/s authorised to administer the estate.

This is achieved by sighting the Probate or Letters of Administration or, alternatively, a certified copy thereof. Where the Probate or Letters of Administration have not been granted or resealed in the State or Territory in which the securities are registered , a Statement pursuant to Section 1071B of the Corporations Act (Form 3) is to be completed by the executor/s administering the estate, declaring that no probate will be taken out in that state or territory, nor any other probate resealed in that state or territory. This statement must be lodged within three months of being completed, together with the transfer or transmission.

For requirements regarding Probates granted outside Australia or overseas, refer to the separate section dealing with overseas estates.

Transmission or Transfer
The transmission of securities is the removal from the deceased's name into the name/s of the executor/s or administrator/s. If the transmission of securities is to be effected, a completed transmission application (Form 4) signed by the executor/s or administrator/s is required.
Securities may be transferred from the name of the deceased direct to the beneficiary/s or other persons by a properly executed transfer without the prior need for a transmission to be effected into the executors/s name/s.

The movement of securities from the deceased's name into the name of the executor/s who is also the beneficiary should be effected by way of a proper instrument of transfer and not by transmission. However, it is not the responsibility of the registry or issuer to investigate beyond the probate document to ascertain if this is the case or not.

Note: In the case of South Australian Grants of Probate the original Registrar's Certificate of Disclosure to the Supreme Court of South Australia in compliance with Section 121a of the Administration and Probate Act 1919 must be forwarded with the other required documents.

Separate transmission applications or transfers are required for each class of security.

Joint Holdings
The survivor/s of a joint holding of securities may deal with the holding upon production of proof of death of a joint holder. (e.g. death certificate or a certified copy thereof.) If all the joint holders are deceased, then only the executor/s or administrator/s of the last holder to die may deal with the holding. A written request or "REQUEST TO REGISTER SURVIVING HOLDERS" form (Form 9) should be completed by the survivor/s and lodged with the registrars together with any relevant securities certificates, before transmission is effected into the name/s of the survivor/s.
Transfers may be processed direct from the joint holding if the securities are to be sold or transferred.

Dispensing with the Need for Probate
When it is not intended to apply for Probate or Letters of Administration because of the small value of the Australian assets of the estate, consideration may be given by the registry or company to waiving this requirement. This would only be considered when the market value of the securities is not more than A $25,000 as at date of death or current market value whichever is greater.

The following documents should be produced to the registry:

Certified copy of the will
Certified copy of the death certificate
Small Estate Statement and Indemnity duly completed (refer - Form 5)
Transmission Application duly completed (refer - Form 4 )
Securities certificates (if a certificated holding)

Overseas Estates
Recognition of foreign probates is subject to state laws in Australia (i.e. Administration and Probate Act 1958 Section 80-88 Victoria) which set out the countries from which foreign probates may be resealed. All other foreign probates require a grant in Australia covering the Australian assets. In the general terms it is only "Commonwealth" countries that have been proclaimed but this is not conclusive. Where the Overseas Probate has been resealed or obtained in a State or Territory of Australia which differs from the register on which the securities are held, a Section 1071B Statement (Form 3) is also required.

Dispensing with the Resealing of an Overseas Probate
Consideration could be given to waiving the requirement for Proclaimed countries probates to be resealed in Australia, when the value of securities is not more than A$25,000 as at date of death or current market value whichever is greater, provided the following documents are produced:

Certified copy of the probate (for UK Probates - an office copy bearing the seal of the court is acceptable.)
Small Estate Statement and Indemnity duly completed (Form 5)
Transmission Application, duly completed (Form 4)
Securities certificates (if a certificated holding)

Each request to handle an estate without probate etc. will be considered separately, and if any doubt exists as to the authority of the person claiming to be the legal representative, Probate or Letters of Administration granted or resealed in Australia will be insisted upon regardless of the value of the securities.

Deceased Estates - Intestacy
Where a securityholder dies without leaving a Will, different requirements apply before the administration of the holder's estate is allowed by the registry. Letters of Administration may be granted and if so the requirements will be the same as for probates. Should any company or registry agree to waive the requirement to sight Letters of Administration it is considered that the following items should be produced before transmission is allowed:

Certified copy of the death certificate
Small Estate Statement and Indemnity duly completed (Form 5)
Intestate Statement and Indemnity duly completed (Form 6)
Transmission Application duly completed (Form 4)
Securities certificates (if a certificated holding)

It is also recommended that although the need to sight Letters of Administration may be waived if the value of the securities in a company is not more than A$25,000, Letters of Administration may be required to be obtained where the total value of the assets of the estate is greater than say A$50,000. It may therefore be necessary for an inventory of assets of the estate to be provided.

The Small Estate Statement and Indemnity form and Intestate Statement and Indemnity form need to be completed by the deceased's next of kin. Verification of next of kin can usually be obtained from a certified copy of the full death certificate.

The registry may also require waivers from any persons considered to be entitled but not making the application for administration of the estate. i.e. other direct family members of the deceased.







	Securities held by Deceased Estates Usual requirements of Australian companies Introduction The solicitor, executor or administrator, etc. of an estate will usually notify the death of a securityholder to the registry or company and request details of the holding of the deceased together with dividend details and the registry's requirements to enable the holding to be finalised. The registry will then usually record the death of a securityholder and amend the former title or salutation of the deceased to "ESTATE" or "EST" together with any change of address requested. Probate or Letters of Administration Before permitting the transmission , transfer or sale of any securities from a holding in the name of a deceased person, the company registry will require to sight evidence of the appointment of the legal personal representative/s authorised to administer the estate. This is achieved by sighting the Probate or Letters of Administration or, alternatively, a certified copy thereof. Where the Probate or Letters of Administration have not been granted or resealed in the State or Territory in which the securities are registered , a Statement pursuant to Section 1071B of the Corporations Act (Form 3) is to be completed by the executor/s administering the estate, declaring that no probate will be taken out in that state or territory, nor any other probate resealed in that state or territory. This statement must be lodged within three months of being completed, together with the transfer or transmission. For requirements regarding Probates granted outside Australia or overseas, refer to the separate section dealing with overseas estates. Transmission or Transfer The transmission of securities is the removal from the deceased's name into the name/s of the executor/s or administrator/s. If the transmission of securities is to be effected, a completed transmission application (Form 4) signed by the executor/s or administrator/s is required. Securities may be transferred from the name of the deceased direct to the beneficiary/s or other persons by a properly executed transfer without the prior need for a transmission to be effected into the executors/s name/s. The movement of securities from the deceased's name into the name of the executor/s who is also the beneficiary should be effected by way of a proper instrument of transfer and not by transmission. However, it is not the responsibility of the registry or issuer to investigate beyond the probate document to ascertain if this is the case or not. Note: In the case of South Australian Grants of Probate the original Registrar's Certificate of Disclosure to the Supreme Court of South Australia in compliance with Section 121a of the Administration and Probate Act 1919 must be forwarded with the other required documents. Separate transmission applications or transfers are required for each class of security. Joint Holdings The survivor/s of a joint holding of securities may deal with the holding upon production of proof of death of a joint holder. (e.g. death certificate or a certified copy thereof.) If all the joint holders are deceased, then only the executor/s or administrator/s of the last holder to die may deal with the holding. A written request or "REQUEST TO REGISTER SURVIVING HOLDERS" form (Form 9) should be completed by the survivor/s and lodged with the registrars together with any relevant securities certificates, before transmission is effected into the name/s of the survivor/s. Transfers may be processed direct from the joint holding if the securities are to be sold or transferred. Dispensing with the Need for Probate When it is not intended to apply for Probate or Letters of Administration because of the small value of the Australian assets of the estate, consideration may be given by the registry or company to waiving this requirement. This would only be considered when the market value of the securities is not more than A $25,000 as at date of death or current market value whichever is greater. The following documents should be produced to the registry: Certified copy of the will Certified copy of the death certificate Small Estate Statement and Indemnity duly completed (refer - Form 5) Transmission Application duly completed (refer - Form 4 ) Securities certificates (if a certificated holding) Overseas Estates Recognition of foreign probates is subject to state laws in Australia (i.e. Administration and Probate Act 1958 Section 80-88 Victoria) which set out the countries from which foreign probates may be resealed. All other foreign probates require a grant in Australia covering the Australian assets. In the general terms it is only "Commonwealth" countries that have been proclaimed but this is not conclusive. Where the Overseas Probate has been resealed or obtained in a State or Territory of Australia which differs from the register on which the securities are held, a Section 1071B Statement (Form 3) is also required. Dispensing with the Resealing of an Overseas Probate Consideration could be given to waiving the requirement for Proclaimed countries probates to be resealed in Australia, when the value of securities is not more than A$25,000 as at date of death or current market value whichever is greater, provided the following documents are produced: Certified copy of the probate (for UK Probates - an office copy bearing the seal of the court is acceptable.) Small Estate Statement and Indemnity duly completed (Form 5) Transmission Application, duly completed (Form 4) Securities certificates (if a certificated holding) Each request to handle an estate without probate etc. will be considered separately, and if any doubt exists as to the authority of the person claiming to be the legal representative, Probate or Letters of Administration granted or resealed in Australia will be insisted upon regardless of the value of the securities. Deceased Estates - Intestacy Where a securityholder dies without leaving a Will, different requirements apply before the administration of the holder's estate is allowed by the registry. Letters of Administration may be granted and if so the requirements will be the same as for probates. Should any company or registry agree to waive the requirement to sight Letters of Administration it is considered that the following items should be produced before transmission is allowed: Certified copy of the death certificate Small Estate Statement and Indemnity duly completed (Form 5) Intestate Statement and Indemnity duly completed (Form 6) Transmission Application duly completed (Form 4) Securities certificates (if a certificated holding) It is also recommended that although the need to sight Letters of Administration may be waived if the value of the securities in a company is not more than A$25,000, Letters of Administration may be required to be obtained where the total value of the assets of the estate is greater than say A$50,000. It may therefore be necessary for an inventory of assets of the estate to be provided. The Small Estate Statement and Indemnity form and Intestate Statement and Indemnity form need to be completed by the deceased's next of kin. Verification of next of kin can usually be obtained from a certified copy of the full death certificate. The registry may also require waivers from any persons considered to be entitled but not making the application for administration of the estate. i.e. other direct family members of the deceased.

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