The transfer and sale of shares to your loved ones in the event of your death may not always be straightforward as it seems.
In the UK, shares in a UK-based organisation can be passed on or sold as directed in the Will, quite easily and quickly.
However, if the organisation in question is based overseas, or is taken over by a foreign company, it may not be so simple.
When it comes to the US, the transfer of securities must be supported by a medallion signature guarantee, prepared by a relevant financial institution.
The guarantee indicates that the signature is genuine and that the institution will be held liable for any acts of forgery.
It protects the shareholder from experiencing any unauthorised transfers and potential losses.
Administration back and forth between the US (or indeed any other country) and the UK can take some considerable time, paperwork and finance, and is unlikely to be straightforward.
Therefore, when preparing your Will, you may want to do some research into your shares and work out a cost:benefit analysis of leaving any international shares as part of your Estate.
Medallion signature guarantees are not easily obtained by UK citizens.
If you are in any doubt if one may need to be obtained in the event of your death, confer first with your Estate Planning Practitioner, who will have full knowledge of the processes involved with the transfer or sale of international shares and will advise you accordingly.
Tony Crocker http://www.
iwc-ltd.
co.
uk