Inherited Shares - What to Do?

sagrules on 01/08/2015 - 18:11

Hi All,

So here is the situation, a couple of years ago I received a letter from a relative that they want to dispose some shares which are co-owned by my mother and her step mother. My mother was not aware that she had inherited shares from her father who passed away until the letter came in the mail half filled in and required my mother's details to finalise this transaction. The two have not spoken for around 10 years so approaching the stepmother directly is not really an option.

My grandpa passed away 10 years ago and so my step mother has been receiving dividends this whole time which is being paid into her own account. I am unaware at this stage how many shares there are or what the value is just that my mother co-owns them and its being held by Computershare.

I know I should probably seek advice from a lawyer or accountant but not sure what my options are.
Is my mother entitled to anything? How should I proceed with this?

Financial

Comments

  • tenner on 01/08/2015 - 19:23
    +1

    If she is a nominated share holder she would be due her share of the past dividends as well as her share portion. Look up a community legal advice centre (not legal aid) and get some advice from them for free and they will give you guidance in how to proceed and the relevent authority to proceed further with. Normally your local weekly newspaper will have a number for the legal advice office or look for them in your phone book/google or ring your local council who would be able to steer you in the right direction. Good luck as family money matters can get really nasty.

  • Diji1 on 01/08/2015 - 20:16
    +6

    I know I should probably seek advice from a lawyer or accountant

    Don't worry the advice of random strangers on internet message boards is just as good, you made the right choice asking here.

  • altomic on 01/08/2015 - 22:32
    +3

    It is odd that your mother was a beneficiary but was not contacted about the shares by the executor.

    you need to obtain a copy of your grandfathers will

    then, if the will states your mother was entitled to have the shares, then;
    a) find out the dividends paid for the last 10 years
    b) send a letter of demand to the step mother for the dividends that weren't passed on to your mother (listing in full the year and amounts) and enclose a copy of the will

    you need to obtain a copy of your grandfathers will

    first thing first - you need to obtain proof of share ownership through the will.

    once you get a couple of the will then post here again.

    • sagrules on 02/08/2015 - 15:05

      Thanks for this advice I will try and find my grandpa's will.

  • Euphemistic on 02/08/2015 - 19:43

    It's possible the will said that the step mother will get all dividends while she is alive.

  • jaybmate on 02/08/2015 - 19:47
    +2

    Is the 'relative' a Nigerian prince?

  • martinj on 02/08/2015 - 21:23

    If your mother has been joint owner, she might have been supposed to report the dividends on her tax return. She might also have to pay capital gains tax if the step-mother sells the shares. There will be somewhere between 10 and 30 years worth of capital gains, so the tax could be considerable. Make sure your mother doesn't agree to sell anything until you have full information.

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