If you have recently lost someone close to you, we understand this may be a very difficult time.
Below is information that will help guide you through this process, from how to notify us through to what documents you will need to provide. The below relates to all products offered through us however there are some specific requirements depending on the products held, where noted below.
Step 1: Let us know
To ensure the account of your recently deceased client, family member or friend is protected, please notify us of their passing as soon as possible. Please provide us with the deceased’s:
Once these details have been verified, we will take the following actions to protect the account(s):
Important Information: Under ASX Settlement Operating Rules, all CHESS Settlement Facility holdings must be ’locked’ on initial notification of a deceased estate. This means that the shares cannot be transferred or sold until all requirements have been satisfied.
Step 2: Complete the Notification form
The Estate Management Notification form is used to notify us of the executors/administrators and solicitors (where applicable) representing an estate and lists the supporting documentation requirements based on the different account types and estate value.
Once we have received and verified this information:
Step 3: Complete the Disbursement form
At this point, you are ready to disburse the shares. The Estate Management Disbursement form is used to instruct us to transfer and/or sell the shares of the estate. The information and documentation requirements will depend on the account types held by the deceased.
Once we have received and executed your disbursement instructions, we will automatically close the accounts and send a notification to you.
Important information: All shares must be sold or transferred from the deceased trading account within 3 months of being unlocked, unless signed approval is received from all executors requesting an extension. Please note the maximum extension that can be granted is up to 12 months from the initial unlock date. In the event this does not occur, the holdings may be sold at the discretion of AUSIEX to repay any outstanding balance (where applicable), and release the remaining shares to issuer sponsored holdings. The executor will need to liaise directly with the Share Registry to finalise the shareholdings.
We are very sorry for your loss, and want to help you by making this process as simple for you as possible. For more information on managing the account/s of a deceased estate, please view the below Estate management frequently asked questions and glossary. Alternatively, please contact us.
No, once we receive notice that a client has passed away we will place a restriction on the account1.
Once all the executors have been identified, they can provide a signed letter to us in order to allow you to view the account holdings.
We can provide information to the Estate executor, administrator, solicitor or appointed adviser, such as details of current portfolio holdings (account assets) and historical transaction summaries, provided we receive the Estate Management Notification form and supporting documentation.
Please send your request to us with the relevant account name and number, your contact details and information about your relationship to the deceased (e.g. executor, administrator, solicitor, adviser).
Unlike people, companies cannot become ‘deceased’, so we treat these accounts differently to ‘deceased estates’. In the event that a company director with a trading account passes, you will firstly need to contact ASIC to update the company information. Please then let us know via phone or email. We will request a certified copy of the Death Certificate.
To add a director, please complete a Change of Company Account Operators form and send this to us with a certified copy of the new director’s identification (passport or driver license).
Once we are notified that an account holder has passed away, we lock1 the account until all relevant documentation has been provided. During this time, any proceeds from the account, such as dividends or accrued interest, will be inaccessible through our website.
The Estate executor can still access these funds, via the relevant share registry. You may need to provide the share registry with new details, such as an updated tax file number, dividend plan and banking instructions. Please contact the relevant share registry to confirm.
The Estate executor holds responsibility for verifying whether any corporate actions impact the holdings registered in the name of the estate, and acting accordingly. For company announcements, refer to the ASX website.
A testamentary trust is a trust established under a will, providing control over how assets are distributed to beneficiaries when the trust owner passes away.
It is possible to set up a trading account in the name of a trust. To do this, please send us the following documents to confirm the trust has been established:
Please also set up a trading account to reflect the new trust structure.
1Under ASX Settlement Operating Rules, all CHESS holdings on individual and single trust accounts must be ‘locked’ on initial notification of a deceased estate. This means shares cannot be transferred or sold until all requirements have been satisfied.
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