When you’ve lost someone close to you, organising their finances can seem daunting. We’re here to provide practical help to take you through the process from start to finish.
Step by step
Before you get started it’s important to understand how much you’ll pay in charges, and to familiarise yourself with some of the legal terms which we will explain in more detail.
- Dealing commission (per stock) £5
- Withdrawal of stock onto a certificate £25 per certificate
How do we take payment?
Any charges will be taken from the share dealing account where possible, however where there isn’t an available balance to pay some, or all of the charges, we’ll contact the executor by letter requesting payment by cheque.
If you’d like to pay any of the charges by cheque please make this payable to IWeb Share Dealing Limited and send to the following address:
IWeb Share Dealing
Lovell Park Road
We understand that some of the language or legal phrasing on this page may not make sense to everyone, so we’ve explained these in a little more detail to help.
Any property or possession which has a cash value.
The laws relating to inheritance and property in Scotland are very different to other parts of the United Kingdom (apart from the taxes that need to be paid on estates). in England this is called probate, in Scotland this is called ‘confirmation’.
In Scotland, a ‘small estate’ is classed as an estate with a total value of less than £36,000. These can be dealt with by private individuals (such as yourself or family members), although the requirement for confirmation is decided by the company you are dealing with.
If you need some more support then the staff at the Sheriff Clerk’s office will be able to help personal applicants with the necessary forms and confirmation once all the information needed has been gathered.
If the estate is larger than £36,000 and, especially if a property is involved, we recommend the use of a solicitor.
- Current valuation
A document which confirms the value of the remaining cash and/or stock held within the account at the time of death. The valuation will help the executor to determine if a Grant of Probate or Small Estates Form is required.
- Death certificate
A certified copy of the entry made in the Death Register. The registrar will be able, for a fee, to provide a number of certified copies to save time when you’re registering claims with various companies.
- Distribution of assets
Distribution of the assets refers to the process of selling assets held within a share dealing account as instructed by the named executor of the account.
Distribution of the assets can also refer to the executor’s choice to transfer assets held to an account in their own name or the withdrawal of assets onto a certificate.
As executor or administrator (executor-nominate or dative in Scotland) you may have responsibility for one or more of the following:
- Registration of the death
- Arranging the funeral service
- Paying urgent expenses i.e. funeral costs
- Obtaining legal documents (grants)
- Informing financial organisations such as banks, insurance companies, pensions
- Listing all the assets and liabilities of the estate
- Paying any tax liabilities i.e. inheritance tax
- Appointing trustees if required for beneficiaries of the will
- Grant of Probate
A grant of probate is an official document issued by the Probate Registry which the executors may need to administer the estate. This document will only be issued once the Probate Registry has received the necessary application forms from the named executor, the will’s validity has been checked, and any owed taxes are paid.
If the estate is small, or if it’s held in joint names and passes automatically to the surviving owner (as is often the case with married couples), you may not need to apply for probate.
If there’s a will, you’ll need to get a Grant of Probate; if there isn’t a will, you’ll need to get Letters of Administration (in Scotland this is called a Grant of Confirmation).
Probate is the process you go through if you’re handling the estate of someone who has died.
The process includes:
- Identifying what’s in the estate and its value.
- Completing the necessary application forms for both the probate registry and Her Majesty’s Revenue and Customs (HMRC).
- Gathering the assets and dealing with any property, paying any debts and completing the legal processes to cover you against late claims in the estate.
- The same application process has to be made by the administrator of an intestate estate, where there is no will. The grant issued in this situation is called ‘letters of administration’. If there is a will but no executor for any reason, the grant is called ‘letters of administration with will annexed’.
The responsibilities include making sure all taxes and debts are paid before any money can be given to beneficiaries (the people nominated to benefit from the will) and that in general the estate is managed in a way that best serves the beneficiaries.
- Rules of intestacy
When a person dies without leaving a will they are described as dying intestate. Certain legal rules called the intestacy rules will determine how the person’s estate is distributed.
A deal to buy or sell an investment such as shares.
Step 1 – How to notify us after a bereavement
When an account holder passes away the first thing we’ll need from you is an original or certified copy of the death certificate.
If you’re sending us a certified copy, we can accept these from:
- A solicitor registered on the official Law Society website.
Your solicitor will need to note the document with their name, signature and an identifier or reference so that we can find them on the Law Society register.
- A member of our branch staff
If the document is certified in a Halifax, Bank of Scotland or Lloyds Bank branch, it must bear the mark of the staff member who saw the original death certificate, their ID number and the official branch stamp.
Ready to send the certificate to us?
Once you’re ready to send the certificate to us, please send it to:
- By email:
- Or post:
IWeb Share Dealing
Lovell Park Road
Step 2 – What happens when we receive the death certificate?
Once we’ve received the death certificate we will update the account and issue a letter to the account’s registered address requesting a Grant of Probate (in Scotland this is called a Certificate of Confirmation) or an Executor Authority Form.
This letter will include:
- a valuation of the account
- an Executor/Administration Instruction Form
Your next steps once the share dealing accounts have been valued
The share dealing account(s) are valued at over £50,000 (or £36,000 in Scotland)
Once we’ve received the death certificate we will update the account and issue a letter to the personal representative requesting a Grant of Probate (in Scotland this is called a Certificate of Confirmation) This letter will include a valuation of the account and an Executor Authority Form.
Once we’ve received an Executor Authority Form (PDF, 98 KB) and an original/certified copy of the Grant of Probate (in Scotland this is called a Certificate of Confirmation) we will carry out the requested instructions. We’ll arrange for all correspondence to be issued to the address of the named executor.