The person I share a CommSec joint account with has passed away. How do I transfer these shares into my sole name?
If you have recently lost someone close to you, we understand this may be a very difficult time. Below, you will find a guide on how to best manage a joint CommSec account after their passing.
- If someone you share a CommSec joint account with has passed away, we ask that you notify us as soon as possible.
- Upon notification, we will lock the account to ensure the protection* of your holdings until a certified copy of the Death Certificate has been provided to us.
- Once this has been received, we will transfer the holdings to the joint party's account. If you have an existing CommSec account in your name, we will transfer the holdings to that account. If you do not have a CommSec account in your name, we will create a new account for you and transfer the holdings to the new account.
If a new account was created for you, we will send you a copy of the Direct Debit/Credit Request Form to update the settlement details.
Any unpaid dividends or accrued interest will need to be requested through 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. We recommend contacting the relevant share registry to confirm how to manage this.
*Important Information
Under ASX Settlement Operating rules, all CHESS holdings on joint 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. The Controlling Participant must within one (1) business day, establish a new Holder Record in respect of the surviving Participant Sponsored Holder and transfer the holdings into the new Holder Record.
Need help understanding some of the key words we used in this article?
Familiarise yourself with these words below:
| Technical term | Definition |
|---|---|
|
Executor |
An estate executor is the person/s named in the Last Will and Testament (will) to take charge of the deceased’s assets and property. |
|
Certified copy of a document |
A certified document must include the statement “I certify that this is a true copy of the original document” and include the full name, signature, date or certification and qualification/occupation of the certifier. |
|
Death Certificate |
A Death Certificate is an official document issued by the Registry of Births, Deaths and Marriages containing the information registered when someone passes away, including the date, place and cause of death. |
|
Last Will and Testament |
The Last Will and Testament (will) is a legal document in which a person specifies how they wish their estate to be distributed after their passing. |
We're here to help
If you have any questions, please contact us on 13 15 19 or +61 2 9115 1417 if calling from outside Australia, 8am to 6pm (Sydney time). Alternatively, you can email commsecestatesmanagement@cba.com.au.
