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.

  1. If someone you share a CommSec joint account with has passed away, we ask that you notify us as soon as possible.
  2. 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.
  3. 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.

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 8397 1206 if calling from outside Australia, 8am to 6pm (Sydney time). Alternatively, you can email commsecestatesmanagement@cba.com.au.

 

© Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. CommSec is a Market Participant of ASX Limited and Cboe Australia Pty Limited, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited.

The information on this page has been prepared without taking into account your objectives, financial situation or needs. For this reason, any individual should, before acting on this information, consider the appropriateness of the information, having regards to their objectives, financial situation or needs, and, if necessary, seek appropriate professional advice.

CommSec does not give any representation or warranty as to the accuracy, reliability or completeness of any content on this page, including any third party sourced data, nor does it accept liability for any errors or omissions.

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