A shares question

[Dave7]

If you take out shares, what paperwork do you have ?
As PoA for an elderly relative there is reason to think there may be shares somewhere.
I am charged with collating all financial affairs but no idea what to look for.
This person has never has a computer or mobile so I assume (if there is anything to find) it will be hard copy.

 

[vickster]

You get a paper certificate I think / or something from the company/bank managing the portfolio (or the ISA provider if they are in an ISA)

 

[Milkfloat]

There should still be some paperwork, even if no physical certificates. Does the relative have details of a financial advisor, stockbroker or even solicitor squirrelled away? Any of them could have some information and documentation.

 

[Dave7]

There should still be some paperwork, even if no physical certificates. Does the relative have details of a financial advisor, stockbroker or even solicitor squirrelled away? Any of them could have some information and documentation.

A solicitor of long standing yes.
No FA or stockbroker to my knowledge.

 

[Archie_tect]

Solicitor, bank branch manager, insurance companies will all give you records of accounts held and any holdings.
Also try HMRC as they may have historical details if your relative ever filled out a tax return or paid Capital Gains Tax but you'd need to jump through a few more hoops to prove proof of PofA

Speak to Equiniti who will have records of all the major company share holdings if your relative had any. https://equiniti.com/uk/

 

[Cycleops]

If they have a file filled with paperwork or a desk which has been used to store personal bank details etc etc I should try looking there first as older people tend to be quite organised and never throw things away.

 

[Archie_tect]

If they have a file filled with paperwork or a desk which has been used to store personal bank details etc etc I should try looking there first as older people tend to be quite organised and never throw things away.

Ha... you've never met my mum... [she would have mentioned it]

 

[Profpointy]

Although there aren't usually paper "certificates" these days, there should still be paperwork which indicates the shares are held "on behalf of" the person. I think the term is CDI (crest depository interest - or some such). If you can't find anything like that there may be the tax certificates from dividend payments. If still no luck then nearly every financial product has a twice yearly statement , dividend cheque or payment notification, and invitation to shareholders' meetings / AGM - so when these turn up, maybe in dribs and drabs over 6 months you can track things down. Maybe do a mail redirect with the post office when selling the house / giving up the lease

 

[BoldonLad]

It is quite possible to buy/sell/and hold shares without having any physical paperwork, (I do). It would be possible to spot money transfers in current account to buy shares, or deposits from selling them, or, dividend income.

To make life easy for the children, should I depart unexpectedly, I do have a spreadsheet listing my holdings, I my even tell them the password, one day

Good luck

 

[Dave7]

Thanks for the comments.
The person in question is in hospital (just transferred to respite).
I will have good root through everything this week.
I will make an appointment with the bank.
And @Profpointy I will keep an eye on the mail.

 

[Archie_tect]

Is the person capable of managing their own affairs, ie is the PoA medical rather than due to reduced mental capacity Dave?

 

[RoadRider400]

Paper certificates are not often the norm these days. Though yearly holdings statements are usually still sent out.

 

[slowmotion]

If the owner is fairly old and not an active buyer and seller, the shares will probably have been bought quite some time ago and have paper certificates . If they are not in a file at their home, they are probably being stored at their bank or stockbroker.

 

[Seevio]

If you know which companies the shares are held in, it's pretty simple. Contact the company and find out their registrar details.

On the basis that it's never going to be that simple, it may be worth contacting some of the larger UK registrars* (Computershare, Equitini, etc) to see if they can help. They will need to see a certified POA before supplying any information and it's possible that they are unable to search by name across all share registers, but it's worth a try.

*All UK limited companies must keep a record of who owns their shares. Many companies can't be arsed to do this themselves so outsource it to specialised registrars. It's been many years since I was in this line of work but I doubt much has changed.

 

[Dave7]

Is the person capable of managing their own affairs, ie is the PoA medical rather than due to reduced mental capacity Dave?

It covers everything. The person is 95.
TBH when I agreed to PoA and went to the bank with them. Upon coming out the person said to me "thank goodness for that, its your problem now".
I am trying to sort this without causing them stress.