Unexpected financial surprises are not uncommon when handling a loved one’s estate, but few things cause as much uncertainty as discovering a forgotten holding of shares months or even years after the estate appears sorted. If you are an executor or family member in this situation, you may wonder if probate is required for a modest holding of shares recently uncovered – particularly when you believed all your legal duties were wrapped up.
This guide explains when probate is necessary for shares discovered late, outlines the key exceptions, and offers clear next steps, with advice tailored to executors navigating these sometimes confusing waters.
Understanding Probate and Late-Discovered Shares
Probate is the legal process required when dealing with a deceased person’s assets. It grants the executor the authority to access, manage, and distribute the estate according to the will. Sometimes, even careful executors find assets, such as shares, only after the estate administration has supposedly finished.
A typical scenario involves a deceased relative with a small number of shares (for example, valued at €3,000) in their own name, discovered some time after all other estate matters appear settled. The core question is simple yet complex in practice:
Must probate be secured to transfer or cash in shares after the estate process has closed?
When Probate Is Required for Small Shareholdings
Why Probate Might Be Needed
Shares are typically held in the name of the deceased, and most share registrars and companies require an official grant of probate before releasing or transferring these assets. Even if the holding is modest, the standard procedure is to ensure assets are dealt with only by individuals with legal authority.
If probate was already undertaken for the rest of the estate, the executor must notify the Probate Office and file an updated list of assets and liabilities reflecting the new discovery. If probate was not previously required, the emergence of even a small shareholding may mean you now need to initiate the full probate process.
Specific Cases Where Probate May Not Be Required
There are a few narrow exceptions:
- Jointly Owned Assets: If the shares were held in joint names (particularly with a spouse), they usually fall outside the estate and transfer automatically under the principle of survivorship. Probate would not be needed for these.
- Small Bank Accounts: Irish banks typically have procedures to release funds from accounts solely in a deceased person’s name, up to a €20,000 threshold, without probate. This does not usually extend to shares.
- Small Estate Procedure: Where an estate’s total value is less than €25,000, a simplified “Small Estates Procedure” may apply. However, in practice, most share registrars still require probate for listed securities, irrespective of value.
Key point: Even if the value seems small, listed shares in the deceased’s sole name will almost always require probate for transfer or sale.
Why Small Holdings Can Lead to Disproportionate Costs
One of the biggest frustrations for executors is that legal and probate costs can sometimes outweigh the value of the shares in question. Unfortunately, Irish law does not provide for a simplified procedure specifically for small shareholdings within larger estates.
The grant of probate authorises the executor to deal comprehensively with the deceased’s affairs—even years after the main estate has been administered. The relevant value for probate is the value at the date of death, not the current value.
If you skipped probate when first handling the estate (perhaps because all other assets fell below the threshold), the discovery of shares will usually force you to apply for probate and include all assets as if beginning the process from scratch.
The Executor’s Obligation and How to Proceed
Step 1 Check the Ownership and Value
- Confirm whether the shares are held solely or jointly. Only sole-named shares require probate.
- Verify the value of the holding at the date of death (not the present value).
Step 2 Contact the Share Registrar
- Contact the company or its share registrar to ask about their procedure.
- Most registrars will ask for a grant of probate before shares can be transferred, sold, or cashed in.
Step 3 Revisit the Original Estate Return
- If probate was previously granted, return to the Probate Office and update your return with the new asset, submitting revised asset and liability information.
- If you did not go through probate originally (because the estate was small), you will need to commence probate now, including all estate assets (not just the shares).
Step 4 Consider Professional Legal Support
Navigating probate, especially when it arises unexpectedly, can be complex and frustrating. Solicitors specialising in estate administration can ensure all paperwork is properly handled, avoid potential pitfalls, and sometimes negotiate costs where the shareholding would otherwise be wiped out by fees.
HOMS Assist’s private client team offers tailored guidance on probate, whether you are an executor facing a surprise discovery or a family member unsure of your next step.
Alternatives and Preventive Strategies
Reviewing Bank Statements
One common way late-discovered shares emerge is through dividend payments recorded on bank statements. Careful review of all bank transactions during estate administration can reveal assets that might otherwise be overlooked.
Leave Clear Records for the Future
To help prevent similar issues for your own estate, maintain a personal asset register or, at the very least, keep notes with your will listing all accounts, investments, and shareholdings. Regularly reviewing these records can spare your executors future headaches.
Consider “Renunciation” If Overwhelmed
If you are asked to serve as an executor, remember that you can renounce the role if you feel it is beyond your capability. Some people appoint both a family member and a solicitor as co-executors to balance personal and professional knowledge.
Special Circumstances Affecting Probate for Shares
Estates With International Assets
If the deceased held shares or assets overseas, cross-border rules may also affect whether probate is needed, sometimes requiring parallel processes in other jurisdictions.
Small Estates and Shareholdings
While the “Small Estates Procedure” simplifies the administration of estates under €25,000, listed shares in the sole name of the deceased typically do not qualify for simplified transfer unless specifically addressed by the relevant company registrar. This remains a complex area and often requires legal confirmation.
Summary Action Points for Executors
- Do not ignore late-discovered assets. Leaving shares unclaimed can create legal and tax complexities later.
- Contact a solicitor for tailored advice, particularly when probate law interacts with share registrars or international rules.
- Prepare to provide documentation including the will, death certificate, prior correspondence regarding the estate, and valuation of assets at the date of death.
- Consider costs and practicality. For very small values, consult with your solicitor about whether pursuing the shares is worthwhile after costs are considered.
Practical Guidance for Moving Forward
Discovering additional assets like shares after closing an estate can be an unwelcome surprise, but it is not rare. Legal requirements for probate are determined by the type and ownership of the asset, not just the value. For most cases where listed shares are discovered in the sole name of the deceased, Irish law and share registrars will require a grant of probate—even if that means revisiting the administration years later.
If you find yourself in this situation, don’t try to struggle through alone. Proper support ensures you meet your obligations, avoid unnecessary legal pitfalls, and make the process as smooth as possible.
For personalised probate advice or help with complex estates, contact HOMS Assist’s probate and estate planning solicitors today. Our team will guide you with empathy and professionalism, ensuring your loved one’s affairs are handled correctly from start to finish.
