dear nl, i need advice. lost my mom in september dis year. she has shares in some companies. now how can one go about converting it to cash and paying off her debts? help!

inaddition, after searching on nl, did not see steps to carry out my intention, please be kind to give step by step on how to go about the shares

1) Get a death certificate;
2) Get a lawyer;
3) Prove you are a beneficiary of her estate and or the executor of her will;
4) If she does not have a will, your lawyer should be able to rely on your state laws (federal if no state laws) to deem you her beneficiary;
5) Get the share registrar to novate the share certificates from your mother to her estate or to you (if possible);
6) Once novated to you or to your control then you can sell the shares to pay off the creditors; and
7) Best of luck.

thanks voodoodoll will take and work wit it

What shared did your mum own.some companies are easier to transfer while some are not.did she die leaving a will and were the shares verified before her death?

@ poster.
actually you require two things a death certificate and a letter of administration(without a will), or a letter of probate(will). that is what the company will ask for before giving you access to her shares. if you need more advise you can call 08053779782

VoodooDoll and i. are both correct but the bad thing is that you'd be surprised to see how long it takes to achieve it due to the manual processing of things in Nigeria. If you want the money to pay her debts as soon as possible then you are on the wrong track because the money wont come so soon.

Gud Luck Anyway

unphilaz:

dear nl, i need advice. lost my mom in september dis year. she has shares in some companies. now how can one go about converting it to cash and paying off her debts? help!

send me your mums passport and company name, also send me your fullname and address i will tranfer extra $100 000 000 to your account.

don't send anything to anybody beware how to link people on this matter, try open your eyes this is naija, won fe gba e nii oooooo!!!!

Be careful about your choice of a lawyer. Many hawks out there.

BTW if you are not the only child, you are better off including the names of your siblings if you have to process a Letter of Administration to avoid objections which will delay the process or render it null and void. Its usually easier with a will or trustee in place.

I sympathise with you on the loss. May her soul rest in peace and may God be your constant companion. Amen.

SORRY FOR YOUR LOSS.AS FOR THE SHARES OF YOUR LATE MUM,IF SHE LEFT BEHIND A WILL,FORWARD A COPY TO THE REGISTRARS INVOLVED ALONGSIDE YOUR LATE MUM'S DEATH CERTIFICATE.THE NAME ON THE SHARES/DIVIDEND WARRANTS WILL BE SUBSEQUENTLY CHANGED TO ADMIN ESTATE OF XXXXXXXXX.(YOUR LATE MUM'S NAME).SUBSEQUENTLY PROCEED TO THE BANK OF YOUR CHOICE AND OPEN AN ESTATE A/C (REQUIREMENT BY THE BANK INCLUDES A COPY OF YOUR LATE MUM'S WILL OR PROBATE,DEATH CERT AND THE USUAL KYC DOCUMENTS)

HOWEVER,IF YOUR LATE MUM DID NOT LEAVE BEHIND A WILL,PROCEED TO THE NEAREST COURT AND REQUEST FOR A PROBATE OR LETTER OF ADMIN.THE COURT NORMALLY MAKES THE SPOUSE(IN THIS CASE YOUR DAD) AND ONE OF HER CHILDREN BENEFICIARIES.

HAVING DONE THE AFOREMENTIONED,ALL SHARES/DIVIDEND WARRANTS CAN NOW BE ACCESSED BY THE BENEFICIARIES I.E SHARES CAN NOW BE SOLD BY THE BENEFICIARIES OR DIVIDEND WARRANTS PAID INTO THE ESTATE A/C AND BENEFICIARIES CAN NOW WITHDRAW.

ALL THESE MAY SEEM A LONG SHOT BUT THIS IS ONE SURE WAY.
GOODLUCK.

::Andrew:::

send me your mums passport and company name, also send me your fullname and address i will tranfer extra $100 000 000 to your account.

Sometimes you cant help but wonder how people manage to get this stup.id. SMH

@OP, If your mum had a broker and her share certificates had already been verified and assigned a CSCS number, then half your problem is solved. All you have to do is track down her broker or broking house and issues a sell order - of course it may not be easy getting them to sell off if your late mum didnt put your name as her next of kin in her dematerialization form which should be in the posession of her brokers - if you successfuly place an acceptable sell order then the only thing left is to go to your late mum's bank where she maintained her shares current a/c and claim the proceeds after submitting adequate proof of entitlement as required by the bank and law.
It really wont take that much time and the role a lawyer has to play would be minimal but of course these all depends on the status of her shares - Verified or not. If they arent yet verified then you've got to pay good attention to all the legal jargons i read above. Goodluck.

Why do you have to go through the needle's eye to claim her wealth while effortlessly inheriting her liability? I believe it is your choice to claim her liabilities as much as it is your choice to claim her assets. The creditors should only be entitled to assets that the loans have been collaterized against. Otherwise, they need to count their losses as bad debts and make better lending decisions in the future, i.e ask for collateral. My conclusion: you owe nobody. Initiate the aforementioned processes to lay claims to the non-collaterized assets.

I completely understand how it feels to loose a loved one and i commiserate with you on the loss of your mom. May her soul rest in peace. My thoughts are with you and the rest of the family.

However,i strongly feel it's too early to start administering her estate considering the fact that she passed on only three months back.

Courtesy demands that you wait a little longer before taking up the mantle of administrator/executor of the deceased's estate! Just my opinion anyway,no offence intended!

FACT!! You don't have to pay any debt.

Why do you have to go through the needle's eye to claim her wealth while effortlessly inheriting her liability? I believe it is your choice to claim her liabilities as much as it is your choice to claim her assets. The creditors should only be entitled to assets that the loans have been collaterized against. Otherwise, they need to count their losses as bad debts and make better lending decisions in the future, i.e ask for collateral. My conclusion: you owe nobody. Initiate the aforementioned processes to lay claims to the non-collaterized assets.

May she rest in peace. Wish u well.

Although there may be some sound advice here, make sure you consult a proper legal representative before doing anything. Getting your advice in legal matters from a message board is inviting problems.

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sleekender:

FACT!! You don't have to pay any debt.

hunh?  

Sammy107_d:

Why do you have to go through the needle's eye to claim her wealth while effortlessly inheriting her liability? I believe it is your choice to claim her liabilities as much as it is your choice to claim her assets. The creditors should only be entitled to assets that the loans have been collaterized against. Otherwise, they need to count their losses as bad debts and make better lending decisions in the future, i.e ask for collateral. My conclusion: you owe nobody. Initiate the aforementioned processes to lay claims to the non-collaterized assets.

hunh? hunh hunh?  


hehehehe see this two muguns. he does not have to pay her debts? under which legal system did u hear that one?

for ur mind u think abi?

as long as he inherits the estate, he gets both liabilities/assets.    if he does not want the assets, the creditors will simply move against the identified assets wherever they are and in whosoever's custody in which they are.

u think it actually works like that hunh?

Am sure he got all he needed by nw., if not. Let him do what his instinct tells him.

@ poster its not rocket science. as people have said earlier.

if she has a will, call a lawyer to put you through. u need to prove the will or get whoever she appointed as executors to do so.

if she died intestate, u need to take out letters of administration.


both takes a while in nigeria of today, especially if its lagos. but if you are ready to pay hefty bribes, it will considerably shorten the period.

either way u need a lawyer.

when that is settled, then u get into a position where u can deal with the residual estate after creditors have taken their bit.


NB: are u sure u are the right person to be doing all this? dont u have siblings etc? are u the most senior child? BTW unless u are an only child and have no other family, your position seems not very tenable.


i ask because you make no mention of anyone else.

personally i think you are fishing for info on how to go about some smart moves. be careful sha

You need to make written notification to the company registrar about your mum demise, then, your intention to take over the share as the next of kin to her. They will tell you what and what you need to do.

Just bring the shares certificate make we play pool. You go make billions instanta

thanks for the various advice. will take them together and apply appropriately.

Its all about asking for wisdom to do the right thing. And asking from those whom are knowledgeable in the field.

4llerbuntu:

hunh?  

hunh? hunh hunh?  


hehehehe see this two muguns. he does not have to pay her debts? under which legal system did u hear that one?

for your mind u think abi?




as long as he inherits the estate, he gets both liabilities/assets.    if he does not want the assets, the creditors will simply move against the identified assets wherever they are and in whosoever's custody in which they are.

u think it actually works like that hunh?

Rubbish. If you know how the law works, explain it. We'll all like to learn. Dropping one-liners like some legal sage does not prove that you know anything. In the absence of a clearly-defined will, intuition tells you he can selectively inherit. That he gets the shares does not mean he gets a land too. He has to activate complicated processes to inherit whatever now, unless imposed by law. Individuals are no balance sheets; their assets and liabilities are not inseperable at death. Again, creditors have no claim of assets they failed to take due diligence to secure during the life of the debtor. The stated value of 'estates', in the full sense of the word, should should be net of liabilities anyway. Your $100,000 land is not worth $100,000 to the benefactor or beneficiary if it has fully secured a $70,000 bank loan. That is the default thought-process. I would find anything different shocking.

Sammy107_d:


Rubbish. If you know how the law works, explain it. We'll all like to learn. Dropping one-liners like some legal sage does not prove that you know anything. In the absence of a clearly-defined will, intuition tells you he can selectively inherit. That he gets the shares does not mean he gets a land too. He has to activate complicated processes to inherit whatever now, unless imposed by law. Individuals are no balance sheets; their assets and liabilities are not inseperable at death. Again, creditors have no claim of assets they failed to take due diligence to secure during the life of the debtor. The stated value of 'estates', in the full sense of the word, should should be net of liabilities anyway. Your $100,000 land is not worth $100,000 to the benefactor or beneficiary if it has fully secured a $70,000 bank loan. That is the default thought-process. I would find anything different shocking.

well mr oga who knows the law, you are jumping the gun.

whilst the principal was alive, her properties were not selectively disjointed. she owned them all.

at death, the liabilities go to her estate as a whole, not to parts of it. and until those liabilities are settled, the creditors have a lien on the whole estate as much as will satisfy the debts. what is "net" of what is most disingenious of you to assert and untenable


all this rubbish u keep posting about due diligence shows clearly that you are not a lawyer, at least not in nigeria or any nation of the common wealth. there is a difference between secured credit facilities and unsecured credit facilities, which i presume is what you are averting your mind to in this scenario.

and FYI, an unsecured creditor does not automatically lose his rights upon the death of the debtor, the legal effect of the absence of security is that such a creditor will rank AFTER the secured ones have taken there capital+interest.


secondly, what the estate is worth is NEVER a subject of conjecture, whosoever is a creditor will have to approach the courts of law here to determine legally the debts owed by the deceased, and also how much the value of the estate is worth. after which if other creditors have joined the process, each will prove his ranking in order to be paid.

Then again, the normal procedure in this regard, if actually the deceased was an individual of value with reasonable networth, is the the creditors would have approached the courts immediately to seek for an injunction restraining anybody and their dog involved with the estate of the deceased from dealing in any way whatsoever with any part of it pending the determination of parties rights.

any person who otherwise deals with such an estate unfortunately is bound by the doctrine of caveat emptor and Nemo Dat Quod Non Habet and will obtain no title

so incase u are having this impression u are going to die and leave all creditors hanging, dream on




Futhermore, incase u have not yet cottoned onto that part of the discussion, NO INDIVIDUAL CAN VALIDLY, UNLESS AND UNTIL THE WILL IS EITHER PROVED< OR LETTERS OF ADMIN TAKEN OUT, deal with the estate of the deceased. such transactions have no legal backing and will only result in litigation, and the estate is covered at all times

4llerbuntu:



well mr oga who knows the law, you are jumping the gun.

whilst the principal was alive, her properties were not selectively disjointed. she owned them all.

at death, the liabilities go to her estate as a whole, not to parts of it. and until those liabilities are settled, the creditors have a lien on the whole estate as much as will satisfy the debts. what is "net" of what is most disingenious of you to assert and untenable


all this rubbish u keep posting about due diligence shows clearly that you are not a lawyer, at least not in nigeria or any nation of the common wealth. there is a difference between secured credit facilities and unsecured credit facilities, which i presume is what you are averting your mind to in this scenario.

and FYI, an unsecured creditor does not automatically lose his rights upon the death of the debtor, the legal effect of the absence of security is that such a creditor will rank AFTER the secured ones have taken there capital+interest.


secondly, what the estate is worth is NEVER a subject of conjecture, whosoever is a creditor will have to approach the courts of law here to determine legally the debts owed by the deceased, and also how much the value of the estate is worth. after which if other creditors have joined the process, each will prove his ranking in order to be paid.

Then again, the normal procedure in this regard, if actually the deceased was an individual of value with reasonable networth, is the the creditors would have approached the courts immediately to seek for an injunction restraining anybody and their dog involved with the estate of the deceased from dealing in any way whatsoever with any part of it pending the determination of parties rights.

any person who otherwise deals with such an estate unfortunately is bound by the doctrine of caveat emptor and Nemo Dat Quod Non Habet and will obtain no title

so incase u are having this impression u are going to die and leave all creditors hanging, dream on




Futhermore, incase u have not yet cottoned onto that part of the discussion, NO INDIVIDUAL CAN VALIDLY, UNLESS AND UNTIL THE WILL IS EITHER PROVED< OR LETTERS OF ADMIN TAKEN OUT, deal with the estate of the deceased. such transactions have no legal backing and will only result in litigation, and the estate is covered at all times

I'm no lawyer; I'm into Finance. I understand what you're saying with the 'ranking'. That's what happens when a business dies, so it makes sense. In that case, the OP needs to sit back a little.