When managing the estate of a deceased individual, particularly if assets are held in different regions, you may encounter the need to reseal a Grant of Probate. Whether you are a solicitor, financial advisor, or accountant managing an estate with cross-border elements, understanding when and why a reseal is required can ensure that assets are handled efficiently and within legal requirements. This blog will walk you through the essentials of resealing a Grant of Probate and the scenarios in which you might need to consider this legal step.
What Does Resealing a Grant of Probate Mean?
Resealing a Grant of Probate refers to the process of validating a probate document, issued in one jurisdiction so that it can be recognized and acted upon in another. If an individual passes away with assets in a different region than where their estate is being administered, the probate court in that region may not recognize the original Grant of Probate without further legal steps. This is where resealing comes in.
By resealing a Grant of Probate, you are essentially seeking legal recognition of an existing probate order from a foreign jurisdiction, allowing you to manage or transfer assets located in that region.
When is Resealing Required?
There are several common scenarios where resealing a Grant of Probate becomes necessary:
1. Foreign Shares or Securities
If the deceased owned shares or securities in a foreign company or in offshore jurisdictions like the Isle of Man or Channel Islands, a resealed Grant of Probate may be required to transfer or sell those assets. Even if the company is listed on the London Stock Exchange, local laws in these regions often necessitate a reseal.
For example, shares in a company incorporated in the Isle of Man would need the UK Grant of Probate to be resealed by an Isle of Man court before they can be transferred or sold.
2. Real Estate Abroad
If the deceased held real estate or property abroad, a reseal may be required in the jurisdiction where the property is located. This is common when managing estates with holiday homes, rental properties, or any kind of real estate in another country. Local courts typically require a resealed Grant of Probate before an executor can manage, sell, or transfer property ownership.
3. Assets in Offshore Jurisdictions
Even if the estate is primarily in the UK, offshore jurisdictions such as the Isle of Man, Jersey, or Guernsey may have specific legal requirements for handling local assets. In such cases, even if the assets (like shares) are quoted on a UK exchange, the local registrar may request a resealed Grant of Probate to legally transfer ownership or initiate sales.
4. Bank Accounts in Foreign Jurisdictions
Certain banks and financial institutions in other countries may require a resealed Grant of Probate before allowing access to or releasing funds from the deceased’s accounts. This can happen even if the account was held in a subsidiary of a UK bank but domiciled offshore or in another country.
How Does the Resealing Process Work?
The process for resealing a Grant of Probate is fairly straightforward but requires legal representation in the jurisdiction where the reseal is being sought. Here’s how the process typically works:
1. Obtain the Original Grant of Probate:Before applying for a reseal, you must have an official Grant of Probate from the deceased’s country of domicile.
2. Engage a Local Legal Representative: In the region where the assets are held, a local lawyer will need to submit an application for the reseal to the appropriate court.
3. Provide Required Documentation: Typically, you will need to provide the original Grant of Probate, the death certificate, and documents relating to the foreign-held assets.
4. Reseal Issued by the Court: Once the court approves the reseal application, the original Grant of Probate is resealed, giving the executor the authority to manage the foreign assets.
5. Assets Transferred or Sold: Once the reseal is in place, the executor can transfer or sell the foreign-held assets, whether shares, real estate, or bank funds.
How Share Data Can Help with Resealing Grants of Probate
At Share Data, our expertise is focused on simplifying the probate process, particularly in the areas of share valuation and transfers. While we do not directly handle the legal process of obtaining a reseal, we work closely with professionals to ensure the smooth transfer or sale of assets once a reseal has been obtained.
Here’s how we can help:
- Accurate Share Valuations: If the estate includes shares in foreign or UK companies, we provide fast, detailed valuations that meet legal requirements for probate proceedings. Whether the shares are held in UK companies or foreign jurisdictions, we deliver the clarity needed to manage the estate efficiently.
- Share Transfers and Sales: After a reseal has been obtained, we can assist with the transfer or sale of shares. Our services ensure that all necessary paperwork is completed and submitted, so that assets can be transferred to beneficiaries or sold as needed.
- Medallion Signature Guarantee: If the deceased held assets in the USA or Canada, Share Data can provide the Medallion Signature Guarantee—a requirement for transferring or selling shares in North American markets. This ensures compliance with local regulations and allows for secure asset transfers.
- Working with International Jurisdictions: We have extensive experience in handling share-related probate issues in multiple jurisdictions, including the UK, USA, Canada, Australia, Hong Kong, and offshore regions such as the Channel Islands and the Isle of Man. We ensure that the probate process runs smoothly, even across borders.
Common Countries Requiring Resealing
Resealing a Grant of Probate is often required for assets held in the following countries or regions:
- Australia
- Canada
- USA
- Hong Kong
- South Africa
- Malaysia
- Isle of Man & Channel Islands
Each of these jurisdictions has its own legal framework for recognizing foreign probate documents, and Share Data can help navigate these complexities, particularly for share transfers and valuations.
Conclusion
Resealing a Grant of Probate is a critical step when managing estates with assets in multiple jurisdictions or in specific regions like the Isle of Man or Channel Islands. Understanding when and why a reseal is required can help avoid delays and legal complications, ensuring that assets are properly administered or transferred to beneficiaries.
At Share Data, we specialize in providing the probate-related services you need to manage and transfer shares efficiently, whether in the UK or abroad. Need help with cross-border probate issues, including resealing grants of probate or transferring/selling shares? Simply fill out the form at the top of the page, or email us at admin@sharedata.co.uk to get in touch today!
+44 1403 271170
sales@sharedata.co.uk
