Four of us inherited equal amounts of shares (in Ireland). Two of us want to sell and two want to keep the shares. What is the procedure and how long should it take? Cathy Fraser
It is left with solicitors but they have already taken two years doing the probate and this is the last hurdle. Just wondering if they are going to drag this out another year!
1. Where shares are concerned, then the executor(s) should place a proportionate part of the shares in the name of each beneficiary. Shares should not wind up with four of you owning the shares all together. A proportionate part of the shares should be placed in each name, so that each of you has full power to sell your own shares. Secondly, be aware that after two years, you have the ability on the grounds of delay to replace the executors, as under Irish law, an executor is given a period of grace of one year - known as the "executor's year" - within which to administer an estate and pay out the assets to the beneficiaries. Given the long delay involved and the fact you don't have the shares in your own name, you should at least threaten this so that there are no further delays. 2. However, there is no such thing in Irish law whereby shares are given to four beneficiaries. If this happened, then an action for Partition & Sale should be brought by the two beneficiaries who want to sell so as to give power to sale. YOu are not locked into keeping something you want to sell under Irish law. However, this should not occur.
How do we start the action for Partition and Sale.?
3. As I stated earlier in my answer, this is most likely not to be the situation. Essentially, the executor must not have divided the shares up properly. However, an action for Partition & Sale is instituted in the Circuit Court by Civil bill and is an action seeking permission to sell the shares. Permission is almost always granted. However, You should first find out that this is actually the situation before you go forward with it.
Barrister 17 years experience
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