WHAT HAPPENS TO YOUR STOCKS WHEN YOU DIE?
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If you are a stock investor what happens to your stocks when you die? How do you transfer it to your heirs? How will your spouse, kids or mother in law get your stocks? How does it go? What is the process on how you transfer your shares? We have Atty Regie Tongol in the podcast share his insights on what will happen to your stocks when you die.
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Do you know what happens to your stock investment when you die? You must know the answer to this question. You don’t want your stock investments to become a burden to your loved ones just because they’re clueless on what to do with what you’ve left for them. Will Your Stocks Be Frozen? Your investments or shares in the stock market would be frozen when you die. For instance, the shares you have capitalized in different companies, along with mutual fund investments and other assets in your portfolio, will be frozen. This would also imply that your loved ones or someone whom you want to share the assets with would not be able to withdraw or even sell them. The ownership could not be transferred yet. Will Your Family Get Your Stocks When You Die? Yes, they can. “But I didn’t write their name in the application form when I opened my online stockbroker’s account,” you may want to say. That is a valid argument.
Of course, you have also seen real life and movie-inspired situations where family members kill each other simply to obtain the full inheritance of their parents. In the Philippines, your heirs may acquire your stocks, but they have to pay for the estate tax. If you want to settle this before you die, it is ideal to look for a lawyer, an estate planner, or a professional administrator. Through any of these people, your stocks could be settled for your family in court. It is likely that thousands would be spent to employ assistance from the professionals, but this would be nothing if you have more than millions left for your family. By hiring someone beforehand to assist your family during the said time would be convenient. You may as well assign someone to take care of the estate tax. Save for it, so your family would no longer have to worry about cash-on-hand. What Is an Estate Tax? The estate tax is defined as the levy to which the deceased person would be able to transfer his or her ownership of estate to his or her beneficiaries, family, or lawful heirs. The transfer of ownership is considered equivalent to testamentary disposition or through a will. It is clarified by the Bureau of Internal Revenue (BIR) that it is not a tax on a property. It is implemented on the transmission privilege upon the death of the owner. The estate tax is applicable at the time of the death of the owner in spite of the delays of the actual control of the heirs to the estate.
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