The HIN is locked ultimately as a security measure in accordance with ASX Settlement Operating Rules to prevent unauthorised trading or transfers of the deceased's assets. The lock ensure that the shares remain secure until the estate's legal representative provides the required documentation that verifies their authority to manage the estate.
How long can the HIN stay locked for?
It stays locked indefinitely until the legal representative such as the executor or administrator is ready to administer the estate, providing the required documentation.
After the HIN has been unlocked, how long can it stay unlocked for?
The HIN can stay unlocked for a maximum period of 90 days, after which it is cancelled in accordance with ASX Operating Rules. Ideally the assets should be dealt with immediately following the unlocking of the HIN. If assets remain on the HIN close to the 90 day mark Selfwealth will liaise with the executor to ensure they are moved off the HIN accordingly to meet our ASX obligations.