Inheriting Shares and Gold: A Complete Legal Guide for Heirs in Indonesia

Investing in shares and gold has become a popular way for Indonesians to secure their financial future. Yet many do not understand another crucial point: how are these assets inherited if the owner dies? A lack of understanding often leads to a complicated claim process, potential family disputes, and even the loss of assets that should rightfully belong to the heirs.

Assets such as shares and gold, whether physical or digital, are lawful property that can be inherited. The process is clearly set out in Indonesian civil law. This article is your practical guide to handling an inheritance of shares and gold, from the documents you need to the tax aspects.

The Core Legal Foundation: The Heir Certificate

Before the technical details, understand the single most fundamental document in any inheritance process in Indonesia — proof of your status as a lawful heir. Without it, not one institution — neither a securities company nor a digital-gold provider — will process your claim.

This proof can be one of three documents, depending on the background of the deceased and the heirs:

1. Certificate of Inheritance (Surat Keterangan Waris, SKW): drawn up before a notary (Notaris) or by the sub-district office (Kelurahan/Kecamatan), usually for non-Chinese-descent Indonesian citizens (WNI).
2. Notarial Will (Akta Wasiat): if the deceased left a formally made will (wasiat).
3. Court Determination of Heirs (Penetapan Ahli Waris): obtained through the Pengadilan Agama (the Religious Court) for Muslims, or the Pengadilan Negeri (the District Court) for non-Muslims. This document carries the highest legal force and is often a mandatory requirement for many financial institutions to avoid later disputes.

The notary’s role is central here — not only in making the SKW or the will, but also in drawing up other authentic deeds that may be needed, such as a Deed of Estate Division (Akta Pembagian Waris).

Part 1: The Procedure for Inheriting Shares

Inheriting shares requires a different approach depending on the type of company: a public company (Tbk) whose shares trade on the exchange, or a private (closed) company.

Shares in a Public Company (Tbk)

This is the most common form of share ownership for retail investors through apps such as Stockbit, Bibit, or other brokerages. The process is relatively standardized.

Steps for the heir’s claim:

1. Contact the securities company. The first step is to notify the securities firm where the deceased held an account (a Client Fund Account, Rekening Dana Nasabah / RDN) of the client’s death. Ask for the specific procedure and forms they require.
2. Prepare the complete documents. In general, the documents requested by all securities firms are much the same. Prepare the following in both original and copy:

• The Heir Claim Form (provided by the brokerage).
• The Certificate of Death or Death Certificate (Akta Kematian) of the deceased from Dukcapil (the Civil Registry).
• Proof of status as a lawful heir (choose one: SKW, Court Determination, or Notarial Will).
• The KTP (ID card) of the deceased and the KTP of all heirs named in the SKW / Court Determination.
• The Family Card (Kartu Keluarga, KK) of the deceased and of all heirs.
• A marriage certificate (if the heir is the spouse) or a birth certificate (if the heir is a child).
• A power of attorney from all heirs naming one person as representative to handle the claim, if required.

1. Verification by the brokerage. The securities firm verifies the authenticity and completeness of all documents. This can take time.
2. Transfer of the shares. Once approved, the shares are transferred (booked over) to the RDN account of one jointly appointed heir. If an heir does not yet have an account, they must open one first.

Shares in a Private (Closed) Company

This process is more complex because it is governed not by the exchange, but by Law No. 40 of 2007 on Limited Liability Companies (UUPT) and the company’s own Articles of Association (Anggaran Dasar, AD/ART).

1. Check the Articles of Association. The first step is to examine the company’s AD/ART. Some companies have clauses that restrict the transfer of shares — for example, requiring the shares to be sold back to the remaining shareholders.
2. Make a notarial deed. A transfer of shares by inheritance must be recorded in a Deed of Transfer of Rights made by a notary.
3. Shareholders’ approval. Sometimes the process requires approval from the General Meeting of Shareholders (Rapat Umum Pemegang Saham, RUPS).
4. Report to Kemenkumham. Any change of share ownership in a closed company must be reported to the Ministry of Law and Human Rights (Kemenkumham).

Because of the complexity, handling the inheritance of shares in a closed company is strongly advised to be done with an experienced lawyer or notary.

Part 2: The Procedure for Inheriting Gold

As with shares, inheriting gold differs between physical and digital forms.

Physical Gold (Bars, Jewelry)

The process for physical gold is simpler and rests on the agreement of the heirs.

1. Gather proof of ownership. This is the key. Collect all certificates of authenticity (for example, from Antam or UBS), purchase receipts, or other proof that the gold belonged to the deceased.
2. Division under inheritance law. Based on a valid Heir Certificate, the heirs may divide the physical gold according to the shares agreed or determined. If a dispute arises, it must be settled through mediation or the court.
3. The importance of honesty. Without strong proof of ownership, this process depends heavily on the honesty and good faith of all heirs.

Digital Gold (Gold Savings, Vaults)

Every digital-gold provider has its own mandatory heir-claim procedure.

1. Pegadaian Gold Savings (Tabungan Emas):

• The heir must come in person to the Pegadaian branch (the state pawnbroker) where the account was opened.
• The documents needed include: the original passbook, the deceased’s KTP, the heir’s KTP, the Certificate of Death, and a valid Heir Certificate.
• Pegadaian processes the closing of the account, and the gold balance is paid out in cash to the lawful heir.

1. Antam Precious-Metal Vault (Brankas Logam Mulia):

• The heir must contact Antam customer service to begin the claim.
• Antam generally asks for a set of documents similar to a share claim (KTP, KK, Death Certificate, SKW / Court Determination).
• After verification, the heir can withdraw the physical gold stored in the vault according to the applicable procedure.

Tax Aspects You Must Know

This is the part most often misunderstood. The key points:

1. Inheritance is not a tax object. Under the Income Tax Law (Undang-Undang Pajak Penghasilan, PPh), inherited property (including shares and gold) received by an heir is excluded from the object of income tax. You do not pay tax on the value of the inheritance you receive.
2. The condition for the exclusion. This exclusion applies on the condition that the inherited property was reported in the deceased’s annual PPh tax return (SPT Tahunan). If it was never reported, the Directorate General of Taxes (DJP) may treat it as income whose tax obligation has not been met.
3. Income from inherited assets is taxed. Tax arises once the inherited asset begins to produce a gain for you. For example:
   • Dividends you receive from inherited shares are an object of income tax.
   • A capital gain from selling inherited shares or gold is also an object of income tax. The gain is calculated from the difference between the sale price and the acquisition cost (the market value at the time of inheritance).

You must report this gain in your own annual tax return as an heir.

Need Legal Help?

Handling an inheritance of shares and gold can be straightforward when all documents are complete and there is no dispute. The key is to have valid proof of heirship and to follow the procedure set by each institution.

Even so, you are strongly advised to seek legal help from a civil lawyer in situations such as:

1. A dispute arises among the heirs.
2. Proof of ownership of the asset (shares/gold) cannot be found.
3. The inheritance involves shares in a closed company with complex Articles of Association.
4. The deceased left debts connected to the inherited assets.

With careful planning and professional help where needed, you can make sure your rights as an heir are protected and the transfer of wealth runs smoothly under the applicable law.

If you are settling an inheritance of shares or gold in Purbalingga, Banyumas, Banjarnegara, Purwokerto, or Cilacap, Advokat Luthfi is ready to help you secure your heir documents, handle the claim, and resolve any dispute fairly. Your first consultation is free.

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