Inheriting an ISA - Cash in or Transfer ???

username55_2

Hi - My father recently passed away leaving an HSBC stocks isa as part of his estate. As executor the solicitor has asked me if we (there are 4 daughters) wish to cash it in or transfer it into a new account in our names.

I understand stock isa's have done a bit better than cash isas recently, but don't really have any idea if its worth keeping or not. I belive it is less than £10K so tempted to cash in unless it is a really rubbish time and/or we will get hit with cots - Any sensible ideas or advice welcomed. Thanks

McKneff

The solicitor will hit you with costs of his time for doing all this transfer business.

Why not just cash it in and then each individual can set up their own Isas or spend it as they wish.

With solicitors charging over £100 an hour i know which i would choose.

noh

All the Solicitor will charge for is the cost of his letter to the ISA manager expressing your wishes. As a letter needs to be sent whatever you decide the Solicitors cost will be the same.
When a person dies the ISA wrapper is lost. So you and your sisters, if you choose to keep the shares, will hold them outside an ISA.
If you have no experience or are not comfortable with holding shares then probably it would be best to sell all the holdings and split the cash.

username55_2

Thanks for this - Not too worried about solicitors fee as he is on a fixed price(thank goodness) . More concerned that due to the market it would be a bad time to dispose of shares & this would affect the value of the ISA.

McKneff

I can see your point, shares have plumetted lately and so the trend should be upward. but you never know.

Do you all have to agree what to do or can each of you pick individually.
The trick is, if you decide to cash it all in, then dont, dont, keep track of the share prices afterwards.:eek::rotfl:

architect

Hi there, a relative of mine, who passed away five years ago, has left me an NPI PEP. (I know that PEP's are now known as ISA's) My solictor has advised me to handle this by myself, but I really don't know where to turn to get things moving. Can you please advice me on where to go? Thanks

Biggles

McKneff wrote: »

I can see your point, shares have plumetted lately and so the trend should be upward. but you never know.

Do you all have to agree what to do or can each of you pick individually.
The trick is, if you decide to cash it all in, then dont, dont, keep track of the share prices afterwards.

Not really, shares are at their highest point for 18 months, so it could go either way from here.

But I certainly agree with your last sentence. Never look back!

Chadsman

architect wrote: »

Hi there, a relative of mine, who passed away five years ago, has left me an NPI PEP. (I know that PEP's are now known as ISA's) My solictor has advised me to handle this by myself, but I really don't know where to turn to get things moving. Can you please advice me on where to go? Thanks

Presumably after 5 years probate has been granted...?
Do you want to keep the funds invested in shares? If not write to the fund manager saying you wish to cash in the investment and to make the cheque for repayment payable to Mr Architect.

Mikeyorks

Biggles wrote: »

Not really, shares are at their highest point for 18 months,

But .......... the comment was 6 months ago!

Biggles

Oh, good grief, thanks Architect, another case of dead thread syndrome.