Will Trustee Duties

Hitting

As Executor and Trustee of a persons Assets within a Will,how does the Trustee deal with assets such as Equity and Savings ISAs?
Am I correct in thinking that the ISAs would be sold as instructed by the Executor but carried out by Trustee(same person in this case) and placed in a cash fund in the name of the Trustee.If so can the Trustee then distribute these funds as described or not described in the Will, and does this action need to be recorded or reported?
From a tax point of view,if funds are in the name of a Trustee,does the Trustee pay the tax that may be due on any interest that these funds may attract.Thus adding to any tax that the Trustee may be paying in their own right!

xylophone

The deceased must have held the ISAs in his own name because this is the only way that they can be held.

http://www.hmrc.gov.uk/isa/faqs.htm See "What happens if I die"

These assets must therefore pass under the terms of the will of the deceased. The executor will deal with this.

http://www.hmrc.gov.uk/inheritancetax/intro/basics.htm
http://www.hmrc.gov.uk/trusts/iht/death.htm

may be of assistance regarding any assets held in trust.

http://www.herrington-carmichael.com/Documents/Articles/b35aa71a-68fc-4e6c-936f-bd60525107f8.pdf might be of interest.

If unsure, seek the advice of a solicitor who is expert in wills and trusts.http://www.step.org/online-directory

Tuesday_Tenor

If not much response here, try the
Death, funerals and probate sub-board on the marriage, relationships and families board:

http://forums.moneysavingexpert.com/forumdisplay.php?f=217

dunstonh

Am I correct in thinking that the ISAs would be sold as instructed by the Executor but carried out by Trustee(same person in this case) and placed in a cash fund in the name of the Trustee.

The funds can be retained but just lose the iSA status. They can be stock transferred to the beneficiary. They do not need to be sold to cash.

flossy_splodge

The money from a cash ISA may well be required to be paid into an executor account, NOT an account in the trustee or anyone else's name until the proceeds of the estate are distributed according to the will.