Transferring an investment account after probate.

alisont

Hi, 
I’m dealing with my Dads estate as executor. 

Probate all sent off but I’m wondering best steps with Dads investment account. 

I’m wondering if I could transfer/take over Dads account (stock & shares ISA) 
I want to consider the options before I speak to the company once I get probate. 

Dad carefully invested since he retired and really enjoyed tracking his investments, at Christmas he said he’d teach me what he knew but sadly that didn’t happen. 

I’d like to learn and take over the account, then add to the ISA yearly, he’d always wanted me to do this. 

I’m presuming this might be possible, be nice to keep his investments going and add to them but aware I don’t have the knowledge Dad had. 

eskbanker

You can't take over the account as such, as it needs to be closed.  The provider may be willing to transfer stocks directly into an account in your name but it's only spouses who can inherit an additional ISA allowance so if you want to wrap the investments in an ISA you'd have to do so within your own £20K annual allowance.

dunstonh

I’m wondering if I could transfer/take over Dads account (stock & shares ISA) 

It won't be an ISA any more.  ISA status is lost on death. It will be unwrapped and the assets can be transferred in-specie to the beneficiary.

You cant take over his account though. Just the investments.

Alexland

alisont said:

be nice to keep his investments going and add to them but aware I don’t have the knowledge Dad had. 

Investment choices depend on circumstances, objectives, knowledge level, etc. So what was right for you dad to hold is unlikely to be particularly suitable for your needs and experience level.

alisont

Thanks for the replies, I did wonder if it was just a spouse who could have an additional ISA.  I would like to set up my own account and start investing for my future as I only have my workplace pension currently. I’ll see what Fidelity say after probate. 

I did not want the cash sat in a bank account I’d rather invest long term.

Yes, my Dad had a lot more experience than me in the area, and had studied finance at college when he retired. 

eskbanker

alisont said:

I’ll see what Fidelity say after probate.

https://www.fidelity.co.uk/stocks-and-shares-isa/#2370581 addresses the direct question about the fate of the ISA on the death of the holder, and links to explanatory info at https://help.fidelity.co.uk/site/let-us-support-you/account-holders-death and additional detailed assistance accessible from there.

dunstonh

. I’ll see what Fidelity say after probate. 

THey will give the choice of an assets transfer or cash.

maxsteam

The ISAs are for individuals so it will need to be closed but it should be possible for you to have the investments moved into another account in your name. If this is what you want, you should be asking for an “in-specie” transfer.

Albermarle

As said the max value you can add to a Stocks and Shares ISA ( or an Investment ISA as Fidelity refer to it) in one tax year is £20K .
However no problem to hold investments outside an ISA on an investment platform like Fidelity .
The only issue is that the investments may be subject to Capital Gains Tax and Dividend tax , depending on the sums involved etc .
Even if there is no actual tax to pay , you still need to keep records.
That is why where possible it is better to keep investments within an ISA.

 I would like to set up my own account and start investing for my future as I only have my workplace pension currently

Normally when looking for retirement income it is better to invest more within a pension, than outside a pension due to the tax benefit. So increased pension contributions in future may be better than increasing other investments , although it depends on your exact circumstances ( salary level, how contributions are made etc )