Advice with IHT please!

HappyHarry

That's a pain. Have you asked them what they can do to resolve the issue?  If they are still taking fees it would be reasonable to ask them for a suggested solution.

As posters above say, is there any property in the estate allowing you to pay by instalments?

Albermarle

handful said:

HappyHarry said:

handful said:

HappyHarry said:

handful said:

With an estate that is largely tied up in shares,funds, S&S ISA etc, these are now effectively locked until probate is granted.

IHT, will be needed to be paid in order for probate to be granted and there are insufficient cash funds available to pay a direct payment from the deceased's account for the full amount that will due. I have looked at some of the specific products available to bridge the finance but the ones I like the look of (e.g Tower Street Finance) have quite high charges and additionally insist on the estate being handled "professionally" so I would also incur other significant costs. I have seen somewhere that a part payment to HMRC may be enough to get probate but nothing definitive. Can anyone offer any experiences or advice on this topic? Thanks

Have you asked the S&S ISA / fund platform if they can release funds to pay an IHT bill? Many do nowadays. 

This didn’t used to be the case but is far more common now.

The company looking after the investments will not do anything with the investments until we have probate. They are still charging for their advice though! I can't believe how many snouts there are in the trough when someone dies.

Who are this company advising? They can only charge the executors for advice if the executors have agreed to pay for ongoing advice. The contract with the deceased has ended.

Which company is providing advice, and which platform are the funds held on?

I'm a little bit reluctant to name and shame if this is incorrect at the moment but this is an extract from the deceased's paperwork. I am waiting to receive details of where the investments are held currently but I know just under half is in a S&S ISA and the rest in fund of some sort.

"Upon notification of your death we will continue to deduct all our normal charges and all pending and scheduled instructions will be cancelled. The value of your account may form part of your estate for inheritance tax purposes and once a ‘grant of representation’ has been issued we will accept instructions from your legal representatives. Your account will remain invested in assets until we receive instructions to sell them."

That is not advice, it seems to be just the normal  charges for holding/running  the investments. It is still a live account until it is closed, so still levying the usual charges is what you would expect.

handful

HappyHarry said:

That's a pain. Have you asked them what they can do to resolve the issue?  If they are still taking fees it would be reasonable to ask them for a suggested solution.

As posters above say, is there any property in the estate allowing you to pay by instalments?

Only made contact today to ask for a valuation from Friday when the deceased passed. I will ask them for suggestions but suspect I will just get passed to their probate department!

handful

Albermarle said:

handful said:

HappyHarry said:

handful said:

HappyHarry said:

handful said:

With an estate that is largely tied up in shares,funds, S&S ISA etc, these are now effectively locked until probate is granted.

IHT, will be needed to be paid in order for probate to be granted and there are insufficient cash funds available to pay a direct payment from the deceased's account for the full amount that will due. I have looked at some of the specific products available to bridge the finance but the ones I like the look of (e.g Tower Street Finance) have quite high charges and additionally insist on the estate being handled "professionally" so I would also incur other significant costs. I have seen somewhere that a part payment to HMRC may be enough to get probate but nothing definitive. Can anyone offer any experiences or advice on this topic? Thanks

Have you asked the S&S ISA / fund platform if they can release funds to pay an IHT bill? Many do nowadays. 

This didn’t used to be the case but is far more common now.

The company looking after the investments will not do anything with the investments until we have probate. They are still charging for their advice though! I can't believe how many snouts there are in the trough when someone dies.

Who are this company advising? They can only charge the executors for advice if the executors have agreed to pay for ongoing advice. The contract with the deceased has ended.

Which company is providing advice, and which platform are the funds held on?

I'm a little bit reluctant to name and shame if this is incorrect at the moment but this is an extract from the deceased's paperwork. I am waiting to receive details of where the investments are held currently but I know just under half is in a S&S ISA and the rest in fund of some sort.

"Upon notification of your death we will continue to deduct all our normal charges and all pending and scheduled instructions will be cancelled. The value of your account may form part of your estate for inheritance tax purposes and once a ‘grant of representation’ has been issued we will accept instructions from your legal representatives. Your account will remain invested in assets until we receive instructions to sell them."

That is not advice, it seems to be just the normal  charges for holding/running  the investments. It is still a live account until it is closed, so still levying the usual charges is what you would expect.

Thanks. I hate to think what their advice charges are if this is just ongoing charges!

HappyHarry

handful said:

HappyHarry said:

That's a pain. Have you asked them what they can do to resolve the issue?  If they are still taking fees it would be reasonable to ask them for a suggested solution.

As posters above say, is there any property in the estate allowing you to pay by instalments?

Only made contact today to ask for a valuation from Friday when the deceased passed. I will ask them for suggestions but suspect I will just get passed to their probate department!

Suggest you contact Fidelity directly. Explain that you are dealing with the estate, and ask them if they are able to make funds available to pay an IHT bill.

handful

HappyHarry said:

handful said:

HappyHarry said:

That's a pain. Have you asked them what they can do to resolve the issue?  If they are still taking fees it would be reasonable to ask them for a suggested solution.

As posters above say, is there any property in the estate allowing you to pay by instalments?

Only made contact today to ask for a valuation from Friday when the deceased passed. I will ask them for suggestions but suspect I will just get passed to their probate department!

Suggest you contact Fidelity directly. Explain that you are dealing with the estate, and ask them if they are able to make funds available to pay an IHT bill.

It's not Fidelity but yes, I will ask. Thank you

HappyHarry

My bad. I read Friday as Fidelity. Apologies.

Albermarle

handful said:

Albermarle said:

handful said:

HappyHarry said:

handful said:

HappyHarry said:

handful said:

With an estate that is largely tied up in shares,funds, S&S ISA etc, these are now effectively locked until probate is granted.

IHT, will be needed to be paid in order for probate to be granted and there are insufficient cash funds available to pay a direct payment from the deceased's account for the full amount that will due. I have looked at some of the specific products available to bridge the finance but the ones I like the look of (e.g Tower Street Finance) have quite high charges and additionally insist on the estate being handled "professionally" so I would also incur other significant costs. I have seen somewhere that a part payment to HMRC may be enough to get probate but nothing definitive. Can anyone offer any experiences or advice on this topic? Thanks

Have you asked the S&S ISA / fund platform if they can release funds to pay an IHT bill? Many do nowadays. 

This didn’t used to be the case but is far more common now.

The company looking after the investments will not do anything with the investments until we have probate. They are still charging for their advice though! I can't believe how many snouts there are in the trough when someone dies.

Who are this company advising? They can only charge the executors for advice if the executors have agreed to pay for ongoing advice. The contract with the deceased has ended.

Which company is providing advice, and which platform are the funds held on?

I'm a little bit reluctant to name and shame if this is incorrect at the moment but this is an extract from the deceased's paperwork. I am waiting to receive details of where the investments are held currently but I know just under half is in a S&S ISA and the rest in fund of some sort.

"Upon notification of your death we will continue to deduct all our normal charges and all pending and scheduled instructions will be cancelled. The value of your account may form part of your estate for inheritance tax purposes and once a ‘grant of representation’ has been issued we will accept instructions from your legal representatives. Your account will remain invested in assets until we receive instructions to sell them."

That is not advice, it seems to be just the normal  charges for holding/running  the investments. It is still a live account until it is closed, so still levying the usual charges is what you would expect.

Thanks. I hate to think what their advice charges are if this is just ongoing charges!

Normally the platform holding the funds/fund managers do not offer personal financial advice. If financial advice has been given in the past by a financial advisor, there may be an ongoing charge. In which case you could contact them for advice. 
Always charges for financial advice ( if there are any) and the day to day costs of running the investments are two separate items. 
The latter can be anything from 0.3% to 2%, including platform and fund costs, depending on what the investments are.

handful

Normally the platform holding the funds/fund managers do not offer personal financial advice. If financial advice has been given in the past by a financial advisor, there may be an ongoing charge. In which case you could contact them for advice. 

Always charges for financial advice ( if there are any) and the day to day costs of running the investments are two separate items. 
The latter can be anything from 0.3% to 2%, including platform and fund costs, depending on what the investments are.

Thanks Albermarle. The investments are roughly half in a S&S ISA and half in a CIA but no idea yet what the actual investments are yet.