Inhertiance but living abroad

molenski

Hi there, I did a quick search for some info but did not find anything so relevant.
I live out of the UK for a long time now and sadly a few weeks ago my dad died.
It looks like I will get some money from his will and I don't have a UK bank account to put this money into. Basically I wanted to know what my options are. I am still a UK national, living abroad with no fixed address or bank account in the UK so would there be any investment possibilities or anything else I could think about? Of course, I could transfer the money abroad and do something with it there but I'm not sure! Anybody got any advice for me? I'd be grateful. Cheers.

user1977

molenski said:

Of course, I could transfer the money abroad and do something with it there but I'm not sure!

Not sure about what? Yes, whoever is administering the estate can transfer the money to you abroad, if that's what you'd want.

p00hsticks

If your father has only died a few weeks ago I think you are getting a bit ahead of yourself - it will probably take the executor many months to sort out the estate (especially if probate is needed) and be ready to distribute it to the beneficiaries. When they are they'll be getting in touch to know how / where you want any money sent. 

danco

Depends what you would like and what your feelings are about whoever is dealing with his estate.

You could set up a formal agreement with his executor (or even someone else) for them to hold the money on your behalf. I have done that for a friend in the USA

Marcon

molenski said:

Hi there, I did a quick search for some info but did not find anything so relevant.
I live out of the UK for a long time now and sadly a few weeks ago my dad died.
It looks like I will get some money from his will and I don't have a UK bank account to put this money into. Basically I wanted to know what my options are. I am still a UK national, living abroad with no fixed address or bank account in the UK so would there be any investment possibilities or anything else I could think about? Of course, I could transfer the money abroad and do something with it there but I'm not sure! Anybody got any advice for me? I'd be grateful. Cheers.

Once the estate is available for distribution the executors will confirm this to you. They will then transfer the cash to your overseas account in a mutually agreed way (usually with the caveat that it is at your risk, especially in terms of exchange rate). Then up to you what you do with the cash; nothing special about holding it in the UK, unless where you are now has some sort of punitive tax regime for such a bequest?

molenski

Hi thanks to everybody for your replies.
What I was actually wondering about (maybe it's not so clear in my first post) is if there is anyway I could (rather than sending the money abroad) invest in something in the UK maybe even though I don't have an address/bank over there.
From what a lot of people are saying it's not such a good idea to put a lump of money in the bank so I'm just wondering what my options are. That was the sort of info I was after if possible.
Thanks a lot if anybody has any suggestions.

user1977

Too vague a question and the wrong board for it anyway - what sort of investment would you want to make? Why would you want to keep the money in the UK rather than wherever you are? Unlikely to be worth the hassle unless it's a vast amount.

Savvy_Sue

user1977 said:

Too vague a question and the wrong board for it anyway - what sort of investment would you want to make? Why would you want to keep the money in the UK rather than wherever you are? Unlikely to be worth the hassle unless it's a vast amount.

and possibly also unlikely to be worth the hassle unless you envisage returning to the UK at some point. 

I'd say that generally banks aren't keen on offering accounts to people who don't have UK addresses and some are definitely actively closing them. Investments, I wouldn't know.