Shares ISA

AB188

Hi my dad died last month and has a Shares ISA (currently with Scottish Widows platform); it was originally set up with Zurich, which then went to Embark and now is with Scottish Widows.  I have informed them of the death and they have sent me some forms to complete to either transfer it to another fund or to withdraw it.  The ISA has been left to my sister and myself via his will (currently undergoing Probate etc with a solicitor).  The fund is just under 30,000.  I would appreciate any advice.  I work (24,000 PA approx and my sister is recovering from stage 4 cancer is on sickness benefits).

Robin9

The I in ISA means individual  -  so you and your sister can't share it. 

The choice is yours if you want an ISA or perhaps the cash would be better used in paying off a debt or perhaps something special eg a holiday in memory of your dad

Keep_pedalling

The ISA will need to be cashed and the money distributed between you and your sister. You can then each decide what to do with your own share. 

dunstonh

  I would appreciate any advice.

advice on what? 

the ISA cannot be inherited by either of you.  Only the spouse can inherit the ISA.    However, you do inherit the proceeds from the ISA.   The executor of the estate should take care of this.    Who is the executor?

AB188

My sister and I are the executors and the only named beneficiaries, we just dont know whether to take the cash or individually re-invest it 

eskbanker

AB188 said:

My sister and I are the executors and the only named beneficiaries, we just dont know whether to take the cash or individually re-invest it 

That's entirely up to you - it's effectively a question completely unrelated to the administrative aspects of dealing with the estate or the fact that it's currently invested within an ISA, and just boils down to 'starting with a lump sum, what do I want to do with it?'.

You might wish to consider following this process to help you decide:

The Flowchart - UKPersonalFinance Wiki

Albermarle

After following the above link, you can read through the main savings and investments forum.
There are very regular questions along the lines of ' I have a lump sum of £Xk , I do not what to do with it'
The answers should give you some guidance.
The main thing to think about is what you actually plan to use the money for, and when .