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Does anyone have any experience of inheriting a Holiday Property Bond?
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BeeTheGoddess
Posts: 7 Forumite
Hi, I was hoping to hear some experiences from anybody who has inherited an HPB please. A family member wants to add me as an additional life assured person, and I've been sent a form to fill in with my details - including medical details which I find a little bizarre, but guessing this is a standard part of life assurance?
As far as I understand it in plain English, my family member wants to use the bit of HPB that allows the investment to be passed on when they die. I've had a look at how HPBs work and I'm pretty confident it's not for me and the only thing I would do with it is cash it in and take the money. However, as I'm a residual beneficiary in my family member's will anyway, I'm not sure whether I'd need to be added to the HPB - wouldn't I just inherit it anyway if that's the case?
Basically, I'm loath to sign up to inherit this thing if I don't have to, and I'm uncertain as to what that would tie me into - for example if my family member dies and I inherit the bond, am I also inheriting responsibility to pay the quarterly charges that HPB charge? If it's relatively easy to cash in and get out of that then that's okay, but I'd appreciate knowing if any inherits have ever done this process, and whether it's especially fiddly to cash in. I assume that basically they don't want people to do that and to continue the bond instead, and I really don't want to entangle myself in additional admin, especially if I'm being charged for it in the meantime.
Would greatly appreciate any advice or experiences please
As far as I understand it in plain English, my family member wants to use the bit of HPB that allows the investment to be passed on when they die. I've had a look at how HPBs work and I'm pretty confident it's not for me and the only thing I would do with it is cash it in and take the money. However, as I'm a residual beneficiary in my family member's will anyway, I'm not sure whether I'd need to be added to the HPB - wouldn't I just inherit it anyway if that's the case?
Basically, I'm loath to sign up to inherit this thing if I don't have to, and I'm uncertain as to what that would tie me into - for example if my family member dies and I inherit the bond, am I also inheriting responsibility to pay the quarterly charges that HPB charge? If it's relatively easy to cash in and get out of that then that's okay, but I'd appreciate knowing if any inherits have ever done this process, and whether it's especially fiddly to cash in. I assume that basically they don't want people to do that and to continue the bond instead, and I really don't want to entangle myself in additional admin, especially if I'm being charged for it in the meantime.
Would greatly appreciate any advice or experiences please
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Comments
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HPB is a niche product so I would contact them directly for advice. As a HPB member I must admit I love the portfolio of properties and have had a huge number of fantastic holidays with them.0
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I inherited my parents bond a couple of years ago. I suggest you phone the very helpful people at HPB Management Limited who should be able to help you out.
- Tel: 01638 674726
- Telephone lines open: Mon-Fri 9.00 - 17.30
- E-mail: admin@hpb.co.uk
#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660 - Tel: 01638 674726
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