Inheriting the money in an ISA that moved?

Duncndive

I was recently gifted some money in a relation's Will. At the time they made their Will, the person had a cash ISA, and left me whatever amount  was in it after they died.

Now, in the several years between making the Will, and their death, that person moved the money from the ISA into another cash ISA with a better interest rate. (And in fact the building society who had the first ISA got taken over so no longer exists).

My question is - does my 'inheritance' follow the money - ie have I a right to the amount of money which left the first ISA but is now lodged in a later one? Or even all of what's in the later ISA?? That was not bequeathed specifically to anyone, as the person never altered their initial Will.

Any advice gratefully received.

eskbanker

How exactly is the will worded?

Aylesbury_Duck

Surely this is a question for the deceased's solicitor?  We're all going to be guessing, which won't help you.

Duncndive

Thanks for your replies.
The will said 'the amount in the XXX BS ISA'. (Apparently it has to put it like that as you can't 'inherit' an ISA, in the sense that you can't just take over ownership and have it continue to be tax free on the interest earned. So you inherit the current amount in cash).
As to solicitors, well yes... at enormous expense I went to one myself, who said 'hm, yes I could look into that question for you...' ( at further expense!). Clearly they didn't know.
So it might be rare, but I can't be the first person this must have happened to, so I thought it worth asking in case anyone has had the same thing happen to them, and knows the facts of the matter.

Fingers crossed...

p00hsticks

I'm no expert, but my view would be that if the will mentions a specific ISA and that ISA no longer exists, the bequest fails, in the same way as it would if someone was left a specific property which was no longer owned by the deceased at the time of death. 

We often see warnings on here about being too specific with bequests that may no longer be in the deceaseds possession at the time of death and can result in the deceaseds original intentions not being met. 

Keep_pedalling

Duncndive said:

Thanks for your replies.
The will said 'the amount in the XXX BS ISA'. (Apparently it has to put it like that as you can't 'inherit' an ISA, in the sense that you can't just take over ownership and have it continue to be tax free on the interest earned. So you inherit the current amount in cash).
As to solicitors, well yes... at enormous expense I went to one myself, who said 'hm, yes I could look into that question for you...' ( at further expense!). Clearly they didn't know.
So it might be rare, but I can't be the first person this must have happened to, so I thought it worth asking in case anyone has had the same thing happen to them, and knows the facts of the matter.

Fingers crossed...

i ment was the will written by a solicitor? as if it had been I would have thought they would have flagged that up as it is a terribly clause and I am afraid the bequest fails. 

Marcon

Duncndive said:

I was recently gifted some money in a relation's Will. At the time they made their Will, the person had a cash ISA, and left me whatever amount  was in it after they died.

Now, in the several years between making the Will, and their death, that person moved the money from the ISA into another cash ISA with a better interest rate. (And in fact the building society who had the first ISA got taken over so no longer exists).

My question is - does my 'inheritance' follow the money - ie have I a right to the amount of money which left the first ISA but is now lodged in a later one? Or even all of what's in the later ISA?? That was not bequeathed specifically to anyone, as the person never altered their initial Will.

Any advice gratefully received.

The bequest fails, I'm afraid. It's much the same as writing a will which leaves you 9 Acacia Avenue...and if that property is sold before the testator dies, so does your inheritance of 9 Acacia Avenue.

Specific bequests are (almost invariably) just that: specific to what the testator has included in their will. 

sheramber

It would have needed to say the money in any cash ISA , rather than a specific one. 

Section62

Duncndive said:

...
Now, in the several years between making the Will, and their death, that person moved the money from the ISA into another cash ISA with a better interest rate. (And in fact the building society who had the first ISA got taken over so no longer exists).
...

Clutching at straws, is the cash ISA now with the company which took over the building society?  In other words, was the ISA moved because of the takeover?

doodling

The only way you stand a chance of inheriting is if the existing cash ISA can be shown to be a continuation of the previous one with changes only arising as a result of the changes in the financial institution that holds it.

If any other changes have been made (e.g a transfer to an unrelated institution) then the bequest would fail.

This is on the assumption that the totality of the wording of the will is as previously described.

Keep_pedalling

If the residual beneficiaries are happy for you to receive the money in the current ISA then they could make a deed of variation to achieve that end.