Direct Payment Scheme for IHT

JamesRobinson48

lake888 said:

Just wondering at later age, would it be sensible to convert all stocks & shares ISA into cash ISA and make life easier for the executor when I pass.

I suggest it would be wisest to ensure that the distribution of your savings and investments satisfies your need for income, capital growth, liquidity or lifelong financial security depending also on your risk tolerance and personal preferences. It's a worthy intention to make life easier for your executor after you pass, but that should not your main priority. In my case, I've started to simplify my finances by using a smaller number of banks and building societies than in the past. But I intend to leave a large chunk of my assets in stocks and shares until the end (whenever that might be, hopefully a long way off).

lake888

JamesRobinson48 said:

lake888 said:

Just wondering at later age, would it be sensible to convert all stocks & shares ISA into cash ISA and make life easier for the executor when I pass.

I suggest it would be wisest to ensure that the distribution of your savings and investments satisfies your need for income, capital growth, liquidity or lifelong financial security depending also on your risk tolerance and personal preferences. It's a worthy intention to make life easier for your executor after you pass, but that should not your main priority. In my case, I've started to simplify my finances by using a smaller number of banks and building societies than in the past. But I intend to leave a large chunk of my assets in stocks and shares until the end (whenever that might be, hopefully a long way off).

Thanks for the heads up.  I am also starting to reduce the number of accounts and intend to convert the S&S ISA to cash ISA only at a later age.  Regarding income, I am expecting to receive work pension and state pension in around two years' time.  By that time I really need to have a better planning regarding my finances.

Notepad_Phil

lake888 said:

Just wondering at later age, would it be sensible to convert all stocks & shares ISA into cash ISA and make life easier for the executor when I pass.

What do you count as 'later age' and what would you do if you lived a lot longer than that age? Mrs Notepad's mum lived to her late nineties and still had a stock portfolio that continued to provide a very useful supplement to her other income - and IIRC the ISA S&S portfolio was one of the easiest portions of her estate to deal with as although it is in the estate for IHT it can (if necessary) remain as an ISA within the estate for several years after death whilst still benefiting from tax-free growth and income.

lake888

Notepad_Phil said:

lake888 said:

Just wondering at later age, would it be sensible to convert all stocks & shares ISA into cash ISA and make life easier for the executor when I pass.

What do you count as 'later age' and what would you do if you lived a lot longer than that age? Mrs Notepad's mum lived to her late nineties and still had a stock portfolio that continued to provide a very useful supplement to her other income - and IIRC the ISA S&S portfolio was one of the easiest portions of her estate to deal with as although it is in the estate for IHT it can (if necessary) remain as an ISA within the estate for several years after death whilst still benefiting from tax-free growth and income.

Regarding later age, I imagine it's the time when I feel I don't want to manage anything.  You are right we all need as much protection as we can.  May be I am too focused on how long it will take to sell the S&S ISA to pay IHT.