ISA after a death

charlie_1988UK

My uncle recently passed away and we are working out how to sort things out for my aunt. There are 9 cash ISAs with different banks and building societies. How does it work after a death? Will she just inherit the lot? DO we inform each company about his death? Thank you

Keep_pedalling

Who ever is administering the estate needs to inform the providers of the death. Did your uncle leave a will?

eskbanker

https://forums.moneysavingexpert.com/discussion/6688865/isa-after-a-death

The surviving spouse receives an Additional Permitted Subscription of the value of the ISAs, which isn't necessarily the same as literally inheriting them (for one thing, they'll all be closed), but allows her to get that amount into the ISA shelter in her name:

https://www.gov.uk/guidance/manage-additional-permitted-subscriptions-into-an-isa

xylophone

https://www.gov.uk/individual-savings-accounts/inheriting-an-isa-from-your-spouse-civil-partner

Your aunt may have been left the cash in the ISAs in her late husband's will or she may not.

Regardless of this, she still has the right to the APS.

She should contact each provider to check its stance on the APS.

Examples

https://www.nationwide.co.uk/savings/help/inherited-isa-allowance-explained

You can only register the inherited ISA allowance of your partner's Nationwide cash ISAs with us.

This includes any Nationwide ISA except for junior ISAs and Nationwide stocks and shares ISAs.

For ISAs held with other providers, you will need to contact those providers instea

https://www.kentreliance.co.uk/support#other-ways-we-can-help/bereavement

• If the deceased held an ISA with us the surviving spouse/civil partner may be eligible to take part in the Additional Permitted Subscription (APS) ISA scheme. Kent Reliance do not currently offer APS ISA accounts however you're able to transfer the allowance to another provider if they accept them.

sausage_time

Sorry for you and your aunt. While it does not address your ISA question, this is a useful MSE page:

https://www.moneysavingexpert.com/family/what-to-do-when-someone-dies/

It may suggest some other area to be sorted out.