We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
ISA Bereavment
outlaw777
Posts: 881 Forumite
Hi all,
My beloved father passed away due to coronavirus, didn't have a will however has stocks and shares in an ISA, please advise is it possible to get this transferred to next of kin?
My beloved father passed away due to coronavirus, didn't have a will however has stocks and shares in an ISA, please advise is it possible to get this transferred to next of kin?
0
Comments
-
Its ISA status can only be retained if next of kin is his spouse or civil partner: https://www.gov.uk/individual-savings-accounts/inheriting-an-isa-from-your-spouse-civil-partner
Edit: the next post explains it better, the investments can't actually be transferred as such!1 -
Sorry but an ISA is not transferable and ceased to even be an ISA on the date he passed away.It will now need to go through the normal process with the rest of the estate. However a surviving spouse or civil partner of a deceased ISA holder may be allowed Additional Permitted Subscription into their ISA.Some providers use a special Inheritance ISA to support this process however as the interest rates tend to be low it's worth transfering to a normal ISA after the additional subscription has occured subject to the normal ISA transfer rules2
-
Please advise what do you think is the best thing to do in this situtation?0
-
Please advise what the situation is - is his next of kin his spouse or civil partner?0
-
Follow the gov.uk workflow to determine the beneficiaries of the estate:Then read the gov.uk guide on probateMSE also have a guide https://www.moneysavingexpert.com/family/guide-to-probate/Once the partner (assume this is a legally recognised marriage or civil partnership) has the distribution from the estate in their own bank account they should talk to their current ISA manger to see if/how they will support the Additional Permitted Subscription.2
-
His partner has the right (but not the obligation) to have an Additional Permitted Subscription equivalent in value to your father's ISA, so can choose whether to benefit from this, i.e. if the partner is inheriting those proceeds (is this confirmed yet?) then they can decide whether or not to place them in an ISA.outlaw777 said:
Yes next of kin would be partner who also has a live ISA account.eskbanker said:Please advise what the situation is - is his next of kin his spouse or civil partner?
There's plenty of information about how APSes work at https://www.gov.uk/guidance/manage-additional-permitted-subscriptions-into-an-isa2 -
Can you clarify what you mean by partner. It can make a difference on the laws of intestacy (how estates are handled on death if there is no Will).outlaw777 said:
Yes next of kin would be partner who also has a live ISA account.eskbanker said:Please advise what the situation is - is his next of kin his spouse or civil partner?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Sorry for your loss.
Assuming that you are next of kin or administrator of the estate:-
You should get a valuation of the ISA at the date of death.
You should advise the ISA provider of the death.
How to obtain access to the funds in the ISA may depend on the value of the ISA. Some providers have a simple small estates process, others don't.
There is a "Deaths, Funerals and Probate" board in the family section of this forum, where you'll get better advice.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards