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    • Rodders2409
    • By Rodders2409 3rd Jan 18, 1:12 PM
    • 38Posts
    • 11Thanks
    Rationalising recently deceased parents investments
    • #1
    • 3rd Jan 18, 1:12 PM
    Rationalising recently deceased parents investments 3rd Jan 18 at 1:12 PM
    Hello All,

    Not sure if this is the correct place to post...if not could someone point me in the right direction, many thanks!

    Sadly, mum recently passed away and dad is now looking to sort things out financially. I've had great feedback in the past from this site so thought I'd enquire on the variables we have in front of us with some better informed folks.

    They have a shared bank account that will be fairly easy to manage through, and will act as dads main account going forward.

    In addition there are a number of investments to consider which dad is suggesting he just 'cashes in' and passes the monies on to my brother and I. However, I think this needs some thought with regards to tax etc..

    The Investments are in a number of places...
    NS&I - Bonds / Savings / Premium bonds
    Prudential - With profits fund
    Halifax - ISAs
    Nationwide - ISAs

    ...they all need checking but probably come to a total of about 350K.
    In addition, valuation on the house is 350-380K.

    Obviously, dad will be living at home for the foreseeable future, but what would are the things to consider when looking at the initial investments, and then latterly the home when that comes to pass, with regards to tax efficiency etc...

    Many thanks for any pointers.
Page 2
    • Keep pedalling
    • By Keep pedalling 5th Jan 18, 9:33 AM
    • 4,846 Posts
    • 5,398 Thanks
    Keep pedalling
    Sorry for your loss Rodders.

    As far as I can see there are no tax implications in your father giving his children gifts (effectively inheritance upfront) and there obviously benefits for you and your brother. He is the key person in this decision and if that makes him happy at this difficult time (and I can see why it would) then I would gently go along with the idea .
    Originally posted by newatc
    I would agree, although please make sure he retains sufficient for his own needs, and does not leave himself in the position where he could not afford to replace a boiler or keep the house maintained in good condition.
    • Rodders2409
    • By Rodders2409 2nd Feb 18, 2:43 PM
    • 38 Posts
    • 11 Thanks
    Many thanks for all responses.

    Fortunately my dad has decent cover with State and Naval pensions, so day to day expenses plus a bit is all OK. He has decided, without any prompting, that he wants to simplify and clear the decks and is preparing to cash in various investments and pass them on to us two kids.

    We're both looking to utilise Sal Sac, and our as much of our unused 3 year 40K allowances to maximise contributions.

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