The Lemon Fool

magsy12 wrote:My husband died in January and I am the sole beneficiary and the main executor, along with my son, as stated in his Will. He has a stocks & shares ISA (with a low 6 figure value) which I would like to retain. I will not be using the Additional Permitted Subscriptions as my financial circumstances will not be able to fund it. The form from the ISA account says that the ISA can remain open as a continuing account. Does that mean it will be changed to my name? If it is a continuing account, will I be able to add to it, albeit in small amounts? I would be grateful if someone could explain this to me.
Many thanks.

magsy12 wrote:Thank you for the replies.
I do have a stocks and shares ISA with the same company. If my husband's ISA is transferred into mine, then it retains the ISA status? Is there a time limit or is it just 'absorbed' into one ISA? I think that is what I understand from your reply.

If you die
Your ISA will end when either:

your executor closes it
the administration of your estate is completed
Otherwise, your ISA provider will close your ISA 3 years and 1 day after you die.

There will be no Income Tax or Capital Gains Tax to pay up to that date, but ISA investments will form part of your estate for Inheritance Tax purposes.

Stocks and shares ISAs
Your ISA provider can be instructed to either:

sell the investments and pay the proceeds to the administrator or beneficiary of your estate
transfer the investments to your surviving spouse’s or civil partner’s ISA - this is only possible if they have the same ISA provider as you
Check the terms and conditions of your ISA for details.

Inheriting an ISA from your spouse or civil partner
If your spouse or civil partner dies you can inherit their ISA allowance.

As well as your normal ISA allowance you can add a tax-free amount up to either:

the value they held in their ISA when they died
the value of their ISA when it’s closed
Contact your ISA provider or the provider of your spouse or civil partner’s ISA for details.

pje16 wrote:Upon death the ISA status is lost
it will be transferred to a Non-Isa (continuing) account
assuming that the provider knows the rules
This is NOT always the case
when my mum passed way, she had a joint account with my dad and that bank just gave my dad a cheque for the balance that was in the account
Have they not heard of probate ???
After death an ISA becomes a 'continuing ISA' for a brief period
It will remain open until the administration of the estate is complete; or the ISA is closed by the executor

You will have to contact them and go through form filling

pje16 wrote:when my mum passed way, she had a joint account with my dad and that bank just gave my dad a cheque for the balance that was in the account
Have they not heard of probate ???