Understand your options

There are number of options for beneficiaries who inherit investments. So you’ll have to decide what to do with the money, once you’ve obtained the necessary paperwork. Find out what you’ll need for each option below.

If you've inherited...

Money or investments held in an ISA

Moving inherited money into your own ISA

If you want to do this, you will need to:

1. Download the inherited account forms below and complete the following parts:

  • The ISA sell form
  • The ISA application form

Download inherited account forms

2. Send us both of those, along with the Grant of Representation or Small Estates Form:

Download the Small Estates Form

3. Be sure to read the Doing Business with FundsNetwork document.

 

Moving inherited money into your Investment Account

If you want to do this, you will need to:

1. Download the inherited account forms below and complete the following:

  • The ISA sell form
  • The Investment Account application form

Download inherited account forms

2. Send us both of those, along with the Grant of Representation or Small Estates Form:

Download the Small Estates Form

3. Be sure to read the Doing Business with FundsNetwork document.

 

Moving inherited money into your bank account

If you want to do this, you will need to:

1. Download the inherited account forms below and complete the following:

  • The ISA sell form and fill in the payment section

Download inherited account forms

2. Send us that form, along with the Grant of Representation or Small Estates Form:

Download the Small Estates Form

3. Be sure to read the Doing Business with FundsNetwork document.

 

Moving inherited investments into your Investment Account

If you want to do this, you will need to:

1. Download and complete the following:

  • The Reinvest ISA form

Download the Reinvest ISA Form

2. Send us that form, along with the Grant of Representation or Small Estates Form:

Download the Small Estates Form

3. Be sure to read the Doing Business with FundsNetwork document.

Money or investments held in an Investment Account

Selling inherited investments and moving the proceeds into your bank account

If you want to do this, you will need to:

1. Download and complete the following:

  • The instruction to sell form

Download the Instruction to Sell Form

2. Send us that form, along with the Grant of Representation or Small Estates Form:

Download the Small Estates Form

3. Be sure to read the Doing Business with FundsNetwork document.

Keeping inherited investments and moving them into your Investment Account

If you want to do this, you will need to:

1. Download and complete the following:

2. Send us both of those, along with the Grant of Representation or Small Estates Form:

Download the Small Estates Form

3. Be sure to read the Doing Business with FundsNetwork document.

Moving inherited money or investments into a new or existing ISA

You can do this once you have sold the investments in the inherited account and moved the proceeds to your bank account (see above for instructions).

Please speak to your adviser for help doing this.

Moving inherited money or investments into a new Investment Account

You can do this once you have sold the investments in the inherited account and moved the proceeds to your bank account (see above for instructions).

Please speak to your adviser for help doing this.

Once you’ve decided on which option to take, you can go to our handy checklist page to make sure you've got everything you need, then tell us what you want to do with the investments from the estate. Remember, before we can sell or transfer holdings, we need a sealed copy of the Grant of Representation or, for smaller estates, a Small Estates Form. You can go to our probate page to find out more.

Additional ISA allowance for spouses or civil partners

Spouses and civil partners are entitled to an additional ISA allowance equal to the value of the ISA holdings held by the investor at their date of death.

A valuation of your spouse’s entire Fidelity investments, including the value of ISA investments, will be sent.

The allowance is available to use up to three years from date of death, or 180 days from probate being granted; whichever is later.

You still have your own personal annual ISA allowance, currently £20,000 for tax year 2017/18.

If your spouse or civil partner’s ISAs were held with other providers but you wish to invest with Fidelity, you’ll need to transfer your allowance to us first. Just complete the Inherited ISA Allowance Transfer Form.

If you don’t want to invest with Fidelity, you can transfer the allowance to another ISA manager.

3 ways to use your new ISA allowance

Invest your own money

  • There’s no need to wait for the Grant of Probate to use this allowance and you can start investing from the date of death
  • Simply complete an Inherited ISA Allowance Form
  • You can invest by cheque any number of times, as long as you don’t go over the available allowance (which is £20,000 for tax year 2017/18) or expiry date of the allowance
  • You should read Doing Business with Fidelity along with the Client Terms. Depending on the investments you choose, you should also read the relevant Key Investor Information, found on the factsheet.
  • If a financial adviser is dealing with this process, please ask them to contact FundsNetwork to download the relevant adviser related forms.

The value of investments can go down as well as up so you may not get back the amount you invest. Please remember, the value of tax savings in an ISA depends on personal circumstances and all tax rules may change in the future.

Use the money you already have with us

  • Simply complete an Inherited ISA Allowance - Sell and Re-invest Form
  • Once reinvested, any investment growth will be free of income and Capital gains tax
  • We’ll sell your investments and use the proceeds to open an ISA. You can invest in the same investments as before, choose new ones or put the money into cash within the ISA and decide later.
  • There’s no charge for moving money in this way, although some fund managers will apply additional costs when buying or selling their funds.
  • Your money won’t be invested while we move it, which usually takes between five to seven days but occasionally can be a little longer. This might mean you could incur a loss or gain depending on how the market moves during this time, and a capital gain could be subject to tax.
  • You should read Doing Business with FundsNetwork along with the Client Terms. Depending on the investments you choose, you should also read the relevant Key Investor Information, found on the factsheet.

The value of investments can go down as well as up so you may not get back the amount invested. Please remember, the value of tax savings in an ISA depends on personal circumstances and all tax rules may change in the future.

Use inherited ISA money

  • This option is available only after probate has been granted and you must be a beneficiary
  • Simply complete a Selling an ISA Form together with an Inheritance ISA Form
  • The amount you can invest is equal to the value of ISA investments at the time of death, even if the value at probate is higher. Any money that goes over the inherited ISA allowance will be sent to the beneficiary by cheque, or can be invested in another Fidelity product by sending us the relevant application form.
  • The ISA investments will be sold and you can decide whether to keep the same investments choice as your spouse’s ISA, choose new investments or put your money into cash within the ISA and decide later.
  • If you choose to keep the same investment choices there may be some instances where an investment may not be available, such as where it is closed to new business. In such cases we will put the money into cash within the ISA and you can choose a new investment at a later date.

The value of investments can go down as well as up so you may not get back the amount invested. Please remember, the value of tax savings in an ISA depends on personal circumstances and all tax rules may change in the future.