If a Netwealth client passes away, please notify us either by calling on 020 3795 4747 or by writing to us using the address below. Once we have been notified of a client's death and upon receipt of an original or certified copy of the death certificate, we will release a full valuation of their account to the Executors for probate purposes.
For all client accounts with a value over £50,000, we will need to receive the Grant of Probate along with a letter of instruction signed by all of the Executors. We will also require proof of identity documents for all Executors and any named beneficiaries. All documents should be sent by post to: Netwealth Investments Limited, Two Fitzroy Place, 8 Mortimer Street, London W1T 3JJ.
Assets held within a GIA account will be moved into an Estate account which allows the capital gains to be reset. Assets held within an ISA account will remain in the ISA account to retain their tax free status until such point that the account is liquidated and proceeds withdrawn.
An APS ISA allowance is an additional allowance which you are granted on the death of your spouse or civil partner. The APS allowance will equal the higher of the value of the ISA as at the date of death or at the closing date of the ISA once probate has been granted. This allowance is added to your own ISA to enable you to make an additional contribution on top of the normal annual ISA allowance.
Please note the availability of an APS allowance is not dependent on the surviving spouse or civil partner inheriting the assets held in the deceased investor's ISA. Additional permitted subscriptions can be made using any other cash they have available for investment.
You can make cash contributions up to 3 years after the date of death, or if later 180 days after the administration of the estate has been completed.
Transferring an APS from another provider to Netwealth
If you would like to transfer an APS from another provider to your ISA account held with Netwealth please contact the Client Service team and we will provide you with an APS transfer form to sign and return to us. We will then liaise with the other provider to transfer the subscription. Once this is transferred you will be able to make a cash contribution into your ISA up to the value of the APS.
Your Netwealth Personal Pension is held within a Trust, which means it does not usually form part of your estate upon death and is therefore not subject to inheritance tax.
Our Expression of Wish form allows you to nominate the beneficiaries of your pension upon your death. This does not bind the trustees but will help them decide to whom they will pay out benefits. These benefits can be paid either as a lump sum or as a beneficiary’s pension. The Trustees (Intelligent Money for the Netwealth Personal Pension) will require the death certificate and a copy of the will before making their determination and will contact your beneficiaries directly in order to agree their wishes on how they would like to receive the benefits. The tax treatment of these benefits will vary depending on whether you died before or after age 75.
Transferring a beneficiary pension from another provider to Netwealth
If you inherit a pension and wish to transfer that to Netwealth please contact our Client Service team who will be happy to assist you with opening this account and instructing the transfer.