If a Netwealth client passes away, please notify us as soon as possible either by calling us on 020 3795 4747 or by writing to us using the address below. Once we have been notified of a client’s death we will freeze their account and upon receipt of an original or certified copy of the death certificate release a full valuation of their account to the Executors for probate purposes.
Please note that when somebody passes away, any investment that was held within an ISA will lose its ISA status at the date of death and become part of their estate.
For the Executors to be able to act on the account 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 need to be sent by post to: Netwealth Investments Limited, 60 Charlotte Street, London W1T 2NU.
In the 2014 Autumn Statement it was announced that from April 2015 Additional Permitted Subscription (APS) would come into effect. If your spouse or civil partner dies this means you are now allowed to contribute an additional amount to an ISA on top of your normal annual ISA allowance.
Using APS, you can contribute up to the value of cash and investments held in your spouse or civil partner’s ISAs at the date of their death. You can make contributions of “in specie” non-cash investments up to 180 days after beneficial ownership of those assets passes to you. 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.
Your spouse or civil partner’s ISA will still lose its ISA status on the date of their death and will follow the usual deceased estate process.
If you would like to invest the APS with Netwealth, you will first have to make the APS with the ISA manager who held the deceased’s ISA by requesting the relevant APS forms from them. You will then be able to transfer the ISA to Netwealth. If the deceased’s ISA manager is Netwealth, you can request the APS forms by calling us on 020 3795 4747.
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.
You can provide us with details of who you would like to receive any benefits payable from your Netwealth Personal 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 tax treatment of these benefits will vary depending on whether you died before or after age 75.