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Post by propman on Mar 31, 2016 15:30:00 GMT
Probate just needs you to value all assets, submit the IHT form, pay the IHT and attend an appointment to be granted probate. So as long as there is info to identify the P2P holdings and liquidity to pay the IHT bill (only withdrawals explicitly allowed without probate are funeral expenses and IHT), shouldn't be an issue.
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 15:33:45 GMT
Your right, maybe i haven't thought this through properly, a BIG POT of poo pourri may be needed.  I think that might have the opposite effect ... pot pourri on the other hand  HaHa. well spotted,.... actually the poo pourri will probably smell better. 
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Post by lynnanthony on Mar 31, 2016 15:48:23 GMT
A couple of passing thoughts:
I don't really see the inability to liquidate 100% of investments wherever they may be as a problem. My wife will need income not capital, so as long as she can get the accounts transferred into her name it'll be OK. Or am I missing something?
Would it be legal / feasible to have a joint P2P account? Or would it be a practicable to start a ltd company to handle our P2P investments, with both of us as directors?
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 16:00:47 GMT
A couple of passing thoughts: I don't really see the inability to liquidate 100% of investments wherever they may be as a problem. My wife will need income not capital, so as long as she can get the accounts transferred into her name it'll be OK. Or am I missing something? Would it be legal / feasible to have a joint P2P account? Or would it be a practicable to start a ltd company to handle our P2P investments, with both of us as directors? Yes would be interesting to know if it's possible to transfer accounts, not looked, but, i would suspect this would not be possible. But joint accounts, that is interesting. 
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Investor
Member of DD Central
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Post by Investor on Mar 31, 2016 16:37:12 GMT
Please help/advise. I am beginning to worry what sort of a mess I'm potentially leaving my wife in case something happens to me. Although in my 60's, I'm very fit and without any major problems but am concerned. I already have a wad of current accounts to take advantage of the 5% deposits and regular savers drip fed from 123 accounts. But these can be closed at a moments notice as can my remaining shares and other investments. If I am right that probate won't release to my wife monies that I leave behind until all the estate is accounted for. Potentially it could take years because of my P2P holdings. Or would P2P platforms voluntarily or with pressure reimburse for any loans held and take it upon themselves to sell them on the SM, or would the executor have to wait like everyone else for the loan parts to sell or be repaid. Anyone had any experience of this or knowledge that may help. I'd love to invest more as I have confidence in the platforms I currently have money with RS, SS and MT but rather that contact them individually at the moment, seek some guidance fro you pro's. Rather simple really, just ensure half your P2P savings are held in accounts created under your wife's name. If you want to be even more pedantic/morbid, calculate the ratio between your and your wife's relative 'likelihood of death' and split the savings using that ratio. Another advantage is on some platforms you get double the investment when the original loan is hair cut between all investors. *obviously assumes you both have similar tax situations
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duck
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Post by duck on Mar 31, 2016 17:19:44 GMT
As a motorcyclist it may not be age that takes me so I have taken 'precautions'. Power of attorney (or what ever the correct name is) has been formalised many years ago so if I get a big bang on the head .... or worse, things are set up. I have used my partners* tax allowance with investments in her name - they are her accounts with her password so she can have instant access. She has a cross section of accounts RS, MT, AC, SS, AR. Monthly income and the possibility to sell off if required. Whilst I do the investing she has an overview so she knows what to do if suddenly alone. If I'm still around when her works pensions come through I will be looking at tax liabilities again, it's all a bit of a balancing act! *soon to be wife to keep my accountants quiet |
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Post by mrclondon on Mar 31, 2016 18:55:29 GMT
A rewrite of my will is something that's long overdue.
One option I'm considering is to see if a form of words could be constructed such that my executors liquidate what investments they can over the (say) 12 months following my death, and those funds plus the realisation of my property are distributed according to my "main bequest" instructions. Anything not liquidated (e.g. untradeable distressed p2p loans, plus unquoted equity etc ) on the first anniversary of my death is bequeathed to someone who has the knowledge to realise any residual value over future years.
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 19:09:47 GMT
*soon to be wife to keep my accountants quiet CONGRATS/ commiserations..... as the case may be..
But actually a really good point, i have just carried on over the last 2 years investing in p2p and not really considering what would happen come the worst, but this thread has got me thinking and i am going to go down "investor's" route and start some additional investments in the wife's name.
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adrianc
Member of DD Central
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Post by adrianc on Mar 31, 2016 20:35:03 GMT
Anything not liquidated (e.g. untradeable distressed p2p loans, plus unquoted equity etc ) on the first anniversary of my death is bequeathed to someone who has the knowledge to realise any residual value over future years. I'm always happy to volunteer to help a mate out, y'know...
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 20:48:19 GMT
Anything not liquidated (e.g. untradeable distressed p2p loans, plus unquoted equity etc ) on the first anniversary of my death is bequeathed to someone who has the knowledge to realise any residual value over future years. I'm always happy to volunteer to help a mate out, y'know... Me too please.... i LOVE the mods on here, they are so generous, can i PM you my bank details please, and my Nigerian agent's details.
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Post by caveman38 on Mar 31, 2016 21:00:08 GMT
I'm glad I've made other investors think about this issue. I am grateful for all the input and suggestions. Of all, the joint account solution was the best. Unfortunately it doesn't appear that the platforms offer this option. It would be interesting to hear from any of the platforms administrators, as to whether they've had to deal with any estates and if not what help they would offer the partners in speeding up the closing of accounts with what may be lengthy outstanding loans. Till I have some sort of idea how my accounts would be handled. I may not commit too much more money, which is a shame.
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brin
I am trying to stay calm.
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Post by brin on Mar 31, 2016 21:06:07 GMT
I'm glad I've made other investors think about this issue. I am grateful for all the input and suggestions. Of all, the joint account solution was the best. Unfortunately it doesn't appear that the platforms offer this option. It would be interesting to hear from any of the platforms administrators, as to whether they've had to deal with any estates and if not what help they would offer the partners in speeding up the closing of accounts with what may be lengthy outstanding loans. Till I have some sort of idea how my accounts would be handled. I may not commit too much more money, which is a shame. Very good point. i will wait for the replies. this concerns me as well
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Apr 3, 2016 9:18:29 GMT
Your right, maybe i haven't thought this through properly, a BIG POT of poo pourri may be needed. I think that might have the opposite effect ... pot pourri on the other hand If you eat plenty of fibre "a BIG POO of pot pourri" might be the best result
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