pom
Member of DD Central
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Post by pom on Jan 16, 2017 9:56:54 GMT
Are the platforms obliged to liquidate an account if the account holder dies, or can the legatee (the OH in fact) take over the running? I would expect it to be the same as any other probate stuff, they'll accept instruction from executors which could include transferral of ownership or liquidation (but whether they're obliged to liquidate if there's no early exit/SM provision I don't know - suspect that'll end up being case by case)
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archie
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Post by archie on Jan 16, 2017 10:03:55 GMT
Are the platforms obliged to liquidate an account if the account holder dies, or can the legatee (the OH in fact) take over the running? Probably varies by platform. Here's how it would work for FC :- Funding Circle
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 16, 2017 14:10:45 GMT
I have been acting executor since May last year. Lists stored with your will showing access to a secure file which you keep up to date would suffice for access requests.
As has been said avoidance or otherwise is a personal choice.
Register the death to get death certificates and copies. Contact each platform to tell them about the death. Send evidence. Receive the cash into, I would advise, a seperate account from your own for tracking purposes.
I am acting as lasting power of attorney for an ageing relative that is becoming less mentally agile. Registration of the lpa on each site means trading can continue. There is a burden that attorney is able to show they are acting in the persons best interests. This will become more prevalent as the population bulge generation enter later years.
From experience registering with banks I think the lpa is not a commonly used protection yet. As a result of the lpa registration my mum has gone from worrying about being able to afford a new coat to realising she has plenty of money as everything was spread between many accounts over many years and were forgotten.
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Post by dualinvestor on Jan 18, 2017 11:38:58 GMT
Are the platforms obliged to liquidate an account if the account holder dies, or can the legatee (the OH in fact) take over the running? Depends entirely on what the particular terms and conditions state,, if they are silent on the matter the executor (or Adminstrator if the person dies intestate) acquires exactly the same rights and obligations as the deceased and can continue to operate the account. The executor has a set of fiduciary duties including obtaining the best realisation of assets for the benefit of the beneficiaries, in law, and in common sense, this means not taking undue risks and investing surplus funds prior to their distribution in certain classes of assets, none of those involve high risk. In effect for P2P this would probably mean trying to liquidate any protfolio unless there is no mechanism for doing so. It would also mean ot entering into any further loans.
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