When someone dies
a guide for executors and administrators
Introduction
We understand that this can be a difficult time and we want to
make the next steps as simple as possible. We’ve created this
guide to help you manage any investments that are held with us.
What’s included in this guide
Section 1 – What we need you to do
Section 2 – Next steps
Section 3 – Questions & answers
Section 4 – Your documents checklist
Forms included with this guide
Withdrawal Form (for deceased clients)
Forms you can find online
Asset Transfer Form
Inheritable ISA Allowance Investment Funds Transfer Application Form
Section 1
What we need you to do
Notifying Cofunds
What is a Grant of Representation?
Please let us know as soon as possible that our investor has
passed away. This will enable us to process everything quickly and
smoothly for you.
A Grant of Representation states who’s now responsible
for our investor’s holdings.
Call us
0345 604 4001
Telephone lines are open Monday to Friday 9am to 5pm. Calls may be
recorded for training and quality purposes. Call charges will vary.
Write to us
Cofunds Limited,
PO Box 1103
Chelmsford, CM99 2XY
Documents we need from you
?
There are four documents that can be issued on our
investor’s death:
• Grant of Probate
• Certificate of Confirmation (this is the Scottish
equivalent to a Grant of Probate)
•Grant of Letters of Administration – if our investor died
intestate, and left no Will or instruction
•Grant of Probates issued within the Commonwealth
must be resealed in the UK. Overseas Grant of Probates
(including those issued in the Isle of Man, Channel
Islands and Republic of Ireland) cannot be resealed in the
UK. A separate English Grant is required.
When calling us it’s useful to have our investor’s Cofunds Client
Reference to hand – this will allow us to find their investment
details quickly. If you’re a solicitor or a family member, we’ll ask
you to send us their original death certificate.
In addition, if the investor held a sole holding – meaning no other
people were named on the product – we can accept an original of
the following documents:
• Death Certificate Verification Form
•Grant of Representation bearing the impressed seal of
the court.
For joint holdings, we need the original death certificate or a
Grant of Representation bearing the impressed seal of the court.
When someone dies - a guide for executors and administrators 3
Section 2
Next steps
What we’ll do
Selling their investment(s)
When we receive written confirmation of our investor’s date
of death, we’ll make a note of any documents you send and
then return any originals to you. Then, if our investor held a sole
holding, we’ll provide a valuation as at the date of death.
To sell the investments held we’ll need you to send us:
•the Grant of Representation bearing the impressed seal of
the court
•a completed Withdrawal Form (for deceased clients) or a
Letter of Instruction, both must be signed by all executors
named on the Grant of Representation.
We’ll also:
•register our investor’s death on their account
•stop any regular withdrawal payments
If you would like to withdraw the balance from a Cofunds Cash
Account, please ensure you state to do so on any Letter of
Instruction.
• stop any regular savings plans
•arrange for any future income payments to be held in their
Cofunds Cash Account
Once we receive your instruction, we’ll sell their investment(s)
and forward the proceeds as requested.
•withdraw the balance in the Cash Reserve and transfer the
proceeds to their Cofunds Cash Account.
If the money from the Cofunds Cash Account is to be paid to
the estate, we’ll send one payment for the invested money and
further payments for cash balances.
For joint holdings we’ll:
•transfer the investments and any cash balances to the other
holders’ account(s)
Please be aware that we can’t make payments to third
parties, except in the case of a recognised solicitor.
• provide a valuation if requested.
!
Investment ISA holdings
Keeping their investment(s)
If our investor held an Investment ISA we’ll move the investments
to an Investment Funds holding in their name. If we receive any
tax refunds after the date of their death, we’ll withdraw them and
refund HM Revenue & Customs (HMRC), as these are no longer
allowed under HMRC regulations. If applicable this will also include
any tax due on the Cash Reserve interest payments.
If the units are to be kept by a Beneficiary as an Investment Funds
holding, we’ll need you to send us:
As each investor is now entitled to a dividend allowance, meaning
there’s no tax to pay on the first £5,000 of dividend income, we’ll
pay all dividend payments gross of tax. Please note, this doesn’t
affect interest payments.
Accumulation funds held – as any income earned is kept in the
fund and not paid out to the investor, the fund unit/share price will
increase.
4 When someone dies - a guide for executors and administrators
•a completed Asset Transfer Form providing the details and
signature of the Beneficiary, signed by all named executors.
A form will need to be completed for each Beneficiary.
The Asset Transfer Form can be found on the Document Centre
via the Cofunds website.
Income funds held – any interest or gains which have accrued up
to the date of death, will fall under the ISA tax wrapper.
For more information on dividends, please speak to a tax
adviser or read the Government’s Dividend Allowance
Factsheet: www.gov.uk/government/publications/
dividend-allowance-factsheet
•the Grant of Representation bearing the impressed seal of the
court
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Inheriting an ISA (additional permitted
subscriptions)
Spouses/registered civil partners can inherit the allowance of
an ISA held by our investors on their death, where they died after
3 December 2014.
If you hold an ISA product with another firm, for example Investor
Portfolio Service (IPS), you must write to them separately to
instruct them to complete your request.
Next steps
Once we’ve received your application for our Small Estates
Scheme, including all the relevant documents, we’ll send you
a Statutory Declaration for you to complete. This form needs
to be signed by a personal representative and witnessed by an
independent party.
To make use of this allowance, the spouse/registered civil partner
will need to complete an Inheritable ISA Allowance Investment
Funds Transfer Application Form to transfer their partner’s
funds (including Cash Reserve if held at date of death), to their
own Investment ISA.
This form can be found here:
www.cofunds.co.uk/inheritableisa
Small estates
Cofunds offer a Small Estates Scheme where the total Estate
value does not exceed £15,000.00 and a Grant of Representation
has not been applied for. In order for us to determine whether this
is allowable in this instance, please provide the following:
• original death certificate
•certified copy of the Last Will and Testament or written
confirmation that one does not exist
Need more help?
If you have any
questions or need
any of the forms
listed above, call us
on 0345 604 4001
Telephone lines are open Monday
to Friday 9am to 5pm. Calls may be
recorded for training and quality
purposes. Call charges will vary.
•confirmation from the Next of Kin that they are not applying for
Probate for any purpose and that the total Estate value is under
£15,000.00.
If you forward a certified copy, then this must be certified as
follows, please note that we are unable to accept photocopies:
•certified on at least one page in ink (wet signature) other than
black by a Solicitor, Notary Public, Commissioner of Oaths,
Bank Official or Intermediary, all of whom should add the
capacity in which they are signing
•their original signature and printed name
•compa ny name
•contact telephone number
•date.
When someone dies - a guide for executors and administrators 5
Section 3
Questions and answers
Q Do you supply tax vouchers on
request?
We can send tax vouchers that you ask for once we receive
the Grant of Representation bearing the impressed seal of
the court, and the executor’s final signed instructions.
Q Can the holding be sold before I get
the Grant of Representation for
Inheritance Tax purposes?
Yes, but for us to sell the investments to raise funds for
Inheritance Tax to be paid, we’ll need you to send us:
Q What will happen to any further
income payments?
If there are any more income payments made once
we’ve received the Grant of Representation, the income
payments will be sold or transferred, as per the executor’s
final signed instructions. The executor can also choose
a bank account in the Withdrawal Form (for deceased
clients) for this to be paid to.
Q How do I certify a copy of the Last
Will & Testament?
The Last Will & Testament, can be certified with an ink
signature (not in black) on at least one page by:
• the original death certificate
•an original/certified copy of the Last Will & Testament,
providing details of the Executor(s)/next of kin and their
signed authorities
• a solicitor
• a Notary Public
•a copy of the Inheritance Tax calculation (Form IHT423)
from HMRC, together with confirmation of the amount
required
• a Commissioner of Oaths
• a bank official, or
• an intermediary.
•written confirmation of who to pay (the exact payee
details). This must be either the solicitors dealing with
the estate or HMRC
•the Grant of Representation, when issued, bearing the
impressed seal of the court (if the account is left at a zero
balance or there’s an amount left after the withdrawal).
We’ll then send the money from the withdrawal as
instructed for the Inheritance Tax to be paid.
Q Can I sell or transfer part of a holding?
Yes you can sell or transfer part of a holding once we receive
the Grant of Representation bearing the impressed seal
of the court. We’ll continue to hold the remaining funds in
the investment until we receive the executor’s final signed
instructions.
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They must state their capacity by printing their name,
company name, telephone number and the date. Please
note that we won’t accept photocopies.
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For information on
how to obtain Probate,
visit HMRC website:
www.hmrc.gov.uk
For guidance
and information
about advisers or
intermediaries who might
be able to help you:
Download the
‘How to obtain Probate’
guide:
www.
theprobateservice
.org
www.unbiased
.co.uk
Citizens Advice Bureau
website:
Probate and Inheritance
Tax helpline:
www.citizensadvice
.org.uk
0300 123 1072
More
help and
support
Section 4
Documents checklist
This checklist should help you send us everything we need for our investor’s holdings. Please include it when sending us your
documents. We may ask for additional documents, if necessary. If you’ve already provided the documents listed below, they’ll
be dealt with in due course.
Please tick the relevant boxes below and include this page when sending to Cofunds.
We require sight of the below document and Executors final signed instructions.
Documentation Required
4 Grant of Probate/Certificate of Confirmation (bearing the impressed seal of the court)
Executors Final Instructions
If investments are to be utilised as part/all of the Inheritable ISA Allowance
4 Inheritable ISA Allowance Investment Funds Transfer Application Form – This application form should be completed
in conjunction with the Terms and Conditions. This will move the stock from the Investment Funds into the ISA holding
(including Cash Reserve if held at the date of death). Please note that we are unable to accept new business from clients
whose residential address is outside the UK/Isle of Wight.
If investments are to be transferred as stock
4 Asset Transfer Form – An Asset Transfer Form should be completed in conjunction with the Terms and Conditions and
signed by all named Executors for each beneficiary. Please note that we are unable to accept new business from clients
whose residential address is outside the UK/Isle of Wight.
If investments are to be sold
4 Letter of Instruction signed by all named Executors – to sell the investment and forward the proceeds to them, please
note that we cannot make payments to third parties, except in the case of a recognised Solicitor. To help us distribute any
subsequent income payments to the Estate, please also provide the Executor’s bank details in the letter of instruction.
Income payments can continue to be paid after the Solicitor dealing with the Estate has closed their files and so, the
Executors may wish to have these payments made to their bank account.
Please note the above documents are our minimum requirements for standard processing and additional documentation may
be requested if necessary. This checklist is designed as a guide to assist you.
8 When someone dies - a guide for executors and administrators
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WITHDRAWAL FORM
for deceased clients
Section 1
This form is to be used to sell investments held by a deceased Cofunds
client. Please tell us where you’d like us to send the proceeds.
Please complete this form and return it to:
Cofunds Limited, PO Box 1103, Chelmsford, CM99 2XY
Account details
Cofunds Client
Reference(s)
Name of deceased
I/We as executors of the above named deceased, instruct Cofunds to sell the above investments (including the balance in the Cofunds Cash Account) and forward the
proceeds to the nominated bank account below.
Nominated bank account for sale proceeds
Name of account holder
/
Branch sort code
/
We can’t make payments
to third parties, except in
the case of a recognised
solicitor.
Bank/Building Society
account number
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Building Society
roll number
Nominated bank account for any subsequent income
Income payments can continue to be paid after the solicitor dealing with the estate have closed their files and so, the executors may wish to have these
payments made to their bank account.
To help us distribute any subsequent income payments to the estate, please provide the executor’s bank details below.
Name of account holder
/
Branch sort code
/
Bank/Building Society
account number
Building Society
roll number
Section 2
Authorisation
First executor signature
Date
/
/
Second executor signature
Date
/
/
Third executor signature
Date
/
/
Fourth executor signature
Date
/
/
Withdrawal Form (for deceased clients)
Issued and approved by Cofunds Limited, Level 43, The Leadenhall Building,
122 Leadenhall Street, London, EC3V 4AB. Registered in England and Wales No. 3965289.
Authorised and regulated by the Financial Conduct Authority (FCA) under FCA Registration No. 194734.
CG123GBUB 11/16 Q0054467