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Find out more'Can you inherit an Isa allowance before probate is granted?'
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My husband and I would like to avoid our Isas being tied up when one of us dies.
I know Isa allowances can be transferred on death under Additional Permitted Subscription (APS) rules after probate is granted, but we'd like the transfer to be completed as soon as possible.
The whole estate is in joint names except for our Isas. Can this be done?
Anne, Sussex
'You can inherit an Isa allowance without a legal process'
Bill Wilkinson-Hoy, Which? Money expert says...
Yes, it can. To recap: the APS is a way to inherit your spouse or civil partner's Isa allowance (on top of your own), equivalent to the value of their Isa when they died.
Even if the money within the Isa is left for someone else to inherit (such as your child or another relative that isn't your spouse), you're still entitled to an increased allowance equivalent to the Isa's value.
A Small Estates Form can be used as an alternative to a grant of probate
The APS can be transferred to a new provider, as long as it accepts APS transfers.
Every APS provider has its own version of a Small Estates Form, sometimes called a Small Estates Declaration or Indemnity, which can be used as an alternative to a grant of probate.
It allows a surviving spouse or civil partner to claim their APS or transfer the deceased's assets without a lengthy legal process.
But bear in mind that the total value of the Isa must be within the Isa provider's probate limit.
- Find out more: What is probate?
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