by FLH03 » Mon Jun 17, 2019 7:57 pm
Good points made above by ParmaCrescentDad about transferring, exiting and realising investment products. People go in with the best of intentions to invest wisely for their dependants, but need to ask questions about what happens when they (original investor) is no longer around physically or capably - bluntly - how the money comes out, what amount is actually paid, when, and what has to be paid tax-wise at that point. All very difficult and upsetting when someone is bereaved or in shock about a life changing event that has triggered the exit.
I had this problem when my father died; he had various products with one outfit and by then his named Investment Partner, (same generation as my father) had retired and we had to deal with an anonymous administration centre which was difficult, tedious and protracted in the extreme, and complicated because none of the dependants/beneficiaries had a named partner relationship with them. Still dealing with admin issues on 2 products almost 7 years later.
Good points made above by ParmaCrescentDad about transferring, exiting and realising investment products. People go in with the best of intentions to invest wisely for their dependants, but need to ask questions about what happens when they (original investor) is no longer around physically or capably - bluntly - how the money comes out, what amount is actually paid, when, and what has to be paid tax-wise at that point. All very difficult and upsetting when someone is bereaved or in shock about a life changing event that has triggered the exit.
I had this problem when my father died; he had various products with one outfit and by then his named Investment Partner, (same generation as my father) had retired and we had to deal with an anonymous administration centre which was difficult, tedious and protracted in the extreme, and complicated because none of the dependants/beneficiaries had a named partner relationship with them. Still dealing with admin issues on 2 products almost 7 years later.
