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Is this something we could get some clarification on?
I know with SIPPs you will have introduced a beneficiary option, but will there be something for GIA and ISA accounts, if not, are you looking to include any wording on how you will handle accounts on death? As this isnāt in the terms and will be a growing concern as peopleās ISAs grow
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And as we all age!
With a long-term investment it would be more than necessary to have more information from FT on how to proceed (according to its policy).
Do they have an email/phone for this kind of situation?
What documents would be required to submit by a beneficiary?
If my beneficiary lives in another country, then how to proceed?
So would be very helpful if we could have more information.
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I find it shocking that I posted the above over a year and a half ago, and nothing has changed.
This isnāt an abstract question, this is a real and immediate issue that should be solved sooner rather than later. When Freetrade customers die, their relatives or executors shouldnāt have to be posting to the community to try and find out what to do.
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Must admit I was trying to find out the same details when I joined so I know my account is passed on after I depart. This should be a simple thing to put in place and easy for those who need it!! It really should be a obvious and clear path to complete and having to post on message boards is insane.
I know they are trying to do a lot in a short amount of time but even just a clear policy somewhere and next of kin type box on personal details would be a good start.
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Hi - regards my dads account they needed the actual copy of the death certificate sent and sent it back with a letter stating they needed probate to release the funds.
Seems OTT seeing as itās less than Ā£2k in my dads account and most banks donāt need probate until thereās at least Ā£50k involved. Probate costs Ā£215 (if you do it yourselves, more with a solicitor) but Iām guessing most people like me dealing with a loved ones stocks and share account will have to applying for probate anyway.
It would have been good if this was in the FAQ, the initial communication was a struggle. Free Trade arenāt alone in this but trying to inform a deceasedās accounts is hard work generally.
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Yeah it is pretty poor! One of the main reasons many invest is to ensure something is left for others and a simple beneficiaries box on details would be good. Or a authorised transfer on death. Does anyone know if other places offer this service? I was assuming it was like my pension pots that all have it.
I was about to start an SIPP with FT but canāt find if that includes a beneficiaries declaration which I have with current provider so now wondering if I want to make that change.
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Pensions are very much a special case. Some of the nifty features of pensions have no equivalents in other kinds of tax shelters. A pension is a legal entity separate from yourself (a trust), and the pension company (trustee) holds the assets on your behalf. Because pension assets are legally separate from yourself, pension assets are protected if you go bankrupt, you can designate a beneficiary for after your death, and the assets arenāt included in your estate when you die and can bypass probate and inheritance tax. Any other property that you own, including stocks and money in the bank, is part of your estate when you die and has to go through the complex untangling process that is probate.
(I only know a little bit about pensions, you should check with a proper expert if you really need to be sure about your financial planning. But thatās what I think I know.)
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Excellent info and thanks 
So can I assume that FT SIPP have a beneficiary section?
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Yes, I think so. Personally, I donāt have a SIPP with Freetrade, but a quick glance at the wording of their terms and conditions and key features document related to beneficiaries looks the same to me as the equivalent sections in the documentation for my SIPP with another broker, and for my workplace pension. Maybe someone else here who does hold a Freetrade SIPP can confirm.
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Still waiting for my transfer (thanks HL) but from what Iāve seen in the app so far it is possible to declare a beneficiary - I suspect this is a requirement for SIPPs like you say.
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FYI freetrade gave me the opportunity to set beneficieries. Very simple process that was conducted with the sipp team over chat.
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Oh right, yeah. So in your account you can go to āManage SIPPā and then there is a āManage beneficiariesā option but it just takes you to a screen telling you to contact FT for now. Cool icon though 
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I think THE have to pot on our Nomeni names after we or i die what happens and who will have our shareā¦ that a big deal now for everyone
It is quite odd that such an important subject has never had a response and isnāt in the FAQās. It is almost as if they are happy to make the FX on selling a portfolio 
which of course they arenāt. I get the whole āwillā thing but it would be great if the portfolio could be transferred to who the will states and not sold and then potentially re-bought.
It would be really good for FT to actually bring out a policy so people know the costs of passing on their shares etc.
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The law states that a SIPP need to have named beneficiary, this likely comes from historic pensions that would support a spouse / named person after the holders death. My grandma is still getting a small pension from London Transport 20+ years after my Grandad died.
A legally enforceable will would likely over rule any declaration made on a private companies website. After all people have been dying for years and the law is very well established.
If anyone is reading this and doesnāt have a will please do everyone you know the curtesy of making one. You might not care who gets your books, elon musk shrine or hedge cutter but the people left making that decision do.
Government website with official guidance - Making a will: Write your will - GOV.UK
Money saving expert -
https://www.moneysavingexpert.com/family/free-cheap-wills/
Many charities will do it for you for free, hopefully youāll feel benevolent and leave them something but itās isnāt required.
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I donāt think the issue is so much the law or will but that freetrade donāt have a policy on what happens if you die.
How is the process handled, what info do they need, can accounts be frozen, can accounts be used to pay funeral costs.
What options do I have on the death of a spouse ? Will I get pension benefits or will freetrade require me to transfer the pension?what happens to GIAs and ISAs? Can I have them transferred intact into my own name?
The reality is freetrade have zero information on this and my suspicion is that they offer only one course of action and thatās to shut down the account (ex SIPP) and sell all assets into cash into your bank account.
Thatās the issue for me
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Hi everyone.
To provide some clarity on this:
We do allow customers to add beneficiaries to their SIPPs: https://help.freetrade.io/en/articles/5391588-how-do-i-add-beneficaries
As for standard/ISA accounts, customers can reclaim the assets of a deceased customer by supplying a grant of probate/death certificate.
Thanks
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