Hi there, really hoping you can help as I'm starting to panic a bit. I'm sole deputy and executor for my elderly dad's estate (he's 89). He's in care now and I'm trying my best to make sense of things as I need to report back to the court of protection and do my best to manage his affairs. I've found a savings account that seems to be an investment known as a 'with profits fund' with a major bank. It has a cash in value of around £40,000 or a death benefit around the same. The account documentation suggests it can be cashed in at any time and "you may have to pay income tax". I'm trying my best to consolidate things as his finances are a bit of a mess. He earns around £20,000 per year in pensions and has no other income. I'd like to just cash this in and put the money in a normal account for him. What would the tax implications be of cashing this in? Or should I just leave it alone? Sorry, I'm getting a bit flustered with all this.
Thank you so much!
Jen
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