Selling investments before probate

[SuperSpurs106]

Hi

I have a client who has passed away. He has an investment portfolio worth £800,000. This has increased in value by around £40,000 since death. Probate has been applied for but this obviously takes time.

Is there any way the assets can be sold to cash to protect their value before probate is granted? Or, is the value at the mercy of the stock market and the time it takes for probate to be granted? The cash would remain in the existing wrappers, the question is not about distributing but simply selling down to protect against falls in value.

Thank in advance.

[pawncob]

If they're held jointly they can be transferred to survivor immediately.
Depends upon the will and circumstances.

[SuperSpurs106]

The investments are held individually and the client died intestate.

[AGoodman]

Some investment managers will agree to sell investments - particularly to enable the PR's to pay inheritance tax pre-grant.

Others won't. Unfortunately it's at their discretion as you can't instruct them in a binding manner until you have the grant.

[SuperSpurs106]

Thanks.

I would have thought most providers would allow funds to be sold to pay an IHT bill pre-grant, as probate will only be granted once the IHT bill has been settled.