Inheriting an investment portfolio

[Tamara]

Hi. Having inherited an investment portfolio, we are very new to this game and each answer we seek, seems to bring more questions - and cynicism on my part.
I have received different answers from our Solicitor, our Financial advisors and the broker currently managing the portfolio. Shares are now in Estate (Probate just granted).
My issue: 1. Do we act whilst in Estate (estate pays costs) or wait till in our name? (sounds expensive to me)
2. When we act, do we need to sell down before transferring to a new manager (via our financial advisor) or just transfer them?

Has anyone had recent experience with this please?

 

[McLovin]

1. What do you mean by "act"?

2. You don't sell if you have a new manager running your portfolio. A simple way of explaining it would be if you have a rental property managed by a real estate agent and you want to change agents you wouldn't sell the property.

 

[pixel]

The more people you ask, the more different answers you'll get.
Your Lawyer or an independent Tax Accountant would probably be your best bet to tell you whether any inheritance tax applies, and what, if any Capital Gains tax implications will arise.

Much will depend on your personal tax situation, family status, future planning, and of course the size of the portfolio. If the expected annual dividends were running into $Thousands, you might consider a wider-spread Family Trust, or assign a portion to a spouse with low or no income.

If you're prepared to volunteer more details, ASF members will find it easier to give their opinion.
(Please note: Nobody here will be able or allowed to provide "advice". I'm sure you know that.)

 

[Julia]

What do you want to do with the shares, Tamara? If you sell them you'll probably trigger capital gains tax, but if you want to continue to hold them but in your own name, an off market transfer would probably be best.

The broker should have explained this to you even if the FA has failed to.

 

[So_Cynical]

2. When we act, do we need to sell down before transferring to a new manager (via our financial advisor) or just transfer them?

New Manager?