How do we realise the value of these?

[J L Williams]

In tidying up someones financial affairs (executor of will) a relative
has found the following and has listed them with their numbers and
values. The various types are as below.

Government Stocks- Bank of England (various %'ages some Tsy and some Conv stk)

Capital Bond National savings ( these have the term Ind-lnk and reinv.

National Savings Certificates (they have Ind-link etc after each from
5th up to 8th also a 41st issue?)

National Savings Stock Certificates (many from 1996 as 15.25%Tsy

Can I assume Tsy = treasury, Ind-lnk is index linked and reinv. means
reinvested?
ConvStk? Converted stock....? what's that?

How does one get the money for them......take them to your bank/broker?
If the owner has died wouldn't it require some means of identity and
proof of ownership? That is a will?
Many thanks for your replies
Jim

 

[Ronald Raygun]

In tidying up someones financial affairs (executor of will) a relative
has found the following and has listed them with their numbers and
values. The various types are as below.
...
How does one get the money for them......take them to your bank/broker?
Yes.

If the owner has died wouldn't it require some means of identity and
proof of ownership? That is a will?

No. The will is just the first step. If your friend is named in
the will as executor (and not just as an heir), then fine, otherwise
(s)he will first need to go to court to be appointed executor.
Also in the absence of a will this would need to be done, and it
would normally be one of the main heirs that gets appointed.

An inventory of assets needs to be compiled and submitted to the
Inland Revenue, though I suppose this can be dispensed with for
small estates on which no Inheritance Tax is due. Once any tax
has been paid, the IR will give their seal of approval, with which
you can then go to court to obtain probate. This is magic authority
which entitles the executor to approach holders of any funds and
require them to be released, and similarly it is authority to sell
or transfer share certificates etc on behalf of the estate.

 

[Daytona]

Can I assume Tsy = treasury, Ind-lnk is index linked and reinv. means
reinvested?
Yes

ConvStk? Converted stock....? what's that?

Convertible Stock ie the term & interest rate can be changed

How does one get the money for them......take them to your bank/broker?

The Bank of England brokerage service is likely to be the cheapest way to sell
government stock (aka gilts) -

Deal type Commission Rate Minimum Charge
Buy up to £5000 0.7% £12.50
Buy over £5000 £35 plus 0.375% of the amount in excess of £5,000
£35
Sell up to £5000 0.7% None
Sell over £5000 £35 plus 0.375% of the amount in excess of £5,000
£35

<URL:http://www.bankofengland.co.uk/registrars/brokeragehome.htm>

For more general probate info. try
<URL:http://www.amazon.co.uk/exec/obidos/ASIN/085202858X> and The Motley Fool
Wills & Probate
board - <URL:http://boards.fool.co.uk/Messages.asp?bid=51094>

hth

Daytona

 

[J L Williams]

The message <9q%[email protected]>

No. The will is just the first step. If your friend is named in
the will as executor (and not just as an heir), then fine, otherwise
(s)he will first need to go to court to be appointed executor.
Also in the absence of a will this would need to be done, and it
would normally be one of the main heirs that gets appointed.

An inventory of assets needs to be compiled and submitted to the
Inland Revenue, though I suppose this can be dispensed with for
small estates on which no Inheritance Tax is due. Once any tax
has been paid, the IR will give their seal of approval, with which
you can then go to court to obtain probate. This is magic authority
which entitles the executor to approach holders of any funds and
require them to be released, and similarly it is authority to sell
or transfer share certificates etc on behalf of the estate.

Thanks for the info, much appreciated.
Jim

 

[J L Williams]

The message <[email protected]>

Full explanation here <URL:http://www.dmo.gov.uk/gilts/retail/f2ret.htm>

The Bank of England brokerage service is likely to be the cheapest way
to sell
government stock (aka gilts) -

Deal type Commission Rate Minimum Charge
Buy up to £5000 0.7% £12.50
Buy over £5000 £35 plus 0.375% of the amount in excess of £5,000
£35
Sell up to £5000 0.7% None
Sell over £5000 £35 plus 0.375% of the amount in excess of £5,000
£35

<URL:http://www.bankofengland.co.uk/registrars/brokeragehome.htm>

Thanks that was a great help.
Cheers
Jim