We’re unable to keep accounts in a deceased customer’s name. If you are responsible for the administration of an estate, please get in touch with us to organise the closure of the deceased’s account.
How can I notify Freetrade about a deceased customer?
When you are able to, please send us an email at [email protected] and include the following information about the deceased customer:
Full name
Date of birth
If known, the email address under which their account is registered
If we struggle to identify the account based on the information above, we may ask for further details, such as their National Insurance number or passport number.
Who has the authority to liaise with Freetrade regarding the passing of a customer?
Ideally, we want to liaise with the Administrator or Executor of the estate, or a solicitor representing the Administrator(s) or Executor(s). We do understand however that losing someone close to you can be very difficult, and we handle each case with care.
If you are not an Executor, Administrator or solicitor and want to talk to us about a deceased customer’s account, please do let us know.
Will Freetrade need to see the death certificate?
We will always need to see a copy of the death certificate before we can disclose any portfolio information, evaluations or discuss the winddown of a deceased customer’s account.
We recommend attaching a copy of the official death certificate to your notifying email, or you can post it to us at:
Attn: Client Administration Team, Freetrade Limited
Level 2, The Truman Brewery
91 Brick Lane
London
E1 6QL
What happens after Freetrade receives a copy of the death certificate?
Once we have received a death certificate, we’ll send you a letter which includes a full portfolio valuation of the deceased customer’s account with us. This includes a breakdown of each account (GIA/ISA/SIPP) and specifies which investments they own, the size of their investments and their value, as well as any cash held.
This portfolio breakdown is made to assist you in collating the value of the estate, in case you need to pay any Inheritance Tax.
Do I need to provide Freetrade with a Grant of Representation?
We will always ask to see a Grant of Representation, such as a Grant of Probate or Letters of Administration.
We understand that applying for these official documents can be a lengthy process; just let us know if this is likely to be the case and we’ll be here to help once you are ready to proceed.
What other documents might Freetrade need in order to wind down a deceased customer’s account?
In most cases, we’ll need to see proof of identity for the Executor(s) or Administrator(s) as well as a copy of a bank statement dated within the last 3 months. This can either be a bank account specifically created for the purpose of handling the proceeds of the estate, or it can be in the name of the Executor or Administrator.
If a deceased customer held a SIPP with us, we’ll also need to see their Will or Letters of Administration.
We will also request a signed copy of our indemnity form or statutory declaration. We will provide you with this document in due course.
Can a deceased customer’s Freetrade portfolio be transferred instead of sold?
If the deceased customer held their shares in a GIA, we can transfer the shares to another Freetrade GIA account.
If the shares are held in an ISA, we can only transfer this to a Freetrade ISA that belongs to the spouse of the deceased.
I’m a solicitor representing the Administrator/Executor, what do you need from me?
If you are a solicitor, please provide us with your SRA number and a grant of authority (if paying out to a client account).
Why do Freetrade need all these documents?
As a financial institute regulated by the FCA, we have a responsibility to keep our customer’s money safe.
We request documents so we can establish the below:
Your identity
Your relationship with the deceased
Your rights to the estate
We need to verify the above regardless of whether you are yourself a Freetrade customer or not.
The deceased died abroad and all the documents are in a foreign language. What should I do?
If your documentation is in a foreign language, please provide us with the documents as well as a certified translation.
What if the account gets dividends after it’s been closed?
Occasionally, dividends may be paid after we’ve finalised the closure of the account. This happens when the selldown of the shares happens after the ex-dividend date, but before the dividend payment date.
We periodically check closed accounts for dividends, and we’ll get back in touch with you if this happens. If you’ve not heard from us within 6 months of closing the account, you can rest assured that no stray dividends have been paid into the closed account.
What about SIPPs?
A SIPP isn’t typically included as part of an estate, and can be passed to beneficiaries without inheritance tax being applied.
If a SIPP holder passes away before they turn 75 years old, any withdrawals from the SIPP will likely be tax free. If a SIPP holder passes away at or over the age of 75 years old, then any withdrawals from the SIPP will be taxable as their income.
Once we’ve been informed of the passing of a SIPP holder we will tell you about the available options for winding down the SIPP, and may request the following documentation:
A copy of the Death certificate
A copy of the Will or Letters of Administration
Proof of identity and proof of address for any beneficiaries
Information of any financial dependents (usually children)
Please note that whilst a SIPP holder may have named their Freetrade SIPP beneficiaries by contacting our Customer Support team, our SIPP provider will ultimately decide to whom the proceeds of the SIPP will be paid out to.