ARF Inheritance

Hi,
I’m approaching retirement and my well considered plan after TFLS is to take out an ARF (execution only).

My question,
In the future (distant I hope) if I pre-decease my wife, she would inherit my ARF.

What would the process be.

Would her name be put on my ARF and continue as planned
or
Would the portfolio be moved to cash and my wife have to initiate a new ARF with all the associated costs and decisions ?

I would suggest that in the above possible event she engage an advisor on recommendations at the time.

Thanks for continuing to share your knowledge and wisdom.

The ARF goes through probate before it passes to your wife. It remains invested but imputed distribution is turned off. In most instances, a new ARF in her name is then set up. She can mirror exactly what you have in place already or she can alter the strategy. Some providers do just switch the name on the plan.

If you have a self directed ARF, an in specie transfer can be done too so nothing is sold.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

But you should specifically leave the ARF to you wife in a Will. Otherwise it will fall into the “residue” which might be divided differently.

If the will is worded to leave everything to the wife, there is no need to separately mention an ARF.

Steven Barrett said:

The ARF goes through probate before it passes to your wife. It remains invested but imputed distribution is turned off. In most instances, a new ARF in her name is then set up. She can mirror exactly what you have in place already or she can alter the strategy. Some providers do just switch the name on the plan.

If you have a self directed ARF, an in specie transfer can be done too so nothing is sold.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Click to expand...

Thanks Stephen, very helpful.
Do you know if Zurich are one of those providers who may currently facilitate a name change following probate ?

Deauville said:

Thanks Stephen, very helpful.
Do you know if Zurich are one of those providers who may currently facilitate a name change following probate ?

Click to expand...

Zurich just changed the name on the ARF. No transfer to a new policy.

Steven Barrett said:

Zurich just changed the name on the ARF. No transfer to a new policy.

Click to expand...

Stephen, thanks for the information. Very much appreciated.