IBUK / beneficiaries, transfer on death

I had to move my account from IBKR to IBUK because I relocated to Europe.
How do you protect your wife/loved ones and make sure they can recover the funds from your account easily if something happen to you? There is no transfer on death option for ibuk accounts.

 

You can specify a trusted person as an entry in the client portal. I assume that will make it easier in case you die.

 

Thanks Maverick2608. It is probably the only thing that can be done but for me it is a bit scary to keep large amount abroad if there is not a clear mechanism to recover it in case of death.

 

If there is no "official" way possible you could consider an "unofficial" way: leave a letter with instructions to your wife on how she can access your account, close all positions and transfer the cash out. Of course these steps should be taken before informing IB that something has happened to you.

Edit: this does not only affect UK accounts. I live in Asia and had the same concerns. I asked IB for advice, but was not very impressed by the options they had to offer.

 

Your wife opens an account at IB and presents death certificate. Account is transferred.

 

Is that really that simple? Shouldn't there' be a probate first that IB will want to check?

 

It took a while as a lot of paperwork was requested from multiple beneficiaries and the guy at IB went on holiday for two weeks.