Will - definition of company shares

[Crossmans]

I am executor for my late mother’s estate and she states in her will that the value of company shares be given to her grandchildren, which is fine. However she also holds a stocks and share ISA and an open ended investment company account with Scottish widows. Should they be included in the term “Company Shares”?

A stocks and shares ISA is just a box, or wrapper if you like, to keep different investments in so that you don't pay tax.

You can keep all sorts of different investments in an ISA, including shares, unit trusts, and even open ended investment companies (OIECs).

I would suggest that you have a look to see exactly what is included inside the ISA. If there are any individual company shares then it sounds like they would be included but if there are any unit trusts etc then it sounds as though these would not be included.

Likewise, OIECs can invest in a range of different things, company shares, property, commodities etc. From what you say, it sounds as though the OIEC account would not be included.

It may well be that the OIEC account is included within the ISA.