Bank account on death
Discussion
I've had a relative pass away last week. There is a Will in place leaving 50/50 to their daughter's - Both daughters are Executors of the will (with named Proxies too).
As it's early days there's no death cert yet and no probate been granted etc. the daughters aren't able to speak to each other without falling out.
One of the two lived near to the deceased and it is believed used to use the deceased's bank card to draw out money on their behalf. There is a fear from the other daughter that her sister is still drawing out money and effectively spending her share of the inheritance - the bank won't be aware of the death at this stage.
It is very likely the daughter who is believed to be drawing out the money will execute the Will as the other daughter isn't very well and isn't local. I presume it'd be illegal to draw money out once the person has died and would this get flagged up once the bank was told about the death? Is there a way this could be hidden if the person taking the money is left to deal with the Will?
As it's early days there's no death cert yet and no probate been granted etc. the daughters aren't able to speak to each other without falling out.
One of the two lived near to the deceased and it is believed used to use the deceased's bank card to draw out money on their behalf. There is a fear from the other daughter that her sister is still drawing out money and effectively spending her share of the inheritance - the bank won't be aware of the death at this stage.
It is very likely the daughter who is believed to be drawing out the money will execute the Will as the other daughter isn't very well and isn't local. I presume it'd be illegal to draw money out once the person has died and would this get flagged up once the bank was told about the death? Is there a way this could be hidden if the person taking the money is left to deal with the Will?
woodyTVR said:
but will the bank say anything?
AS others have said, the Bank will freeze the account as soon as they are notified of the account holder's death.Any transactions after the DOD will appear on the final statement, and the beneficiaries of the will would be entitled to ask the Executor(s) to see that. They would also be entitled to ask for an explanation of any cash transactions post the date of death, as it's reasonable to suppose the account holder didn't make them!
Depends whether the account was solely in the deceased persons name or was a joint account. If it's a joint account the other party has survivors rights to any funds in the account and is entitled to access & use them, irrespective of whether they actually made any contribution to the account.
The bank will want to see a death certificate before freezing the account, so you need an appointment to register the death ASAP. This has to be done within a few days of the death, unless the coroner is involved in which case you'll have to wait for the coroner to establish cause of death. If the deceased had a single, clearly defined illness that would have been the likely cause of death then the GP can sign off the cause of death without involving the coroner, but if the deceased's medical record was complex or the death is unexplained then the coroner will have to get involved and that will add at least a few days.
So getting the bank account frozen may take some time I'm afraid - at least a week or so.
As has been said, if it's a joint account then it automatically becomes a single account in the surviving spouse's name and it won't be frozen.
So getting the bank account frozen may take some time I'm afraid - at least a week or so.
As has been said, if it's a joint account then it automatically becomes a single account in the surviving spouse's name and it won't be frozen.
Edited by Dr Mike Oxgreen on Wednesday 5th July 06:44
woodyTVR said:
I've had a relative pass away last week. There is a Will in place leaving 50/50 to their daughter's - Both daughters are Executors of the will (with named Proxies too).
As it's early days there's no death cert yet and no probate been granted etc. the daughters aren't able to speak to each other without falling out.
I suggest you walk away now. As it's early days there's no death cert yet and no probate been granted etc. the daughters aren't able to speak to each other without falling out.
It's nothing to do with you.
It's someone else's problem, not yours.
Don't get involved.
The Mad Monk said:
woodyTVR said:
I've had a relative pass away last week. There is a Will in place leaving 50/50 to their daughter's - Both daughters are Executors of the will (with named Proxies too).
As it's early days there's no death cert yet and no probate been granted etc. the daughters aren't able to speak to each other without falling out.
I suggest you walk away now. As it's early days there's no death cert yet and no probate been granted etc. the daughters aren't able to speak to each other without falling out.
It's nothing to do with you.
It's someone else's problem, not yours.
Don't get involved.
Dr Mike Oxgreen said:
The bank will want to see a death certificate before freezing the account, so you need an appointment to register the death ASAP. This has to be done within a few days of the death, unless the coroner is involved in which case you'll have to wait for the coroner to establish cause of death. If the deceased had a single, clearly defined illness that would have been the likely cause of death then the GP can sign off the cause of death without involving the coroner, but if the deceased's medical record was complex or the death is unexplained then the coroner will have to get involved and that will add at least a few days.
So getting the bank account frozen may take some time I'm afraid - at least a week or so.
As has been said, if it's a joint account then it automatically becomes a single account in the surviving spouse's name and it won't be frozen.
I don't think much of this is true. Here's an extract from HSBC's web site (You'll note that debits are frozen as soon as they are notified and debit cards cancelled:So getting the bank account frozen may take some time I'm afraid - at least a week or so.
As has been said, if it's a joint account then it automatically becomes a single account in the surviving spouse's name and it won't be frozen.
Edited by Dr Mike Oxgreen on Wednesday 5th July 06:44
"All accounts in the sole name of the deceased will be updated immediately. All standing orders and direct debits will be cancelled and if we receive any cheques for settlement or debit card transactions not claimed prior to notification these will be returned unpaid. However, we’ll continue to accept credit payments which may be due to the deceased.
Any debit card in the name of the deceased together with any Telephone Banking, on-line banking or payment arrangements will be cancelled automatically."
You can let them know with an on-line form and follow up with the legal paperwork. I assume all (most) other banks will operate in a similar fashion.
cafcfan said:
Dr Mike Oxgreen said:
The bank will want to see a death certificate before freezing the account, so you need an appointment to register the death ASAP. This has to be done within a few days of the death, unless the coroner is involved in which case you'll have to wait for the coroner to establish cause of death. If the deceased had a single, clearly defined illness that would have been the likely cause of death then the GP can sign off the cause of death without involving the coroner, but if the deceased's medical record was complex or the death is unexplained then the coroner will have to get involved and that will add at least a few days.
So getting the bank account frozen may take some time I'm afraid - at least a week or so.
As has been said, if it's a joint account then it automatically becomes a single account in the surviving spouse's name and it won't be frozen.
I don't think much of this is true. Here's an extract from HSBC's web site (You'll note that debits are frozen as soon as they are notified and debit cards cancelled:So getting the bank account frozen may take some time I'm afraid - at least a week or so.
As has been said, if it's a joint account then it automatically becomes a single account in the surviving spouse's name and it won't be frozen.
Edited by Dr Mike Oxgreen on Wednesday 5th July 06:44
"All accounts in the sole name of the deceased will be updated immediately. All standing orders and direct debits will be cancelled and if we receive any cheques for settlement or debit card transactions not claimed prior to notification these will be returned unpaid. However, we’ll continue to accept credit payments which may be due to the deceased.
Any debit card in the name of the deceased together with any Telephone Banking, on-line banking or payment arrangements will be cancelled automatically."
You can let them know with an on-line form and follow up with the legal paperwork. I assume all (most) other banks will operate in a similar fashion.
If you ring the Bank they should tell you that notification of death does not simply mean telling them someone is dead. That can of worms would be subject to abuse, by people.
Yes they will record that information, but the term relates to the supply of a certified (by a commission for oaths) copy of the death certificate as being the proof of death being notified.(As Mike has said)
Then any sole account will be frozen for debits, but as stated joint accounts will continue as the other persons finances should not be hindered..
Edit:
Their website lays out the process, stating that step 1 is rgistering the death and step 2 is notifying them.
https://financialplanning.hsbc.co.uk/events/dealin...
Edited by Mandalore on Wednesday 5th July 11:22
The Mad Monk said:
I suggest you walk away now.
It's nothing to do with you.
It's someone else's problem, not yours.
Don't get involved.
My not very well Mum is the daughter who's probably being shafted!! It's nothing to do with you.
It's someone else's problem, not yours.
Don't get involved.
It'll be a sole account but the bank won't yet have been informed. I guess the question is, will the receipt of a death cert in a few days / weeks time raise questions if money was drawn after the death?
As has been said getting access to the statements will determine whether money has been withdrawn post death.
Your Auntie will have to account for the money withdrawn, just saying it's for 'expenses' isn't enough.
Not sure what could be seen as legitimate expenses at this early stage anyway.
Death certificate is £4 per copy (I suggest your Mother gets a few copies for the bank, DVLA, utilities etc..)
You will need to be on hand to help your Mother ( in the background of course) during the process if possible just in case your Auntie tries it on.
Your Auntie will have to account for the money withdrawn, just saying it's for 'expenses' isn't enough.
Not sure what could be seen as legitimate expenses at this early stage anyway.
Death certificate is £4 per copy (I suggest your Mother gets a few copies for the bank, DVLA, utilities etc..)
You will need to be on hand to help your Mother ( in the background of course) during the process if possible just in case your Auntie tries it on.
Mandalore said:
Terminology.
If you ring the Bank they should tell you that notification of death does not simply mean telling them someone is dead. That can of worms would be subject to abuse, by people.
I've dealt with the estates of two people, one very recently, and certainly the bank and other financial institutions tell you the account is frozen from the moment you inform them.If you ring the Bank they should tell you that notification of death does not simply mean telling them someone is dead. That can of worms would be subject to abuse, by people.
woodyTVR said:
I've had a relative pass away last week. There is a Will in place leaving 50/50 to their daughter's - Both daughters are Executors of the will (with named Proxies too).
As it's early days there's no death cert yet and no probate been granted etc.
You didn't say when last week, but in normal circumstances there's a limit of only a few days to get a death cert. Even in the simplest of cases probate is going to take a few weeks.As it's early days there's no death cert yet and no probate been granted etc.
Sheepshanks said:
Mandalore said:
Terminology.
If you ring the Bank they should tell you that notification of death does not simply mean telling them someone is dead. That can of worms would be subject to abuse, by people.
I've dealt with the estates of two people, one very recently, and certainly the bank and other financial institutions tell you the account is frozen from the moment you inform them.If you ring the Bank they should tell you that notification of death does not simply mean telling them someone is dead. That can of worms would be subject to abuse, by people.
Certainly, my experience with banking and investments AND the HSBC guidance would indicate it's part of it.
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