Probate advice
B » Banks
You will come into contact with Banks in most deceased estates, either to collect money held by the deceased or to set up an Administration Account to collect and put Estate monies into while you deal with the Administration.
Some people prefer to deal with the Banks by visiting a branch but most Banks now have a specialist ‘Probate’ section in another part of the country. So it is suggested, you write a letter (see Sample Letters) and send the usual Death Certificate, Grant, ID & Passbooks, by Post Office Guaranteed Delivery to that particular office, as they request.
If the Estate only consists of a bank account and is under £5,000 in value, the Bank may allow a Small Estates procedure to collect the money in. If that is the case, ask for a Form of Statutory Declaration for a Small Estate and follow its instructions.
Setting up an Administration Account is strongly advisable as Executors/Administrators should not mix Estate money with their own, although if they are the sole Beneficiary this may be acceptable if both your and the deceased’s financial affairs are simple and straightforward.
You will need to prove your Identity (see Identity, Proof of) even if you are known to your Bank and have been for many years. This is now the Law.
We suggest an account with cheque facility plus a linked deposit account if decent interest is not paid on the cheque account.
Depending upon how long the Administration is likely to run, you may wish to set up a notice account paying higher interest rates.