When someone passes away, banks and building societies will typically freeze their accounts and if the balance in the account is significant, they will require an official document known as a Grant of Probate or Letters of Administration before most of the money can be released. This process can take months.
However, some of Britain’s largest banks are increasing the amounts of money they will release from customer accounts to bereaved relatives without them first having to apply for a Grant.
This is welcome news for many bereaved families, but concerns have been raised that as a result of the informal waiving of probate requirements the system could now be open to abuse. There are a number of practical issues that that need to be considered such as large amounts of money falling into the wrong hands and the implications this can have on the administration of an estate .For example recouping money that has been paid out to the wrong person or keeping track of the amounts of money due to the estate and how they should be shared out can be difficult. This can also result in family disputes.
With this in mind it is even more important to ensure that you have a Will. By having a Will, you can set out your wishes and appoint an executor or executors who you trust and know will administer your estate in accordance with your wishes as set out in your Will. If you have a will, the banks and building societies can only release your money to your chosen executors.
If you would like to discuss making a Will or wish to review your current Will the team at Wrigley Claydon will be happy to help. Please call Rachel Damianou or Jyoti Patel on (0161) 624 6811 or email them at firstname.lastname@example.org and email@example.com.
Our offices are now open for clients by appointment and we hope to reopen our Saddleworth clinic very soon.