Cutting through the bank’s red tape when dealing with probate
Clare and I are both proud to be members of the Society of Trust and Estate Practitioners. The additional exams and continuing professional development requirements are well worth it. We get considerable benefits from our membership in relationship to continuous updating of changes in legislation and case law. The Society has just agreed a new protocol with the British Bankers’ Association and the Law Society of England and Wales, as detailed in this article, to bring a consistent approach to the way that banks deal with assets and the exchange of information following the death of a bank customer. It covers the handling of current, savings, credit card and unsecured loan accounts. We have long had to deal with difficulties and delays in obtaining probate and during the estate administration process in relation to such assets and the various red tape issues that result in additional cost and stress for grieving relatives at a difficult and sensitive time.
We hope that the adoption of this protocol should help. The protocol sets out the information required by a bank on first contact, how the bank will normally respond and information required to enable closure of the account. Time will tell if adopting the protocol will help cut through the red tape.
If you have any questions or require any help in relation to probate or the administration of an estate, please contact me.
Judy Dyke
Partner & Head of the Private Client Team