Death - releasing funds from ISA

cbelle · 24 March 2007 at 12:29AM

My father sadly passed away Jan this year. Thankfully he did a good job of ensuring my mother would be able to access their finances by having most in joint names with the exception on one product - the ironically named Abbey National EASY ISA. This was is in his name only. My poor brother who is executor has tried patiently to get some progress on releasing the funds to my mother including providing all necessary paperwork (more than once as they lost the first lot) however we seem to be getting no further forward. To add insult to injury my mother received post today from the abbey addressed to my father advising him of the current status of his ISAs

OK maybe its only just under 3mnths & the wheels of industry run slowly but is this showing any respect for a loyal saver & bereaved widow. Does anyone have any suggestions or advice. My thanks in anticipation.

Indispensable_Hobbes · 24 March 2007 at 12:40AM

I deal occasionally with deaths in my work and upon receiving a death certificate a status is set on the account and the holders details amended to personal representatives.

Not sure on the processes of getting the funds released. I imagine the bank will need a copy of the death certificate, probate and will (which you've most likely sent) and then your fathers wishes can be fulfilled.

If you've already done all of this i would suggest calling/writing to them informing them of the distress that the recent document has caused and ask them exactly what it is they need and what the time scales are to get the funds withdrawn.

Hope you get it sorted.

Alfie_E · 24 March 2007 at 1:43AM

How much money is in the account? What paperwork has been provided?

For less than £5,000, Abbey should accept a letter of indemnity. Between £5,000 and £15,000, they may accept a statutory declaration. Above that, they will need to see a grant of probate. However, they are entitled to insist on a grant of probate for any amount. If a grant is in the process of being obtained, Abbey are not able to release the money until it is finally presented to them. If your brother has a grant, then Abbey must promptly carry out your brother’s instructions.

cbelle wrote: »

To add insult to injury my mother received post today from the abbey addressed to my father advising him of the current status of his ISAs.

That’ll be because the company that’s providing that particular mass mailing for Abbey will have been given the address list months ago. As well as amending the account as jenyking has indicated, Abbey should also have converted the account to a similar non-ISA account, taking effect from the date of death.

cbelle · 4 April 2007 at 10:41PM

Thank you both I really appreciate your advice. Can't see my mum re investing with Abbey due to the lack of customer service we have received. My brother being more patient than I am seems reluctant to cause waves although the letter addresses to my dad prompted him to write a complaint letter.
I will indeed ask him to request time scales & requirements even though we believe they have been given everything they need.

Death - releasing funds from ISA

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