A problem if you die?

tradetime

Accounts are only frozen when the bank has been informed of the account holders demise, I see no mention in her post of informing them. I have been through this and yes once you notify the bank the account is suspended, at least the ones I dealt with were. As for accessing them, I doubt it is illegal, improper, against bank rules yes, but as long as you don't do anything you wouldn't be supposed to do then I don't see a legal issue, but could be wrong.

tradetime

SavingSteve wrote: »

Question on security.

Surely having a list with all your account numbers and sort codes on it is a theives dream come true? That is a LOT of very sensitive information to have in one place?

Nah that info is not really a whole lot of use to anyone, if a burglar is in your house he simply has to pick up any of your previus statements and he has all that info, every time you give out a cheque you give someone you account number sort code etc, for someone to make use of it they'd have to be able to pass themselves off as you.

SavingSteve

Fair point

roysterer

When you open a new account (on-line or pass book) you have to give your National Insurance Number. Therefore can bank accounts be traced through N I No for the purpose of tracing accounts of berieved relatives? also if this isn't the case then what stops anyone with large amounts of savings claiming bennefits.
I would be interested if anyone as a view on this.

SavingSteve

I've only ever supplied my NI when opening an ISA, otherwise account applications don't ask for this.

sloughflint

This is an interesting thread especially post 3. So how would executors research accounts for the less well organised people?
There must be a system surely?

SailorSam

To get access to the deceased accounts the banks and insurance companies etc will not require a copy of probate unless it is for a substantial sum, i forget the amount, all they need is a copy of the death certificate and proof of who you are.

roysterer

Thanks Steve, its been a while since I opened a new bank account however I have opened an ISA recently hence thats why I mentioned N I No.
However what stops people claiming benefit if they have large savings, If no-one can prove where there money is kept.
open 50 accounts with £2000 and claim you have just 1?

Katykat

Royserer- nice thought, but you have to pay tax on the interest, & the banks supply these details to the tax office. So we cant get away with it ( although I'm pretty sure there are some who manage to do it, but it wouldn't be legal)

sloughflint

SailorSam wrote: »

To get access to the deceased accounts the banks and insurance companies etc will not require a copy of probate unless it is for a substantial sum, i forget the amount, all they need is a copy of the death certificate and proof of who you are.

5k I think [STRIKE]but can't find any references[/STRIKE]

Is a grant of probate/representation always needed?

When a grant is needed
A grant is almost always needed when the person who dies leaves one or more of the following:

• £5,000
• stocks or shares
• certain insurance policies
• property or land held in their own name or as 'tenants in common'

In most cases above, the bank or relevant institution will need to see the grant before transferring control of the assets. However if the estate is small some organisations, such as insurance companies and building societies, may release the money to you at their discretion.)