Lost/unknown assets/bank accounts

adonis10

http://www.moneysavingexpert.com/reclaim/reclaim-lost-assets-free

Just had a read through this.

Currently assisting my parents with sorting out the estate of a relative who has passed away (executors being my parents). Most of the finances appear to be in order but they would like to check whether there are any other accounts/bonds etc. that they don't have paperwork for.

Re the Banking association search facility; how does this work for a deceased person? would we just search as normal and then provide probate details should anything be located etc.? Never had to do this sort of thing so unsure of the process.

charlieboycat

Your parent(s) as executor(s) would complete the form in their name(s), specifying separately the name of the possible account holder. There are boxes on the forms to tick to indicate whether the applicant(s) hold Power of Attorney (not relevant here) or Probate.

If a bank identifies a possible account they will write directly to the applicant (your parent(s)) - but will most probably require to see the Grant of Probate before providing details of the account.

adonis10

charlieboycat wrote: »

Your parent(s) as executor(s) would complete the form in their name(s), specifying separately the name of the possible account holder. There are boxes on the forms to tick to indicate whether the applicant(s) hold Power of Attorney (not relevant here) or Probate.

If a bank identifies a possible account they will write directly to the applicant (your parent(s)) - but will most probably require to see the Grant of Probate before providing details of the account.

Thanks.

Mother submitted this form a few weeks back and received some email replies from various banks. One in particular is bizarre. One bank replied to say that there are no accounts in the name of the deceased, even though this is the one bank with which she knows there is an account because she has recent statements. This seems very strange.

It makes us think "if a bank where there are definitely accounts says there are no accounts, what about the others who say there are no accounts? Why should we believe them?"

Does seem strange given that the name and address given would match to the name and address on the statements.

Any thoughts?

zppp

adonis10 wrote: »

Thanks.

Mother submitted this form a few weeks back and received some email replies from various banks. One in particular is bizarre. One bank replied to say that there are no accounts in the name of the deceased, even though this is the one bank with which she knows there is an account because she has recent statements. This seems very strange.

It makes us think "if a bank where there are definitely accounts says there are no accounts, what about the others who say there are no accounts? Why should we believe them?"

Does seem strange given that the name and address given would match to the name and address on the statements.

Any thoughts?

If you don't believe them, you could do a Subject Access Request for any information relating to the account holder. It will cost £10, but will show absolutely everything they have on file for the customer. Apart from that, unless you have evidence to the contrary, you won't get any further.

adonis10

zppp wrote: »

If you don't believe them, you could do a Subject Access Request for any information relating to the account holder. It will cost £10, but will show absolutely everything they have on file for the customer. Apart from that, unless you have evidence to the contrary, you won't get any further.

I may do that, thanks.

Evidence? Such as a print out of the account details, from last week?

One thought, my mother went to freeze the accounts so perhaps this is why? However, they are still accounts in the deceased's name, with money in, so surely they should have flagged these accounts?

zppp

adonis10 wrote: »

I may do that, thanks.

Evidence? Such as a print out of the account details, from last week?

One thought, my mother went to freeze the accounts so perhaps this is why? However, they are still accounts in the deceased's name, with money in, so surely they should have flagged these accounts?

Quite possibly. I would suggest you go down the SAR route, as the account may not be a 'lost account' if it is frozen. If you do a SAR, you should get all of the statements and personal information, so this may gie you an answer.

ehlo

One bank replied to say that there are no accounts in the name of the deceased, even though this is the one bank with which she knows there is an account because she has recent statements

If the account has had recent activity, they probably don't consider it lost?

jonesMUFCforever

ehlo wrote: »

If the account has had recent activity, they probably don't consider it lost?

I would imagine that the search they do for lost accounts are for those which are either dormant or which have had no transactions for a number of years.