Advice- sMall estate, no will

somewhereweknow

Hi looking for some advice.

An elderly relative has passed - the estate that only consists of bank funds is intestate.
The building society have said that as there's under £30k in the bank they can transfer the money straight into a relative's bank account on production of a death certificate.
As the deceased's only child is also deceased there are 2 grandchildren who should therefore benefit as per rules of intestancy.

My question is who are we accountable to if other people benefit, does a return need to be done to anyone or is it a civil matter and fine to be decided amongst those who are due to benefit?

My understanding is that as the estate is only a small amount of money we don't need probate or a grant of administration.

Really value your views please. It's all alien to me!

Keep_pedalling

If there was a will it would be simple, as the bank would release the funds to the executor on production of the will, death certificate, and ID. No probate required.

I can't imaging any bank or BS releasing the funds simply on production of the death certificate. Ring the BSs bereavement team, people in branches often get it wrong.

Yorkshireman99

somewhereweknow wrote: »

Hi looking for some advice.

An elderly relative has passed - the estate that only consists of bank funds is intestate.
The building society have said that as there's under £30k in the bank they can transfer the money straight into a relative's bank account on production of a death certificate.
As the deceased's only child is also deceased there are 2 grandchildren who should therefore benefit as per rules of intestancy.

My question is who are we accountable to if other people benefit, does a return need to be done to anyone or is it a civil matter and fine to be decided amongst those who are due to benefit?

My understanding is that as the estate is only a small amount of money we don't need probate or a grant of administration.

Really value your views please. It's all alien to me!

What is the relationship with the relative? Are there are any debts of the estate such as the DWP if the deceased was in receipt of benefit? It would be best for the closest relative to apply for letters of administration.

getmore4less

if the entitled beneficiaries want to gift the money to others then it is just the same as if they did a regular gift.

Don't have to notify anyone.

Mojisola

somewhereweknow wrote: »

An elderly relative has passed - the estate that only consists of bank funds is intestate.

The building society have said that as there's under £30k in the bank they can transfer the money straight into a relative's bank account on production of a death certificate.

As the deceased's only child is also deceased there are 2 grandchildren who should therefore benefit as per rules of intestancy.

Are the grandchildren adults or minors?

The bank will need the person receiving the money to sign indemnity paperwork so that the bank can't be held responsible if creditors turn up asking for their money from the estate.

Is any money owed - pensions or benefits may have been paid after the death and will have to be returned.

SevenOfNine

Keep_pedalling wrote: »

I can't imaging any bank or BS releasing the funds simply on production of the death certificate. Ring the BSs bereavement team, people in branches often get it wrong.

Santander, over £18K on death cert only. Nationwide £200, absolutely NOT without probate. No logic from one financial organisation to another!

Yorkshireman99

SevenOfNine wrote: »

Santander, over £18K on death cert only. Nationwide £200, absolutely NOT without probate. No logic from one financial organisation to another!

Strictly speaking no financial instituion should do it without appropriate authority usually probate. They protect their own interests by getting an indemnity but dont't really protect their late client's interest.

Yorkshireman99

getmore4less wrote: »

if the entitled beneficiaries want to gift the money to others then it is just the same as if they did a regular gift.

Don't have to notify anyone.

The OP does not, it would seem, know if there are other potential beneficiaries or what other assets or debts the estate might have. They certainly have no authority to claim the money from the bank at present.

Keep_pedalling

SevenOfNine wrote: »

Santander, over £18K on death cert only. Nationwide £200, absolutely NOT without probate. No logic from one financial organisation to another!

I was under the impression NW demanded probate for very small amounts, and as we bank with them I thought I would check, but looking at the following link it appears you can retreive amounts up to £30k without probate, although they do need the indemnity form countersigned by a solicitor or commissioner of oaths if it's over £5k

http://www.nationwide.co.uk/~/media/MainSite/documents/about/media-centre-and-specialist-areas/information-for-lawyers/deceased-customers/SF220.pdf

getmore4less

Yorkshireman99 wrote: »

The OP does not, it would seem, know if there are other potential beneficiaries or what other assets or debts the estate might have. They certainly have no authority to claim the money from the bank at present.

Unless there is an unknown spouse or others kids the children of the only child(deceased) will be the beneficiaries.

If the holders of the assets will release without a grant LOA is a waste of money.
The grandchildren can administer the estate without a grant.
(unlikely creditors or HMRC will need one)

Yorkshireman99

getmore4less wrote: »

Unless there is an unknown spouse or others kids the children of the only child(deceased) will be the beneficiaries.

If the holders of the assets will release without a grant LOA is a waste of money.
The grandchildren can administer the estate without a grant.
(unlikely creditors or HMRC will need one)

With respect you are missing the point. The estate may well consist of other assets and possibly debts. Nobody can administer it without proper authority which in this case means the closest relative(s) applying for LOA. It may well be a pain and time consuming but it is the law.