Probate, bank accounts and Enduring Power of Attorney

londonman42

Can anyone clarify the following please..

My understanding was that when someone died that their bank accounts etc were frozen until probate had been granted. But if there was someone with Enduring Power of Attorney over the financial affairs of the person who died then does the EPA 'trump' the frozen bank account issue and have access to the funds ?

AnotherJoe

No, death trumps the EPA and renders it invalid.

londonman42

So bank accounts should remain frozen until probate is granted ?

JosephK

Depends on bank - different banks have different limits at which they require probate. You need to ask bank what they require.

elsien

Some banks will also release funds for funeral expenses, for example, but again it varies between banks.

londonman42

Ok didn't realise that. Reading all the online stuff re probate I got the impression that legally things were frozen until probate. Didn't realise it was the Wild West !

Specifically, Lloyds have allowed the transfer of £30,000 and closure of the account.

So that's all good then !

Owain_Moneysaver

It's not the Wild West, but banks have some discretion with who they release funds to, particularly if there's a named executor. The executor gains authority from the Will, not from probate.

I don't know of any main bank (ie where the deceased held a current account) which won't settle things like funeral expenses, repayments of pension and benefit overpayments, and similar, from funds held. Household bills and executor's expenses won't be paid, however.

londonman42

How about Lloyds agreeing to transfer £30,000 and closing the account ?

That's a fancy funeral !

elsien

Have they transferred it to an executor account?

londonman42

Yes but what about the other executors ?

I am making a big assumption that they asked the question.

Flugelhorn

londonman42 wrote: »

Yes but what about the other executors ?

I am making a big assumption that they asked the question.

case 1) I had to produce a copy of the will which showed I was the only executor, maybe if there had been more than one executor the bank would have wanted to contact them before transferring 20K

case 2) LOA / no will - bank transferred 12K on being given details of who the "NOK" was ie one of the people (but not the only person) who was a beneficiary