Timeframe for banks to release funds

Just wondered what sort of timeframe is fairly normal for banks to release funds once probate has been granted.TIA

Comments

  • Marcon
    Marcon Posts: 10,617 Forumite
    First Post First Anniversary Name Dropper Combo Breaker
    Just wondered what sort of timeframe is fairly normal for banks to release funds once probate has been granted.TIA
    Many banks will release funds before probate has been granted, depending on the amounts involved. See https://www.tmsolicitors.co.uk/probate-bank-limits-2022/ for current limits for major banks. They will often settle funeral expenses directly where this is requested.

    If probate is needed because the amounts involved are over the threshold, then anything from a week to 3 months seems to be pretty normal.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Thank you.
  • Pennylane
    Pennylane Posts: 2,707 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    It was a couple of weeks in our case.
  • Thank you.
  • It took 3 days from sending the grant of probate for me. The bank was TSB.
  • Nettiesmythe
    Nettiesmythe Posts: 19 Forumite
    First Anniversary First Post Combo Breaker
    edited 13 November 2022 at 5:33PM
    That was very quick.I’m going to Barclays and Santander tomorrow and was just interested in peoples personal experience.
  • user1977
    user1977 Posts: 13,982 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    It will take as long as it takes for the withdrawal application to hit the desk of somebody suitably qualified to check that it's all ok. So depends on their workloads, but I wouldn't expect it to be long.
  • DJHILTON1971
    DJHILTON1971 Posts: 9 Forumite
    First Anniversary First Post Combo Breaker
    edited 21 March at 1:08PM
    It took 3 days from sending the grant of probate for me. The bank was TSB.
    Still waiting to hear from them. Grant of Probate for my late father's estate was issued in December 2023, but the legal team dealing with his estate (Co-op Legal Services) were under the impression he had accounts with Lloyds Bank (some people still seem to be thinking of Lloyds TSB), so I sent bank statements to them proving he had TSB accounts a few weeks back.

    Hope that doesn't delay things too much. He had other monies from NS&I & M&S Money that Co-op Legal Services have already received. Got a bit of a fear TSB won't hand the monies over but thought they legally had to once served with the G of P.
  • pjs493
    pjs493 Posts: 299 Forumite
    First Post Name Dropper
    All of my husband’s banks released funds before Probate was granted and it didn’t take long once they received a copy of the death certificate. In some cases it was a few days. 

    I think Britannia took the longest but that was because their process was entirely paper based and they oddly wanted a copy of my ID to be signed as a true copy by a solicitor (which was just ridiculous considering it was an unused savings account with a little over £100 in it). Fortunately I have a friend who is a solicitor who did it for free because I hate to think how much one would have charged. 

    I had to wait for Probate to have his ISA funds released, his private pension, and to pay off the mortgage (I could have paid it off earlier but would have had to pay the exit fees if I didn’t wait for Probate).
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards