Switching account - ( probate granted)

Worried_of_wakefield

Probate has been granted and we are about to switch / close my MIL's accounts. Anyone aware of any reason why this scenario would negate us from the £200 switching bonus offered by Santander.

EarthBoy

I can't see how Santander, or any other bank, would open a new account for someone who is dead.  Similarly, I doubt if the old bank would let you switch away.  You can ask them, but expect to be told "no".

eskbanker

Agreed, the Santander offer, as with all others, is dependent on using the Current Account Switching Service, which can only be used to switch between accounts in the same name, so if the account holder has passed away then there isn't any prospect of earning switching bonuses from her accounts.

Zanderman

Also agree!

Probate being granted merely means you can now legally access the accounts, close them and divide the assets according to the will. 

It doesn't give any permission - nor is there any mechanism anyway for a deceased person - to switch accounts elsewhere. ,

Marmaduke123

I think you are confused between probate and a lasting power of attorney.

A dead person can't open a bank account! 

p00hsticks

Marmaduke123 said:

I think you are confused between probate and a lasting power of attorney.

A dead person can't open a bank account! 

no, given a previous thread of the OP's I suspect they do mean probate, and are thinking of trying to switch a dead persons account.

https://forums.moneysavingexpert.com/discussion/6416389/diy-probate/p1

If this the case one would hope that the bank was contacted to freeze the accounts as soon as the person died, rather tha nwaiting until probate was granted (which may be necessary to actually close the account and extract the balance).

Worried_of_wakefield

Correct p00hsticks, the accounts were closed ( or frozen) pretty much straight away, as we now have access just trying to tidy up loose ends...and make a few quid

thanks all

jbuchanangb

I have referred to the process I followed when dealing with my late father's bank account, which was with the TSB. I dealt with their dedicated department called "Estate Settlement Unit". I find that they supplied a Claim Form which was submitted by our solicitor, and signed by both executors, and which identified the bank account into which all his funds should be transferred. Ideally this is a dedicated account set up by the executors to collect all the deceased liquid funds, in order to then distribute according to the will. I expect Santander will have a similar process.

Zanderman

jbuchanangb said:

I have referred to the process I followed when dealing with my late father's bank account, which was with the TSB. I dealt with their dedicated department called "Estate Settlement Unit". I find that they supplied a Claim Form which was submitted by our solicitor, and signed by both executors, and which identified the bank account into which all his funds should be transferred. Ideally this is a dedicated account set up by the executors to collect all the deceased liquid funds, in order to then distribute according to the will. I expect Santander will have a similar process.

My understanding of the OP's situation is that they are dealing with probate DIY (which is fine, there's no need for solicitors in many (possibly most) cases). 

Having one account for distributing assets is useful for consolidation and record-keeping (which is a formal role for executors) but such an account is not a formal need. That account is often a specially designated executors account, though again it doesn't have to be, there's no formal requirement to be, so it can just be an account of one of the executors.

But the OP isn't, as far as I can tell, asking for any advice on this aspect, their question was about switching.

Having got as far as probate the OP must already have details of all the assets and now justs need to consolidate -  bank by bank - and distribute.  Santander were only mentioned mentioned for a switching incentive - which wouldn't apply, so Santander may not be one of the banks involved..

Worried_of_wakefield

Thanks Zanderman, that sums it up, seem to be disapearing down rabbit holes! I'm just enquiring if I could wangle an account switching bonus in regards to my recently departed MIL, the accounts now legally ours. View is V. unlikely
Having sat with my golf buddies this morning and jealously listening about his January NS&I winnings, think we'll 'top up'  our ernie account instead.....( not asking for advice)

thanks all

eskbanker

Worried_of_wakefield said:

Thanks Zanderman, that sums it up, seem to be disapearing down rabbit holes! I'm just enquiring if I could wangle an account switching bonus in regards to my recently departed MIL, the accounts now legally ours. View is V. unlikely

The accounts aren't legally yours, even if the contents are....