any way to find a recently closed building society account?

logan5

my Grandad recently died and ive just found out a relative that had POA closed his Building Society account and moved the money to the Grandfathers Bank account. now he has passed away and im an executor i need to trace this account to check the funds were moved properly etc.

eskbanker

Does the bank statement indicate where the money was transferred from, or is that the issue?

Was this money moved before or after his death?  If before then it's not really your issue as executor, but if done afterwards then the attorney had no right to manage his money once the POA expired on death....

logan5

it was transferred a few months before there death and i also had POA, which makes me wonder how the account was closed without my consent.

i have another question. as im also a recipient of half of the deceased's estate what would stop the person who closed the account, and will inherit the other half, from moving some of the deceased's assets into there own account?

also if the deceased made gifts of money to the other party are they part of there half of the estate? or are they not counted as was before he died?

xylophone

 i also had POA, which makes me wonder how the account was closed without my consent.

Joint and several?

https://www.gov.uk/lasting-power-attorney-duties#:~:text=If you're not the,together or on your own

If so, and if the account allowed either or both to sign, then the other attorney could act alone.

what would stop the person who closed the account, and will inherit the other half, from moving some of the deceased's assets into there own account?

If either to sign, absolutely nothing other than honesty/integrity.

also if the deceased made gifts of money to the other party are they part of there half of the estate? or are they not counted as was before he died?

The deceased was capable of making his/her own financial decisions? If so, he /she could choose to make gifts and if made before death could not count as a post death bequest but if there is any question that IHT is due on the estate, the amount and timing should be checked by the executor.

Brie

Any payments made into the account you know about will be coded in such as way that the receiving bank should be able to tell you the source of the money.  It might not be obvious on the actual bank statement but the bank itself will have more details.

Keep_pedalling

logan5 said:

it was transferred a few months before there death and i also had POA, which makes me wonder how the account was closed without my consent.

i have another question. as im also a recipient of half of the deceased's estate what would stop the person who closed the account, and will inherit the other half, from moving some of the deceased's assets into there own account?

also if the deceased made gifts of money to the other party are they part of there half of the estate? or are they not counted as was before he died?

As already been pointed out, most LPAs are set up so they attorneys can act severally. As the money from the closed account was moved to another of the donors accounts I can’t see what your concern is,

Non exempt gifts made 7 years before death are included in the estate for the purposes of IHT calculation, but don’t form part of the heritable estate, so no you can’t deduct the gifts from their inheritance. You both get 50% of the net estate (value of estate at death less funeral cost less estate expenses less any IHT due)

born_again

I would ask other party for the proof of the amount in acc on closure & the amount received in other account match.

Brie

born_again said:

I would ask other party for the proof of the amount in acc on closure & the amount received in other account match.

I believe the OP said that the person that did the transfer has now died as well.