Probate when you only have "savings"

Barkin

JumpingWombats said:

My concern, and it seems legitimate, is that NS&I were Misrepresenting the Law by stating Grant of Probate is a legal requirement.  Sure, I know they have the right to request Probate, but that isn't the same, in my eyes, as saying it is a Legal Requirement.

Either way makes no difference to you - probate is still needed, whether it's a legal requirement or simply their rules.

And consider that you're talking to a call centre agent - not a legal professional.

Personally I'd not fret over it at this difficult time.

dunstonh

My point about LPoA is, that I should have been a known person to them, and that the details correlate with the Will, and therefore low risk - after all isn't it about risk management? And I do recognise that LPoA ended with the death of my mother.

LPoA has nothing to do with handling the probate requirements of an estate.

So I still have to apply for Probate - and while £300 may not be a lot to some, it is still an unnecessary expense, which could have been avoided by chasing them in when death was imminent. 

That isn't down to them, though.   And as a PoA, you probably didn't have the legal authority to move assets out of the estate for your own benefit.  Moving them to a bank account in your mother's name, where you knew the small estates limit is higher than the balance, would have been fine, though.

My concern, and it seems legitimate, is that NS&I were Misrepresenting the Law by stating Grant of Probate is a legal requirement.  Sure, I know they have the right to request Probate, but that isn't the same, in my eyes, as saying it is a Legal Requirement.

It is a bit nitpicking, though, as they require probate for over £ 5,000, and it is a legal document and a legal process is followed.    Arguing over the interpretation of the words said by a call centre worker when its the same outcome regardless doesn't achieve anything.

JumpingWombats

Not only an interpretation of words from a call centre worker, but from written response from NS&I.

If, as you say the limit is £5000 then why does the NS&I web site state  "We may ask for this (Probate) if the customer's total NS&I savings are £5,000 or over"?  

Anyway £5000 is less than at least one bank I have had experience of, so are there specific clauses pertaining to the NS&I, or are banks acting illegally?

The act NS&I finally quoted me was a  1965 Act "to provide for increasing the limits in enactments and instruments which allow property to be disposed of on death without probate or other proof of title, or in pursuance of a nomination made by the deceased".  

Sure, I will go to Probate but IMO the limits and process needs clarity for those who have to deal with NS&I next week, and the week after that and ......   And looking around it seems this issue is full of opinion and missing transparency.

Keep_pedalling

JumpingWombats said:

Not only an interpretation of words from a call centre worker, but from written response from NS&I.

If, as you say the limit is £5000 then why does the NS&I web site state  "We may ask for this (Probate) if the customer's total NS&I savings are £5,000 or over"?  

Anyway £5000 is less than at least one bank I have had experience of, so are there specific clauses pertaining to the NS&I, or are banks acting illegally?

The act NS&I finally quoted me was a  1965 Act "to provide for increasing the limits in enactments and instruments which allow property to be disposed of on death without probate or other proof of title, or in pursuance of a nomination made by the deceased".  

Sure, I will go to Probate but IMO the limits and process needs clarity for those who have to deal with NS&I next week, and the week after that and ......   And looking around it seems this issue is full of opinion and missing transparency.

It is down to individual financial organisations as to what limit they set. NS&I are not the only ones with a £5,000 limit, Atom Bank are another one for instance, and there are a couple that require it for any amount including Best Invest. NI do say any amount above this is discretionary but how they apply that  is anyone’s guess.

https://www.settld.care/what-are-the-current-limits-for-grant-of-probate-for-financial-services-firms/

Any amount financial organisations pay out without probate is a risk for them especially where there is no will.