Accessing bank funds and Cash ISA funds pre-probate.

Shylock

I've just started acting as executor for a deceased relative who passed away recently.

There will be an need to complete an IHT400, but it could take some time due to overseas property assets needing valuations etc..consequently I cannot yet apply for Grant of Probate.

The deceased had savings spread around several different banking institutions in a mix of Fixed Term High Interest accounts and also Fixed Term Cash ISA's.

I am aware that I can hopefully access bank funds for Funeral Expenses pre-probate from a small Halifax savings account they held, but I will also need funds for solicitors and utility bills overseas etc.. whilst the Estate is being administered prior to distribution.

I understand that banking institutions will sometimes release balances to the Executor prior to Probate if they are below a certain threshold which would be extremely helpful in this situation.

Would anyone know what value of balances the banks are likely to release. Any first hand experiences of NatWest, Coventry, Yorkshire and NS&I would be helpful.

I understand that Cash ISA's can be converted to Continuing ISA's on death and retain the Tax Wrapper status whilst retained in the Estate. Are the Fixed Term Cash ISA's likely to maintain the same terms and conditions as when initially invested such as Interest levels, notice periods, Term End dates etc..?

Thanks in advance.

Keep_pedalling

The vast majority of banks have quite high limits Barclays and Lloyd are both £50k for instance. You can find each banks limit with a simple google search.

pcgtron

NatWest limit is 50k as well, but takes a while for them to process the release of funds. 6 weeks ish for me

LHW99

NS&I used to be lower than £50k (£20k?) but may be raised as that was some years ago. As said, Google them.

RAS

NS&I is generally £10k, but they have discretion to go higher. It may be worth asking but often it's the only reason people need probate.

Rather than using the savings account, most banks will pay the funeral director straight from a frozen account, if provided with the death certificate and FD's bill.