Bank accounts are often among the first assets an executor needs to deal with after a death. What happens next depends on whether the account was held in the deceased's sole name or jointly with another person, the balance and the bank's own requirements.
What Happens to a Sole Bank Account?
Once a bank is notified of the death, it will normally restrict transactions on an account held solely by the deceased.The bank will explain what documents are required before funds can be released.
What Happens to a Joint Account?
Joint accounts can be treated differently from sole accounts. The outcome depends on the ownership arrangement and circumstances, so executors should establish how the account was held rather than assume the position.
Does the Bank Always Require Probate?
No. Banks may have their own procedures and thresholds for releasing funds from an estate. A Grant may be required for some accounts but not others.
Can Funeral Expenses Be Paid Before Probate?
Banks may have procedures that allow certain funeral expenses to be paid directly from the deceased's account before the estate is fully administered. The bank should be asked about its current requirements.
How Does an Executor Find Unknown Bank Accounts?
Start with bank statements, cards, cheque books, emails, tax records and regular payments. House moves, online-only banking and dormant accounts can make older relationships harder to identify.
What About Dormant or Forgotten Accounts?
An account may still exist even if the deceased had not used it for years. Dormant balances do not simply cease to be relevant to the estate.
Should the Executor Check More Than the Main Bank?
Yes, where the circumstances justify it.People often use more than one bank or building society over a lifetime, and old accounts may not be obvious from current paperwork.
A Bank Account May Be Only Part of the Picture
If the deceased's financial records are in complete, executors should also consider investments, pensions, Premium Bonds, insurance policies and other assets rather than focusing solely on the main current account.
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Disclaimer
This article is provided for general informationonly and does not constitute legal, financial or tax advice. Every estate isdifferent and professional advice should be obtained where appropriate. EstateResolve provides asset-search services and does not provide legalrepresentation. Bank procedures and probate thresholds vary and can change. Therelevant institution should be contacted for its current requirements