When a loved one passes away, it’s an emotionally challenging time for family and friends. Among the various tasks that need to be undertaken during this period, one of the most important is notifying the deceased’s banks of their death. This process ensures that the deceased’s financial matters are managed appropriately and is a step towards settling their estate. In this guide, we at DLS Solicitors provide a comprehensive overview of how to notify banks of a death, aimed at simplifying this process for you.
Step 1: Gather Necessary Documents
Before contacting any bank, it’s imperative to gather all necessary documents. These typically include:
- The original death certificate (banks will need a certified copy)
- Proof of your identity and relationship to the deceased (e.g., passport, driver’s license, birth certificate, or marriage certificate)
- The deceased’s bank details, including account numbers
- Any relevant legal documents, such as a will or grant of probate (if available)
Step 2: Notify Each Bank Individually
Once you have all the required documents, you must contact each bank individually where the deceased held an account. This includes current accounts, savings accounts, loans, or credit cards. Most banks offer several ways to notify them of a death:
- In-person at a local branch
- By telephone
- Online, through the bank’s dedicated bereavement or customer service page
- By post, sending copies of the necessary documents
It’s advisable to check the bank’s website or contact them directly to confirm their preferred process and whether any specific forms need to be filled out.
Step 3: Follow Up and Secure Assets
After notifying the bank, they will typically freeze the deceased’s accounts to protect the assets. You may be provided with a reference number; keep this safe as it will simplify future communications. The bank will then advise you on the next steps, which usually involve waiting for a grant of probate before any funds can be released or transferred.
If the deceased had outstanding debts or loans, the bank would also provide guidance on how these are to be handled. It’s important to note that you are not personally liable for the deceased’s debts, but they may be settled from the estate before any inheritance is distributed.
Step 4: Settling the Estate
Once you have the grant of probate (or letters of administration if there is no will), you can proceed with settling the estate. This involves distributing assets according to the will or, if there is no will, according to the rules of intestacy. Banks will require a copy of the grant before releasing any funds, which can then be used to settle any outstanding debts, taxes, and finally, distribute the remaining assets to the beneficiaries.
Additional Tips
- Keep records of all correspondence with the banks, including reference numbers, names of people you spoke to, and any advice given.
- Be patient. The process of settling an estate can be lengthy, especially if it’s complex.
- Consider seeking legal advice, particularly if the estate is large or complicated.
- Remember to also notify other financial institutions, such as insurance companies and pension providers, of the death.
Conclusion
Notifying banks of a death is a necessary step in managing the deceased’s affairs and settling their estate. While it can seem daunting, especially during a time of grief, following the steps outlined in this guide will help make the process as smooth as possible. At DLS Solicitors, we understand the challenges faced during this time and are here to offer our assistance and support. Should you require further guidance or legal assistance, please do not hesitate to contact us.
Remember, it’s important to take care of yourself during this difficult time. Lean on friends, family, and professionals for support as you navigate through these responsibilities.
