Banking - when a relative passes away

[Nattie]

This is a basic guide to when a relative passes away.
Things we need to see sight of at the bank.
Death Certificate, Will if made or whether probate will be obtained, Account number will be helpful. For NatWest we have a centralised Estates Team. The account will be frozen at the point we have been informed of the death of a customer. That means nothing will go into the account or go out of the account. However if the account is a joint account then it will not be stopped but merely the deceased party removed from the account.
If the account falls under the amount of probate(£5000) and the will leaves the money to one person who is with you in the branch then an account closure form will be done and the account will be closed through the estates team.

Feedback anyone?

[CYNthesys]

Banking - when a relative passes away

Very helpful information Natty.

I am interested to find out what procedure Natwest follows if they are given notice that one of their existing customers has lost mental capacity. Am I right in assuming the same principles are applied for both death and mental incapacity?

[Nattie]

No, on that situation where the party is not with their faculties the relative would require a power of attorney with court of protection. Can I ask Celestine or Cetelco to come in on this with the legal process with regards to this bit?
And I am being lazy so i will get the probate amount sorted out shortly as well.

[CYNthesys]

Im thinking on the lines of a customer who loses mental capacity and doesnt have an attorney to protect and safeguard his interests. In this sort of situation I expect the bank must have to follow legal requirements and freeze the account and or any securities until such time that a Court of Protection receiver is appointed to manage the customers affairs.