Freezing the assets of an estate

[Amlodhi]

Hi
I recently posted on the Lloyds TSB page about cash point cards used on my deceased mother's bank account. Suspecting that something untoward had been going on, I instructed the solicitor appointed to administer the estate to write to those involved to ask them for an explanation of the money withdrawn from the bank account. Their replies have proved to be most :beagle:unsatisfactory.
As the estate is nearing finalisation, I do not want any distribution of legacies until the matter of her bank account has been resolved. I understand that, as executor, I have the power to freeze the estate, but how long can I do that for?
Most grateful for all advice, information, etc.

[labman]

Re: Freezing the assets of an estate

I believe it is governed by the Limitations Act 1980. You would need to refer to this for time limits on particular issues.

[Amlodhi]

Re: Freezing the assets of an estate

Thanks very much for this, Labman. A cursory glance at the Act seems to indicate that on matters involving wills and estates, the limit is 12 years, although I will check this out with my solicitor as soon as possible. The sorry saga continues .......!

[labman]

Re: Freezing the assets of an estate

I think (note think!) that you will find it changes depending on the issue in question. For example if someone wants to sue the estate, the SoL is shorter as they work on the principle people won't remember the precise detail for more than x years (or in my case x minutes lol!)

[CleverClogs]

Re: Freezing the assets of an estate

On the other hand, Victorian actions in Chancery could drag on for decades.

q.v. Bleak House - link

[righty]

Re: Freezing the assets of an estate

The bank should freeze activity once notified of the death accept if it is a joint account AND if not should only release funds, prior to the granting of probate, for the funeral expenses & inheritance tax

[Amlodhi]

Re: Freezing the assets of an estate

Thanks, righty - that was taken care of some months ago, although because one of my siblings didn't report my mother's death until 8 days after she had died, and then didn't produce a copy of her will until weeks after, the freezing of the account didn't actually happen until well into May! Absolutely nothing is as it seems in this matter.:tinysmile_hmm_t2:

[righty]

Re: Freezing the assets of an estate

Thanks, righty - that was taken care of some months ago, although because one of my siblings didn't report my mother's death until 8 days after she had died, and then didn't produce a copy of her will until weeks after, the freezing of the account didn't actually happen until well into May! Absolutely nothing is as it seems in this matter.:tinysmile_hmm_t2:

To freeze the account they didn't need the Will. If available only the death certificate

[leclerc]

Re: Freezing the assets of an estate

Thanks, righty - that was taken care of some months ago, although because one of my siblings didn't report my mother's death until 8 days after she had died, and then didn't produce a copy of her will until weeks after, the freezing of the account didn't actually happen until well into May! Absolutely nothing is as it seems in this matter.:tinysmile_hmm_t2:

I agree with Righty on this one. They did not need a copy of her will, simply a copy of the death certificate is sufficient for a bank to stop an account. The will can be passed on later. If there are any withdrawals after the initial notification then that is not very good for the bank to be honest.

[Amlodhi]

Re: Freezing the assets of an estate

Sorry for the delay in replying - was called unexpectedly away. Merry Christmas to all, by the way.

I think Righty is correct as well - there is little doubt that Lloyds have been lax on several points in this:
1. The bank account should have been frozen on 28 March when my sibling reported our mother's death to them.
2. They should have withdrawn our mother's long-held debit card when the two cashpoint cards were issued in June 2009.
3. To date, they are still unable to trace how/when/why the two cashpoint cards were issued - in fact they still cannot trace them on their systems.

Lloyds seem to have admitted defeat and have now advised me to ask my solicitor to approach them on a formal basis. I'm not sure whether to be pleased or suspicious at this. The saga continues!

A peaceful and prosperous New Year to all as well!

[leclerc]

Re: Freezing the assets of an estate

On part 2 all cards on the accounts should have been cancelled by the bank which would have prevented any further use. That is, once they had sight of the death certificate.

[Amlodhi]

Re: Freezing the assets of an estate

To continue this saga at long last, I wrote in my capacity as Executor to the Lloyds TSB Customer Services Centre, Andover, on 7 January to ask for a full explanation on the provenance of the two cash point cards which are causing such concern. To date, I have heard nothing from them. Am I being too hasty in expecting a reply by now, or should I wait a little longer?

Incidentally, does anyone know what LTSB best practice is for replying to letters from the public?

[leclerc]

Re: Freezing the assets of an estate

To continue this saga at long last, I wrote in my capacity as Executor to the Lloyds TSB Customer Services Centre, Andover, on 7 January to ask for a full explanation on the provenance of the two cash point cards which are causing such concern. To date, I have heard nothing from them. Am I being too hasty in expecting a reply by now, or should I wait a little longer?

Incidentally, does anyone know what LTSB best practice is for replying to letters from the public?

If I were you I would email the CEO and state this because clearly they should have made a response to you by now

[Streetwise]

Re: Freezing the assets of an estate

If I were you I would email the CEO and state this because clearly they should have made a response to you by now

And get your M.P. to write to him as well :beagle:

[enaid]

Re: Freezing the assets of an estate

If I were you I would email the CEO and state this because clearly they should have made a response to you by now

Try this tim.tookey@lloydsbanking.com