Tweet
Hello,
We’ve been told that all financial organisations are bound by the Administration of estates (small payments) Act 1965 and that it has a probate limit of £5k. However, they all seem to ignore this supposed statutory requirement and set their own, often high, limits for when they will pay out to executors without probate (eg Barclays bank, NS&I, Nationwide building society, Spanish Santander, etc). What gives them the authority to ignore the law?
Thanks
We’ve been told that all financial organisations are bound by the Administration of estates (small payments) Act 1965 and that it has a probate limit of £5k. However, they all seem to ignore this supposed statutory requirement and set their own, often high, limits for when they will pay out to executors without probate (eg Barclays bank, NS&I, Nationwide building society, Spanish Santander, etc). What gives them the authority to ignore the law?
Thanks
