It is up to the executors of a will to handle the financial dealings of the deceased person. Often, this means they have to apply for probate in order to begin to settle their estate.
On being provided with the death certificate; banks, building societies and other financial institutions will automatically freeze the deceased’s accounts until probate has been granted – a process which can often take months or even years, depending on the value and complexity of the estate.
This can obviously cause problems when the undertaker needs to be paid and the inheritance tax bill settled, all before the funds in their entirety are released.
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Call 020 8150 2010Until recently, banks allowed executors to access a certain amount of money from the late person’s estate so that at least part of these bills could be paid. This amount usually ranged between £15,000 and £20,000, dependent on the institution. In recent weeks, however, some of the more well-known banks have agreed to raise this limit, to allow more funds to be accessed which in turn, may help loved ones who are left with a financial burden.
Lloyds Bank has raised its limit from £25,000 to £50,000, whilst RBS has raised its limit from £15,000 to £25,000.
Whilst this may seem a great deal of money however, families are increasingly feeling the pinch when it comes to laying their loved ones to rest. With the average funeral now costing around £7000, growing numbers are turning to loans and other forms of credit, to pay the undertaker. It makes sense, therefore, for adults to consider paying into a funeral plan whilst they still can, to ease the financial strain when they’ve gone.
If you would like to speak to a probate expert, call us free on 020 8150 2010
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