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Managing the estate

Depending on the value of the assets held by the Bank, funds will either be released using our small estates form or we may ask that you apply for a grant of probate/letters of administration. If this is the case we will supply you with all the necessary information to apply for the appropriate certificate.

What happens next?

All information will be passed to our bereavement services team who will contact you shortly.

The accounts will be dealt with as outlined below:

Sole accounts

The account will be frozen and any credits or debits stopped. Interest will continue to be applied if applicable. The funds held in these accounts form part of the estate and will be released on completion of settlement.

Joint accounts

These will remain active and will be amended into the sole name of the surviving party and a new cheque book will be issued if appropriate.

Cash ISA

These are treated in the same manner as a sole account, and must be closed as part of the estate.

A recent government change to individual savings accounts has introduced the transfer of benefits to the surviving spouse or civil partner. For further information please visit: GOV.uk

Term deposit accounts

These will be frozen but will continue to gain interest. If the account was held in joint names the surviving party is entitled to close the account prior to maturity and no penalty shall be incurred.

The introduction of a Personal Savings Allowance: £1,000 of interest a year for basic rate taxpayers and £500 of interest a year for higher rate taxpayers came into effect on 6th April 2016. This means that banks and building societies will no longer have to automatically deduct tax from the interest earned on savings.

If interest is earned over the Personal Savings allowance the tax needs to be paid directly to HMRC. If you would like to read more about your Personal Savings Allowance, please visit the Government website: www.gov.uk.


The Bank as executor

Currently where the Bank is named as executor in the will Mazars CYB Services will act on the Bank's behalf to manage and settle the estate. The documentation will be referred to Mazars who will contact you directly. Charges may apply. In the meantime if you wish to contact Mazars you can do so by calling 0141 225 4977.

This will shortly be changing and following a review of the Bank’s Trustee & Executry service, we have made the decision we will no longer act as executor with effect from the 31st August 2017. Further information regarding this change can be found on our executry page.


Needing guidance?

Dealing with an estate can be complicated. To help you through this time you may wish to seek help or appoint a solicitor to act on your behalf. Mazars CYB Services act on the Bank's behalf where the Bank is appointed as executor in a will. Mazars can also offer this service where a family member has been appointed as executor and is looking for professional help in dealing with the estate administration.

Charges may apply. You can contact Mazars on 0141 225 4977 to discuss how they can help you.


Executry account

If there are a number of Bank accounts to settle and payments due to the estate, you may wish to consider the option of opening an executor account with us to gather all the monies.

If you would like to discuss this option further please contact your local branch or alternatively call 0800 456 1 247 where an advisor will be happy to make an appointment with the branch on your behalf.

Clydesdale Bank PLC trading as Yorkshire Bank is not responsible for the content of external internet sites.

Releasing the funds

Discharge & indemnity

This is our small estates form which we use when settling accounts where the total funds held with the Bank amount to less than £30,000. This form will also be used when the balance falls below £30,000 once any funeral expenses have been accounted for. This will either be completed by the executor(s) of the will or if there is no will, the next of kin under the intestacy rules.

We will require identification for all parties signing the form unless you are an existing Yorkshire Bank account holder.

Grant of probate/letters of administration

This is when you are required to apply to the courts for the relevant certificate to settle the estate. We will want to see this when total funds with the Bank are in excess of £30,000, once any funeral bill has been accounted for.

This is an official document that allows executors, or next of kin to close accounts, gather in the assets of the estate and pay them to the beneficiaries.

If further assets are held and you are unsure regarding your legal obligations you may wish to seek independent legal advice or alternatively you can visit GOV.uk.

If you require any expenses paid please see How we can help for further information.

Upon return of the correct and complete paperwork, the next step will be to process the closure of the account(s) and release the funds.

Where a term deposit is held, the settlement may take a bit longer due to the necessary requirements to close the term deposit account and apply all interest.

Currency accounts also take a little longer to close.

What happens to any debts?

Credit cards and loans

If a credit card* or personal loan was held the debt(s) must be repaid from the estate and the executor, or next of kin if there is no will is responsible for doing so. However, as executor or next of kin, you will not be personally liable for the debts unless they were held jointly with you, or you provided a guarantee for a debt which is unable to be repaid from the estate.

You should check if any debts held are protected by a payment protection plan because it could mean that the outstanding balance(s) can be paid off under the terms of the policy.

* If you are an additional card holder for a credit card account, the card can no longer be used and you will not be personally liable for the debt.


Mortgages

This is dependent on who owns the property and whether there was an insurance policy covering the mortgage. If the account was held jointly one of our mortgage advisors will contact the surviving party to discuss the continuation of the account.