27 November 2015. Britain’s banks increase the amount of money released without probate

27 November 2015. Britain’s banks increase the amount of money released without probate

Usually banks freeze the deceased’s accounts until the executor (person responsible for dealing with the will) has received a grant of probate. Obtaining a grant of probate can take months and there is a £215 application fee. Until then the executor can only access funds necessary to pay for the funeral and inheritance tax bills. Each bank has its own limits on the amount of cash it can release without probate, but generally it is around £15,000 to £20,000.

However, now some banks are raising their limits. For example, Lloyds Band has increased its limit from £25,000 to £50,000, while HSBC has removed its limit completely and will evaluate each case individually.

For further information or if you are planning on making a will, please contact Tatiana Svetlova for consultation on tsvetlova@svetlovallp.com.

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