Private Banking. Bereavement Guide

Transcription

1 Private Banking Bereavement Guide

2 Helping you through a difficult time We understand that coping with the loss of a loved one is not easy and sorting out their financial affairs can make it seem harder. That s why we aim to make the process as smooth as possible. To help you get started, this guide covers everything you need to know about dealing with an Investec Private Bank account held by the deceased person. we aim to make the process as smooth as possible

3 A step-by-step guide Step 1 Inform us Step 3 We will send you confirmation You can speak to our dedicated team of bankers on or if you re calling from outside the UK. Alternatively, you can write to London Operations, Investec Bank plc, 30 Gresham Street, London, EC2V 7QP, United Kingdom. Once we receive the correct documents, a member of our team will send you a letter that contains the information necessary to obtain the Grant of Probate, which is a legal document that authorises the executor(s) to manage the estate of the deceased according to their will. Please notify us if the deceased has accounts with the wider Investec Group so we can notify them. They will contact you to confirm the next steps, which may include requesting further documents. Step 2 Send us your documents You will need to provide us with an original or certified copy of the death certificate. Step 4 Closing the accounts and releasing any funds Before we can close any accounts and release any available funds, an original or certified copy of the Grant of Probate (or equivalent in another country) and a withdrawal instruction is required to be provided by the executor. Once we receive the correct documents we will proceed. We may also require proof of identity and residential address for the representative of the deceased s Investec accounts. For joint accounts, the surviving account holder will not need to be formally identified in order to access funds from the joint accounts. Documents you will need: Death certificate Proof of Identity & Residential address Grant of Probate Withdrawal instruction

4 Step 1 Inform us Step 2 Send us your documents Step 3 We will send you confirmation Step 4 Closing the accounts and releasing any funds

5 Frequently Asked Questions Where do you send the documents required? What is considered a valid certified copy? We will need to have sight of the original or certified copy of the death certificate and Grant of Probate, where required. We will take a copy of these documents and return the original to you shortly after receipt. Please post these documents to us at the address below: London Operations Investec Bank 30 Gresham Street London EC2V 7QP United Kingdom Can I send the original or certified copy of the death certificate and Grant of Probate by or fax? We only can only accept the original or certified copy of the death certificate and Grant of Probate by post. Certification is to be obtained from: Notary public Commissioner of oaths Practising lawyer/solicitor who is member of recognised professional body Chartered/certified accountant who is member of a recognised professional body Serving police/customs officer Embassy/consulate official The certification should include the following information: Text/stamp must include true copy of original or original seen Clear and legible name and signature of certifier. Stamp can be used where appropriate as long as it includes this same information Position/role of certifier Date of certification Longer documents can have just the initial of the certifier as long as first page is completed correctly as per above requirements

6 Can the account still be operated once we are notified of the account holder s death? If the account was in the deceased s sole name, we will suspend the account once we are informed of their death and have been provided with the death certificate. We will then act on the instructions of the deceased s personal representatives once we have received satisfactory proof of their identity. This will usually take the form of a Grant of Representation in England and Wales and a Confirmation in Scotland or the equivalent if any other country. What if the account was held in a joint name? Once we have received the death certificate, we will amend the account to be in the name of the surviving account holder and the balance in the account will automatically pass to the sole account holder. We will also reissue a new cheque and paying in book, if applicable. What if a Power of Attorney or Third Party Mandate was granted on the account? The rights of a Power of Attorney or person acting as a Third Party Mandate on the account ceases on the death of the account holder. This means that we will not be able to act on any subsequent instructions from either third party in relation to the deceased s bank account. The Grant of Representation or equivalent authority will appoint a personal representative/s to act on behalf of the deceased. Do we cover funeral expenses? We may be able to pay for reasonable funeral expenses from the deceased s bank account held with us provided a valid invoice is presented to us.

7 We re here to help Talk to a member of our dedicated team of bankers on or if you re calling from outside the UK. Getting help if you need it Dealing with money when someone dies Understanding inheritance tax Money Advice Service: /en/categories/when-someone-dies HM Revenue & Customs: inheritance-tax Registering a death, wills, probate and more GOV.UK: Please note, these are non-investec websites and we are not responsible for the accuracy of the information they provide. Help dealing with death, wills and inheritance Citizens Advice Bureau: death-and-wills/

8 Private Banking Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the London Stock Exchange. CGZ