Even after a person has died away, is it possible to withdraw money from their bank account?

Losing someone dear to you can be emotionally draining, and financial issues can increase the burden. It is tempting to use money left behind to cover bills, but you need to understand your legal obligations.

If you’re concerned about the legalities of accessing funds stored in a deceased person’s bank account, this article will help you through this difficult time.

Accessing a bank account after someone dies

Although each person’s situation is different, there are some common causes why someone might need access to a deceased person’s bank account. These include paying essential expenses and handling estate liabilities. If you are financially reliant on the deceased person, you may have difficulty meeting your basic living expenses. Before gaining access to the deceased’s bank account, you must first understand what you can and cannot do.

Is it possible to take funds out of a deceased person’s bank account?

Unless there are certain, specific conditions, you are generally not allowed to take money out of a deceased person’s bank account without proper authorisation. First and foremost, you should tell the bank as soon as possible after the death because it is against the law to use an account without notifying them when someone has died away.

In most cases, the bank may freeze the account after being informed and given proof of death. Standing orders and direct debits will be stopped by the bank for accounts that are only in the name of the deceased. A list of unpaid invoices will be forwarded to the executor along with the letters of administration.

However, you can pay inheritance taxes and cover funeral costs with money from the deceased’s account.

Can I withdraw money out of a joint bank account after someone passes away?

If you and the dead have a joint bank account, you can still access it as usual. All standing orders and direct debits will proceed normally until directed differently.

Bank Accounts and Power of Attorney

You might have had access to the deceased person’s bank account while they were alive if you were their attorney or a joint account holder. A Power of Attorney, however, expires when the grantor passes away, giving you no more control over their financial matters.

The bank accounts and executors

It is your duty as the executor to notify the bank of the deceased’s demise. Every bank has its own procedure, which usually calls for a death certificate and perhaps some paperwork. You can talk to the bank about making arrangements to pay for the deceased’s funeral expenses or inheritance tax from their accounts, even though regular withdrawals are not allowed.

Estate Administration and Probate Procedures

Most of the time, the legal procedure of administering the estate, known as probate, is required in order to gain access to the bank accounts of the deceased. Probate attorneys at SGT Law Firm are able to assist you in navigating this intricate procedure, all the while ensuring that all legal requirements are satisfied and that the desires of the deceased are honoured.

So How Can SGT Law Firm Assist?

We offer the following services:

Probate Services

Assisting with the legal procedures for proving the will and appointing an executor.

Estate Administration

Assisting in the management and distribution of the deceased’s assets, such as bank accounts.

Access to Bank Accounts

Providing information on how to legally access a deceased person’s bank account after death.

Wills and Trusts

Draughting and advising on wills and trusts to ensure effective asset administration following death.

Inheritance Disputes

Offering legal assistance in the event of a dispute over the deceased’s inheritance or will.

These services ensure that all financial transactions, including withdrawals from bank accounts, are done legally.

At SGT Law Firm, our client-centered approach guarantees that you get the help and information you need during this difficult time.

Remember that, while immediate access to a deceased person’s bank account is limited, there are legal options for managing necessary payments and estate administration. If you need help or have questions regarding handling a loved one’s estate, please contact our Glasgow probate lawyers.

Glasgow’s Probate and Executry Solicitors

Every aspect of executing administration and associated tax issues is handled by SGT Law Firm. After a relative passes away, our executry solicitors have a great deal of expertise in helping families with legal matters. Please give us a call at 0141 266 0652 if you have any questions concerning the topics discussed here or any other legal issue.