Bereavement Process for and Funds Released to Regulated Entities

Bereavement Process

If you are looking for the Process for Funds released to personal representatives/executors, click here

 

A regulated entity acting on behalf of the personal representative(s)/executor(s)/administrator(s) can only be:

  • Firm regulated by the Solicitors Regulation Authority
  • Firm regulated by the Law Society of Scotland
  • Firm regulated by the Law Society of Northern Ireland
  • Firm authorised by the Institute of Chartered Accountants in England and Wales (for probate services)
  • Firm authorised by the Association of Chartered Certified Accountants (for probate services)

We will not disclose any information about a late customer’s account(s) to any entity that is unregulated and/or unauthorised for probate services in line with the list above.

 

Step 1

Please email [email protected] notifying us that the account holder has passed away and provide a scan or good quality picture of the Death Certificate/Coroner’s Certificate of the Fact of Death.

We can also accept a Solicitor’s Death Certificate Verification Form if it prepared by one of the three regulated solicitor entities below:

• Firm regulated by the Solicitors Regulation Authority,
• Firm regulated by the Law Society of Scotland, or
• Firm regulated by the Law Society of Northern Ireland.

 

Step 2

After we receive your email with all suitable documentation, we will email you a Confirmation of Account Balance(s) Letter and a Bereavement Account Closure Form.

 

Step 3

Please email [email protected] and provide a scan or good quality picture of a completed Bereavement Account Closure Form, signed by all personal representative(s).

The bank account nominated in the Bereavement Account Closure Form must be a client bank account of which the regulated entity is an account holder.

 

Step 4

We will attempt to electronically verify the bank account nominated in the Bereavement Account Closure Form. Where not possible or not successful, you will need to complete a transaction(s) and/or provide documentation.

 

Step 5

We will release funds via bank transfer to the verified client bank account of the regulated entity and email a Confirmation of Release of Funds Letter.

For late customers who held an ISA with us, a specific Confirmation of Release of Funds Letter for ISAs will be sent, which may allow the surviving spouse or civil partner of the late customer to apply for Additional Permitted Subscriptions (APS) in an ISA with another eligible ISA provider.

OakNorth will be unable to accept Additional Permitted Subscriptions (APS) in a new ISA from a surviving spouse or civil partner.