johnfleet
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Post by johnfleet on Feb 15, 2021 19:37:01 GMT
Hoping for some advice from someone familiar with the laws surrounding administration. I am the executor and sole beneficiary of my late wife's account. Once RSM learnt of her demise they promptly blocked my log in so preventing me from seeing any details of recoveries on her account. They persistently and anonymously state that 'it is not possible' to grant access to a deceased person's account. Clearly that's rubbish as we can all access our own live account and I continue to have full read only access to my own account. All I can get from them is a high level summary of the balance on the account which is not at all the same thing as seeing what capital funds have been repaid against which loans. I'd like to challenge the legality of their obstructive approach but don't know quite how best to proceed.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 15, 2021 20:41:15 GMT
Hoping for some advice from someone familiar with the laws surrounding administration. I am the executor and sole beneficiary of my late wife's account. Once RSM learnt of her demise they promptly blocked my log in so preventing me from seeing any details of recoveries on her account. They persistently and anonymously state that 'it is not possible' to grant access to a deceased person's account. Clearly that's rubbish as we can all access our own live account and I continue to have full read only access to my own account. All I can get from them is a high level summary of the balance on the account which is not at all the same thing as seeing what capital funds have been repaid against which loans. I'd like to challenge the legality of their obstructive approach but don't know quite how best to proceed. I would have thought the first thing would be to get advice on your legal rights from someone like Citizens Advice. Might be worth asking on LAG FB as I believe some members may have similar situations.
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johnfleet
Member of DD Central
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Post by johnfleet on Feb 15, 2021 20:42:53 GMT
Thanks - good point re LAG FB - will do that!
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 15, 2021 21:52:29 GMT
Sorry to hear of your loss.
If you place this into the search on citizens advice. "Dealing with the financial affairs of someone who has died" it may help you decide the next steps.
I hope you get things sorted.
S
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Post by angel19 on Feb 15, 2021 22:39:44 GMT
Sorry for your loss. Iām afraid financial institutions are obliged to freeze a customers accounts when notified of death. They are then obligated only to give the legal executor access, and depending on the balance of the account they may require the executor to have grant of probate. The executor will have to go through the normal identity checks as well. This is necessary to protect the assets of the estate. But sadly the finance industry does have a rather unique ability to make this simple process an absolute nightmare.
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rocky1
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Post by rocky1 on Feb 16, 2021 7:14:49 GMT
I guess also a very time consuming and expensive process also.nothing seems to be straight forward in the p2p business.
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Greenwood2
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Post by Greenwood2 on Feb 16, 2021 8:18:18 GMT
Having dealt with an Uncle's estate recently Banks and Building Societies do the same. You (or your solicitor) send off the death certificate and some proof of being the executor then the account is frozen (they should send a current statement, but you have no visibility of the accounts, to see if interest is added, etc) then nothing happens until they decide to release the funds with a final statement, some do so quite quickly and others take many months. P2P is going to be worse because the funds are illiquid (I think some platforms do have special arrangements in the event of a death) but P2P in Administration is going to be a nightmare, assuming they have recognised you as the legal executer and beneficiary, probably all you can do is wait.
Just my experience of a much less complicated situation, do clarify your legal position.
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Post by brummiefred on Feb 16, 2021 13:27:55 GMT
Some years ago I had a similar experience after my father's death, but since I had both Power of Attorney and Executor, I have to confess to using the former to empty various accounts into a single Bank account before using the Executor appointment!
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