Banks sign up to probate protocol
How many times have you heard of banks and building societies dragging their heels during the probate process?
This problem has been addressed in recent weeks, with several regulatory bodies including the Society of Trust and Estate Practitioners (STEP), supporting a new protocol, which will go some way towards regulating communication between banks and estate practitioners during the vulnerable probate period, allowing practitioners to have more power over when and how a bank or building society should release assets held by the deceased.
Major financial institutions including Barclays, the Royal Bank of Scotland, HSBC, LloydsTSB, Halifax and NatWest have all signed the new protocol.
This move should mean that with smaller, less complex estates especially, executors and beneficiaries should see estates being wound up and assets released faster.