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Wills and Probate

Discussion in 'Using the forum - advanced tips' started by NikkiM, Nov 10, 2019.

  1. NikkiM

    NikkiM LostCousins Member

    Found a couple of wills recently saying money has been left to a Bank.

    Is the Bank responsible for finding heirs and distributing the money?
    Is it to pay off a debt to the Bank?
    Or is it something else?

    Thanks for any help
     
  2. Pauline

    Pauline LostCousins Star

    People sometimes named their bank as an executor, or as a trustee in their will, but if they were leaving money to pay off a debt, then the will would usually make this clear.

    Can you be a bit more specific as to what was said? And where and when were the wills proved?
     
  3. NikkiM

    NikkiM LostCousins Member

    One said XXX of XXX died 6 Jan 1951 Probate Bodmin 31 March to Westminster Bank Limited. Effects £16570 1s 2d. I believe both his sisters had died by then and all 3 were childless. Their parents died when they were infants.

    The other will said something very similar but a different probate office.
     
  4. Pauline

    Pauline LostCousins Star

    OK, so this is not actually in the will itself but from the Probate calendar?

    What you've quoted indicates that probate was granted to Westminster Bank Limited, which means they were an executor named in the will.
     
  5. NikkiM

    NikkiM LostCousins Member

    My mistake sorry. Yes it was the probate calendar.

    Does that mean that the Bank would then be responsible for tracking down any heirs and distributing accordingly or did they just take the money as executors?
     
  6. Pauline

    Pauline LostCousins Star

    An executor has to distribute the money according to the wishes of the testator, as detailed in his/her will. An executor is, however, allowed to deduct reasonable expenses for their services, which for banks and other professionals will include a fee.

    If there is no will then there will be a grant of administration, and an administrator is responsible for tracking down all the legal beneficiaries of the deceased, according to intestacy law for the country concerned.
     
    • Thanks! Thanks! x 1

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