When you’ve lost someone close to you, organising their finances can seem daunting. We’re here to provide practical help to take you through the process from start to finish.
Before you get started it’s important to understand how much you’ll pay in charges, and to familiarise yourself with some of the legal terms which we will explain in more detail.
Any charges will be taken from the share dealing account where possible, however where there isn’t an available balance to pay some, or all of the charges, we’ll contact the executor by letter requesting payment by cheque. Dealing commission will automatically be deducted from the sale proceeds at the time of sale.
If you’d like to pay any of the charges by cheque please make this payable to Bank of Scotland Share Dealing and send to the following address:
Legal Department
Bank of Scotland Share Dealing
Lovell Park Road
Leeds
LS1 1NS
We understand that some of the language or legal phrasing on this page may not make sense to everyone, so we’ve explained these in a little more detail to help.
Any property or possession which has a cash value.
The laws relating to inheritance and property in Scotland are very different to other parts of the United Kingdom (apart from the taxes that need to be paid on estates). In England this is called probate, in Scotland this is called ‘confirmation’.
In Scotland, a ‘small estate’ is classed as an estate with a total value of less than £36,000. These can be dealt with by private individuals (such as yourself or family members), although the requirement for confirmation is decided by the company you are dealing with.
If you need some more support then the staff at the Sheriff Clerk’s office will be able to help personal applicants with the necessary forms and confirmation once all the information needed has been gathered.
If the estate is larger than £36,000 and, especially if a property is involved, we recommend the use of a solicitor.
A document which confirms the value of the remaining cash and/or stock held within the account at the time of death. The valuation will help the executor to determine if a Grant of Probate (in Scotland this is called a Grant of Confirmation) or Small Estates Form is required.
A certified copy of the entry made in the Death Register. The registrar will be able, for a fee, to provide a number of certified copies to save time when you’re registering claims with various companies.
Distribution of the assets refers to the process of selling assets held within a share dealing account as instructed by the named executor of the account.
Distribution of the assets can also refer to the executor’s choice to transfer assets held to an account in their own name or the withdrawal of assets onto a certificate.
As executor or administrator (executor-nominate or dative in Scotland) you may have responsibility for one or more of the following:
A grant of probate is an official document issued by the Probate Registry which the executors may need to administer the estate. This document will only be issued once the Probate Registry has received the necessary application forms from the named executor, the will’s validity has been checked, and any owed taxes are paid.
If the estate is small, or if it’s held in joint names and passes automatically to the surviving owner (as is often the case with married couples), you may not need to apply for probate.
If there’s a will, you’ll need to get a Grant of Probate; if there isn’t a will, you’ll need to get Letters of Administration (in Scotland this is called a Grant of Confirmation).
Probate is the process you go through if you’re handling the estate of someone who has died.
The process includes:
The responsibilities include making sure all taxes and debts are paid before any money can be given to beneficiaries (the people nominated to benefit from the will) and that in general the estate is managed in a way that best serves the beneficiaries.
When a person dies without leaving a will they are described as dying intestate. Certain legal rules called the intestacy rules will determine how the person’s estate is distributed.
A deal to buy or sell an investment such as shares.
When an account holder passes away the first thing we’ll need from you is an original or certified copy of the death certificate.
If you’re sending us a certified copy, we can accept these from:
Ready to send the certificate to us?
Once you’re ready to send the certificate to us, please send it to:
Legal Department
Bank of Scotland Share Dealing
Lovell Park Road
Leeds
LS1 1NS
Once we’ve received the death certificate we will update the account and issue a letter to the account’s registered address requesting a Grant of Probate (in Scotland this is called a Certificate of Confirmation) or an Executor Authority Form.
This letter will include:
The share dealing account(s) are valued at less than £50,000 (or £36,000 in Scotland)
If the total value of the share dealing account(s) at date of death was less than £50,000 please download the Executor Authority Form – Small Estates Declaration & Indemnity. This will allow the primary executor to settle the estate once the Grant of Probate (in Scotland this is called a Grant of Confirmation) has been registered with us.
If the total value of the share dealing account(s) at date of death was less than £50,000 and a Grant of Probate (in Scotland this is called a Grant of Confirmation) is not being obtained we can also accept the above form. The Small Estates Declaration & Indemnity section will need to be signed. Please note if the value of the estate at the date of death is more than £5000 then the Small Estates Declaration would need to be countersigned by a solicitor.
Please note that in Scotland, a small estate is classed as an estate with a total value of less than £36,000. Confirmation from the court will be required if the estate is valued above this amount.
Further information can be found on the Scottish Courts Government Website.
The share dealing account(s) are valued at over £50,000 (or £36,000 in Scotland)
Once we’ve received the death certificate we will update the account and issue a letter to the personal representative requesting a Grant of Probate (in Scotland this is called a Certificate of Confirmation). This letter will include a valuation of the account and an Executor Authority Form.
Once we’ve received an Executor Authority Form and an original/certified copy of the Grant of Probate (in Scotland this is called a Certificate of Confirmation) we will carry out the requested instructions. We’ll arrange for all correspondence to be issued to the address of the named executor.
If you’ve requested for us to sell the investments
This will usually be done within 72 hours of receiving the instruction form. Upon settlement in the market we will arrange for the money to be sent by cheque to the executor named on the Executor Authority Form within approximately 10 working days.
If you’ve requested for us to transfer the investments
If you have sent a request to transfer stock to another Bank of Scotland account, this usually takes up to 10 working days to complete. Withdrawing stock onto a certificate can take considerably longer.
Please note, you will be unable to transfer shares, withdraw available funds or the proceeds of a sale until the necessary identity and verification checks have been completed. Information about these verification checks can be found on the bereavement guide that will be sent to you in the post.
We will attempt to complete these checks electronically however if this isn’t possible, you’ll need to provide original or certified copies of documents from the below list. You will need to send us one document from the proof of identity list and one document from the proof of address list.
All documents must be current as we cannot accept expired documentation.
Or:
Or:
All documents must be current as we cannot accept expired documentation.
Or:
Or:
Please note, we cannot accept any of the below if you’re also using it for proof of identity.
If you have any questions or you’d like some help, you can call us on 0345 606 11 88.
Our dedicated Bereavement team are available Monday to Friday, 8am - 5pm (closed weekends and English Bank Holidays).
If you need to call us from abroad, you can call us on 00 44 113 292 0805. Call costs may vary depending on your service provider.
Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Halifax Share Dealing Limited. Registered in England and Wales no. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.