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Bereavement and investments
When someone dies, it’s important to have the right information to help you with the money side of things. Here we provide some practical steps and support to help you manage their investments.
What you need to do
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 below and in 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.
Useful information
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To help us identify the person dealing with the estate and before the shares or funds can be released, we will carry out some identity checks. These are usually completed electronically, but if that’s not possible, we’ll ask you to send us the original documentation.
You’ll need one document from the proof of identity list and one document from the proof of address list.
We’ll also send you a Bereavement Guide in the post. This will have information on identity checks and verification.
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- UNEXPIRED PASSPORT - with signature
Or:
- UNEXPIRED UK PHOTO DRIVING LICENCE (FULL OR PROVISIONAL) - with signature and current address
Or:
- UK Driving Licence (Paper) – only valid if issued up to 30th June 1998 and no photocard is held
- Unexpired EU/EEA driving licence with photograph and signature, must be issued by a member state of the EU/EEA.
- UK Firearms Certificate or Shotgun Licence (unexpired).
- Unexpired EEA or equivalent jurisdiction National Identity Card with photograph and signature.
- UK Military ID card – (MOD90) – current serving personnel only
- Unexpired Biometric Residence Permit (front and back) – issued by the Home Office.
- UK Benefits / State Pension Notification Letters – must be from an official source, i.e. Job Centre Plus and Department for Work and Pensions / Local Authority, confirming the rights to a benefit. The letter must be dated within the last 12 months or current benefit period.
- HMRC Correspondence (excluding P45/P60) - must show Tax reference or NI number – dated within the last 12 months e.g. statement of account, notice of coding relating to the current year.
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- UTILITY BILL (LAST 6 MONTHS)
Or:
- COUNCIL TAX LETTER / STATEMENT (LAST 12 MONTHS)
Or (please note we cannot accept any of the below if you are using it for proof of identity):
- Unexpired UK photo card driving licence with signature (Full or Provisional) and shows current address
- UK Driving Licence (Paper) – only valid if issued up to 30th June 1998 and no photocard is held.
- Unexpired EU/EEA driving licence with photograph and signature, must be issued by a member state of the EU/EEA
- Bank or Building Society Statement – must be issued by a regulated financial sector firm in the UK, EU or equivalent jurisdiction and dated and showing transactions within the last 6 months, statements showing interest only or carry forward balances are not acceptable –ISA statements are not acceptable.
- Mortgage Statement – from a Bank or Building Society – Dated within the last 12 months and issued by a regulated financial sector firm in the UK, EU or equivalent jurisdiction
- HMRC Correspondence (excluding P45/P60)- must show Tax reference or NI number – dated within the last 12 months e.g. statement of account, notice of coding relating to the current year.
- Solicitors' Correspondence - relating to a house purchase and dated in the last 3 months.
- Local Authority rent card / statement – showing payments within last 3 months
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Before you get started it’s important to understand how much you’ll pay in charges:
Dealing commission per stock (sales only): £11 per online trade (UK trades only).
International online trades (sales only): no dealing commission is charged. FX rates still apply.
Withdrawal of stock onto a certificate: £25 per certificate.
If there are funds in their Share Dealing account, these can be used to pay any fees and charges. If there are not enough funds in the account, 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.
How to pay the charges
To pay share dealing charges by cheque, please make it payable to Lloyds Bank Direct Investments and send to the following address: Legal Department, Lloyds Bank Direct Investments, Lovell Park Road, Leeds, LS1 1NS.
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If you’re the executor or administrator (also known as the executor-nominate or dative in Scotland) you may have responsibility for one or more of the following:
- Registration of the death
- The funeral service
- Paying urgent expenses i.e. funeral costs
- Obtaining legal documents (grants)
- Informing financial organisations such as banks, pensions and insurance companies
- Listing the assets and liabilities of the estate
- Paying any tax liabilities i.e. inheritance tax
- Appointing trustees if required for beneficiaries of the will
For more help and guidance, visit our dedicated Bereavement Support page.
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In Scotland the laws relating to inheritance and property are different to other parts of the UK (apart from the taxes that need to be paid on estates). For example, what is known as a Grant of Probate in England, is called a Grant of Confirmation in Scotland.
A small estate in Scotland is one that has been valued at less than £36,000. These estates can be dealt with by private individuals, such as family members. If the estate is larger than £36,000 and, especially if a property is involved, we recommend the use of a solicitor.
You can get support with forms and applications for a Grant of Confirmation from the Sheriff Clark’s office. You’ll find more information on the Scottish Courts Government website.
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Here we explain in a little more detail the language and legal phrasing to help you.
Assets
Any property or possession which has a cash value.Confirmation
The laws relating to inheritance and property in Scotland are very different to other parts of the UK (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, the staff at the Sheriff Clark’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.
Current valuation
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 a Small Estates Form(PDF, 81kb) is required.Death certificate
A certified copy of the entry made in the Death Register. For a fee, the registrar will be able to provide a number of certified copies to save time when you’re registering claims with various companies.Distribution of assets
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.Grant of Probate
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
Probate is the process you go through if you’re handling the estate of someone who has died.The process includes:
- Identifying what’s in the estate and its value.
- Completing the necessary application forms for both the probate registry and Her Majesty’s Revenue and Customs (HMRC).
- Gathering the assets and dealing with any property, paying any debts and completing the legal processes to cover you against late claims in the estate.
The same application process has to be made by the administrator of an intestate estate, where there is no will. The grant issued in this situation is called ‘letters of administration’. If there is a will but no executor for any reason, the grant is called ‘letters of administration with will annexed’.
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.
Rules of intestacy
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.Trade
A deal to buy or sell an investment such as shares. -
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:
- a valuation of the account
- an Executor/Administration Instruction Form.
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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 (PDF, 81kb). 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 £5,000 then the Small Estates Declaration would need to be countersigned by a solicitor.
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, 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 (PDF, 84kb) and an original/certified copy of the Grant of Probate (in Scotland, 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.
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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 10 working days. Please note this may take longer where additional information is required.
If you’ve requested for us to transfer the investments
If you have sent a request to transfer stock to another Lloyds Bank Share Dealing Account, this usually takes up to 10 working days to complete. Withdrawing stock onto a certificate can take considerably longer. Please note this may take longer where additional information is required.
More help and advice
Important legal information
The Lloyds Bank Direct Investments Service is operated by Halifax Share Dealing Limited. Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG. Registered in England and Wales no. 3195646. Halifax Share Dealing Limited is authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.