Bank account and bereavement

[LFA]

Don’t you just hate banks?
very sadly I lost my Dad back end of November, I had been in partnership with him for 30 odd years and Lloyds have said I need to close the partnership account and open a new one as a sole trader. I’ve been on the phone half the freaking day talking to some right half wits and still not got anywhere.
We have had the same bank account for 60 years and I don’t fancy notifying loads of people that details have changed and manually inputting hundreds of bank details for bacs payments etc. It’s not as though anything is going to change, same money in and out.
Im sure I’ve received cheques from farmers who are trading as father and son although the Dad has gone on a long time ago.
I‘m sure a lot of you can remember when your local bank manager would come out to the farm and talk things through, you might not always like what he had to say but at least it was communication.
Anyway, I’ll stop going on about how this country is going down the crapper and just ask if anyone has had a similar experience and any useful advice would be much appreciated.
And as for Probate, Jesus, there’s a minefield.

 

[topground]

Probate is the least of your worries unles you employ a lawyer who will string out the process and cost you a fortune. DIY. Check out the Govenment website, very helpful. I did my fathers, Worked out what he owned and had a Red Book valuation on his property. Work out what he owed. Filled out the forms no isssus.

 

[JMM]

Sorry for your loss.
Check your partnership agreement, luckily ours had a clause that allowed the continuation of the business if one of the partners passes away. When my Dad fell off his perch my bank tried the same thing, so i sent them a copy of the partnership agreement.

 

[chaffcutter]

We had the same when Mum died, very annoying as when Dad died in 1988 nothing changed and we carried on with the old account.
It was a pain having to change so’s and dd’s when there was plenty of other stuff to deal with when you lose someone.

 

[Tamar]

Just tell them if you have to change bank account numbers, you will also change banks !!

I can't believe how some people go out of their way to make things hard work. You wait until you tell the RPA.................. you would think you have been the only person to ever have a partner die on them !

 

[Ffermer Bach]

When I went into Barclays in Carmarthen, they always made me use the automated machines. It really annoyed me. I prefer to talk to a person behind the counter. So I changed my account to Nationwide. Not that my closing an account makes any difference to Barclays.

I know someone who had a "discussion" with Nat West, he told them, I have banked with you for nearly 60 years, my father banked with you and my grandfather. I have a cheque for £500 000 that I want to put into my account. If you want to be like that I will put it into another bank. Reply was fine if you want to, so he did.

 

[LFA]

Probate is the least of your worries unles you employ a lawyer who will string out the process and cost you a fortune. DIY. Check out the Govenment website, very helpful. I did my fathers, Worked out what he owned and had a Red Book valuation on his property. Work out what he owed. Filled out the forms no isssus.

I don’t think it will be so easy in this case. One sibling lives in half of the house my Dad owned, I have a tenancy agreement with my 3 siblings for the main Farm but not the house. I don’t know, maybe you’re right but I think it’s a bit beyond DIY.

 

[LFA]

Sorry for your loss.
Check your partnership agreement, luckily ours had a clause that allowed the continuation of the business if one of the partners passes away. When my Dad fell off his perch my bank tried the same thing, so i sent them a copy of the partnership agreement.

That’s worth looking into, cheers

 

[curlietailz]

When my husband died we went from a partnership bank account to a sole trader bank account. And when I took son in as partner we changed bank accounts again back to a partnership account
The whole time we kept the same trading name though
Accountant notified VAT
And I notified RPA
It was a bit chewwy but not as hard as you’d think if you keep the same trading name

 

[LFA]

Just tell them if you have to change bank account numbers, you will also change banks !!

I can't believe how some people go out of their way to make things hard work. You wait until you tell the RPA.................. you would think you have been the only person to ever have a partner die on them !

Yep, might end up doing this.
Whats the deal with RPA then? I haven’t got round to telling them yet.

 

[Still Farming]

I don’t think it will be so easy in this case. One sibling lives in half of the house my Dad owned, I have a tenancy agreement with my 3 siblings for the main Farm but not the house. I don’t know, maybe you’re right but I think it’s a bit beyond DIY.

Sorry to here your loss.
Always the most technical of details and paperwork when you don't need it all ,even on a good day.
Bank etc should have dedicated bereavement team and once you have taken death certificate in then process initiated..
Government TELL US service is good with other one stop notification process too.
Everything should be straight forward IF ALL AGREE.
Go steady and calmly, day by day will get better.

 

[topground]

I doubt the occupancy issues will affect probate which is the process of the valuation of the estate of the deceased for tax purposes. Once any inheritance tax is paid probate is granted, that’s when the requirements of the Will can be executed and in my bitter experience with siblings the fun starts!
Good luck!

 

[Homesy]

Don’t you just hate banks?
very sadly I lost my Dad back end of November, I had been in partnership with him for 30 odd years and Lloyds have said I need to close the partnership account and open a new one as a sole trader. I’ve been on the phone half the freaking day talking to some right half wits and still not got anywhere.
We have had the same bank account for 60 years and I don’t fancy notifying loads of people that details have changed and manually inputting hundreds of bank details for bacs payments etc. It’s not as though anything is going to change, same money in and out.
Im sure I’ve received cheques from farmers who are trading as father and son although the Dad has gone on a long time ago.
I‘m sure a lot of you can remember when your local bank manager would come out to the farm and talk things through, you might not always like what he had to say but at least it was communication.
Anyway, I’ll stop going on about how this country is going down the crapper and just ask if anyone has had a similar experience and any useful advice would be much appreciated.
And as for Probate, Jesus, there’s a minefield.

Sorry for your loss. I've been there with Lloyds. Total to$$ers. I had to change Bank accounts. Brought the wife in as a partner but would have been so much easier if I had done so before Dad died. Overdaft on monthly review. I basically had to start again. It's the bit going from a partnership to a sole trader that they object to. Got there in the end but totally unecessary hassle when you have enough on your plate already. Probate was over lockdown and took 18 months after it was filed due to one department not talking to another. Didn't help by the fact that my accountant died whilst doing it.
Good luck. You will get there but the journey is a pain in the ar$e.

 

[ollie989898]

Don’t you just hate banks?
very sadly I lost my Dad back end of November, I had been in partnership with him for 30 odd years and Lloyds have said I need to close the partnership account and open a new one as a sole trader. I’ve been on the phone half the freaking day talking to some right half wits and still not got anywhere.
We have had the same bank account for 60 years and I don’t fancy notifying loads of people that details have changed and manually inputting hundreds of bank details for bacs payments etc. It’s not as though anything is going to change, same money in and out.
Im sure I’ve received cheques from farmers who are trading as father and son although the Dad has gone on a long time ago.
I‘m sure a lot of you can remember when your local bank manager would come out to the farm and talk things through, you might not always like what he had to say but at least it was communication.
Anyway, I’ll stop going on about how this country is going down the crapper and just ask if anyone has had a similar experience and any useful advice would be much appreciated.
And as for Probate, Jesus, there’s a minefield.

Go into the bank and speak with an account manager. Explain the situation, take all documents with you. They will surely sort this. I hate using phones for the same reason. A person right in front of them demands action on their part.

 

[Princess Pooper]

When my husband died we went from a partnership bank account to a sole trader bank account. And when I took son in as partner we changed bank accounts again back to a partnership account
The whole time we kept the same trading name though
Accountant notified VAT
And I notified RPA
It was a bit chewwy but not as hard as you’d think if you keep the same trading name

We did this recently not due to a death but a dissolution of partnership. We also kept the same trading name. We stayed with the same bank but had to open a new account for a sole trader but all the direct debits were transferred across. Had to notify some like RPA for payments in, but they were pretty slick about it and took what I regarded as sensible precautions in case it was a scam.

 

[puntabrava]

Worst thing you could have done was tell the bank, they will only use the situation to gain financially, in reality you could have rocked along for years and they would be none the wiser. As for probate, just do it yourself if you are an executor it is quite easy, put it through a solicitor and they will take a year to fill out one form.

 

[serf]

Worst thing you could have done was tell the bank, they will only use the situation to gain financially, in reality you could have rocked along for years and they would be none the wiser. As for probate, just do it yourself if you are an executor it is quite easy, put it through a solicitor and they will take a year to fill out one form.

Is this truly the case or could they have you for " fraud" to carry on trading as partnership when your not !
Small print I suppose

Wouldn't put anything past them ,
they truly are complete w s to deal with now everything is digital noone is accountable no one to speak to in person and if there is they say you need to speak to helpline
And to top it all when you get thru your speaking to an Indian call centre FFS

 

[balerman]

Don’t you just hate banks?
very sadly I lost my Dad back end of November, I had been in partnership with him for 30 odd years and Lloyds have said I need to close the partnership account and open a new one as a sole trader. I’ve been on the phone half the freaking day talking to some right half wits and still not got anywhere.
We have had the same bank account for 60 years and I don’t fancy notifying loads of people that details have changed and manually inputting hundreds of bank details for bacs payments etc. It’s not as though anything is going to change, same money in and out.
Im sure I’ve received cheques from farmers who are trading as father and son although the Dad has gone on a long time ago.
I‘m sure a lot of you can remember when your local bank manager would come out to the farm and talk things through, you might not always like what he had to say but at least it was communication.
Anyway, I’ll stop going on about how this country is going down the crapper and just ask if anyone has had a similar experience and any useful advice would be much appreciated.
And as for Probate, Jesus, there’s a minefield.

Very sorry for your loss,just been through identical myself.Im with Nat West and lucky to have an agricultural manager to talk to.If it was a partnership you will need a new account but should be able to use the same trading name if you want. This will save a lot of work.
The bank changed all the direct debits to the new account for me,but ive had to re do all the payees on the banking app myself,easy enough now using facial recognition rather than a card reader.
VAT was also easy enough to do although they take ages to change details.
PM me if you need any more info.

 

[balerman]

Yep, might end up doing this.
Whats the deal with RPA then? I haven’t got round to telling them yet.

Depends if he had access to the online portal,if not you can just change the trading name yourself,surprisingly easy.

 

[Still Farming]

Depends if he had access to the online portal,if not you can just change the trading name yourself,surprisingly easy.

If you listen to rpa you need to close account, get new Government gateway account then new crn etc as sole trader but if you just change name, change account details etc and just carry on.
Seems simple but in their eyes a no no???