Overseas AccountClosures

In an increasingly mobile world, it’s no longer unusual for UK residents to find themselves, whether through work or property ownership, with a bank account abroad. It might have proved troublesome for the account holder to close, or it may have been forgotten entirely, and so becomes an asset, and a potential problem, for the estate.

As many have found, overseas account closures can be a lengthy and time consuming process. Fulfilling foreign banks’ requirements to close accounts of deceased persons who are not nationals of the country concerned. Even getting a date of death balance to accurately report the value of the asset to HMRC might take a long time.

The banks’ exact instructions can be hard to pin down as they may vary with each account; and UK residents may have to clear a number of obstacles before the account can be closed, such as dealing with bank officials in different departments, obtaining a Federal Transfer Certificate from the IRS, arranging for official translations of estate documents, or attendance at Consular offices., for example.

Delays, culture and language clashes, and banks’ own increasingly stringent privacy and security policies, can all prove extremely frustrating for Executors.

As expert overseas probate advisers, Finders can assist you with the work of closing accounts in a variety of overseas jurisdictions: please contact us for a tailored quotation.

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