When someone passes away, we know the probate process can be difficult and time-consuming, so we at Saxo want to make sure this goes as smoothly as possible, whilst also making sure that the deceased’s account remains safe and secure.
First steps
Should a Saxo client pass away, we kindly request the Executor of the deceased’s estate (this is the person appointed to manage the assets of the person who has passed away) contacts Saxo. Unfortunately, it is not possible for a client to appoint an Executor for their account in advance.
Required documents
Depending on the type of account, we will generally request the Executor to provide us with the information/documentation below:
- A certified copy of the death certificate;
- A certified copy of the deceased’s will;
- A certified copy of the Grant of Probate / Letter of Administration (if available) – these are Court documents conclusively evidencing that the Executor is authorised to act in such capacity;
- An copy of the ID of the Executor (e.g. a passport, driving licence etc.).
The list above is not exhaustive. We may ask for more or less documentation, depending on the specific case and the type of account. Rest assured that the only reason we ask for this documentation is to ensure the security and integrity of the account.
We know that the Executor may not have obtained the Grant of Probate / Letter of Administration at the time they contact us, and may just require an Account Statement at that time. Saxo can facilitate this, but will still require some documentation to be provided for security purposes.
Once Saxo has received all of the documentation it requires, it will be reviewed. Saxo may call the Executor to conduct identity verification, and we may ask for more information.
Instructions for the account
When the documentation and Executor ID has been approved, Saxo will only take instructions from the Executor on actions to be taken relating to the funds or open positions on the account (subject to compliance with Saxo’s internal policies), and we will work with the Executor to close the account; we can be given authorisation to deal with lawyers acting on behalf of the Executor by providing us with a Letter of Authority.
Please note that for joint accounts held with Saxo, we will place certain safeguarding restrictions on the account whilst we are going through this probate process. Additionally, for joint accounts in these circumstances we will usually only take instructions from the surviving account holder, as the account will generally be considered as passing automatically to them.
Similarly, for SIPP accounts, we will usually require instructions to be given by the pension provider. The Executor should contact the pension provider for further information.
There will be three options regarding the account, which you can instruct us on by filling in an account settlement form which we will give to you. To the extent possible, Saxo can arrange for the following:
- the funds and positions can be moved to another account with Saxo; or
- the funds and positions can be moved to an account with a different broker; or
- all open positions can be sold and the cash on the account withdrawn to a bank account.
Contact us
Saxo’s contact details can be found here.