What happens to a P7 account if the account holder passes away?
Coping with bereavement can be very difficult. That’s why we’re here to help you. If you’re not sure what your next steps should be, you might find the information below helpful. The below is not legal advice, and we advise that you seek the help of a professional adviser, such as a lawyer with expertise in wills and estates, to help you through this process.
How can I register a death?
There are different timeframes for when a death must be registered, depending on the jurisdiction where the deceased lived. Please refer to the relevant jurisdiction’s official website for further information on the process for registering a death with your local registry office.
What happens when I register a death?
Once you register the death, the relevant registry office will issue you with a death certificate which you will need in order to handle all the deceased person’s affairs e.g. their P7 account.
How can I get in touch with you, and what information do I need to provide?
You can contact us by:
- Sending us an e-mail to support@pineseven.com.
Sometimes the information we require from you may differ depending on the jurisdiction where the deceased lived. We’ll let you know if this is the case. But you’ll find most of the information we’ll need below.
The deceased’s:
- Full legal name
- Date of birth
- Phone number and email address linked to their P7 account
Your details:
- Full legal name
- Email address
- Relation to the deceased
Key Documents:
- Copy of your ID/Passport – please make sure you provide us with a high quality copy, in which all 4 corners of the document are visible. We cannot accept scans of copies.
- Death Certificate – this will be issued by the registrar, but depending on where the deceased lived, we may be able to accept interim death certificates, coroner’s certificates, and authorised translations of overseas death certificates. We’ll confirm this when we respond to you.
- Grant of Probate or Letters of Administration (or any official document stating who is the official heir, or who has a right to deal with the assets of the deceased) – you can request a Grant of Probate document or Letters of Administration from the District Probate Registry.
- Indemnity form – downloaded from here, or the bereavement form – signed by the rightful heir.
- Power of Attorney – this may be required, for example if the solicitor is claiming the assets in the name of an heir.
- Birth certificate and/or marriage certificate – in some cases, we may need to see these to fully and properly identify the claimant.
What happens next?
Once we receive the information we need, we’ll:
- Cancel all scheduled outbound payments, including direct debits and standing orders
- Cancel all paid services the deceased had with us
- Stop all marketing and servicing material communications
- Inform you of everything we need to settle the estate, including the transfer of any remaining balance to the deceased’s inheritor/s or solicitor
How long does it take?
We should be in touch with you within 15 days of receiving your form or email to the address provided above. Depending on the complexity of the case, the process to withdraw any remaining balance to the inheritor/s or solicitor’s account/s if relevant, and fully close the deceased’s account, may take from a few days to a year. Although we’re usually able to review and resolve this in a timely manner, if there’s an outstanding debt on the account, we can only ensure the account closure after all relevant documents are obtained. Ongoing court proceedings in relation to the deceased’s assets may also cause a delay in this process.
What happens to any plan holdings?
Any investments that the deceased had will be liquidated, and the equivalent value in fiat will be credited to the main balance of the deceased’s account. We’ll do this prior to account closure so that this balance can be withdrawn to the inheritor/s or solicitor’s account as required.
Do you offer phone support?
We only communicate about bereavement cases via email. If you are a P7 customer, you can ask questions in the in-app chat, but we’ll manage the account closure process for the deceased’s account with you via email.
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