Financial Advisors (IFAs) + Probate & Estate Administration: The Challenge
As financial advisor, preparing bank statements for probate & estate administration is a common but time-consuming task. Executors and solicitors handling probate need to review the deceased's bank statements to value the estate, identify debts, and distribute assets.
How BankScan AI Helps Financial Advisors (IFAs) with Probate & Estate Administration
Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations. For probate & estate administration specifically, BankScan AI extracts Balance at date of death, standing orders and direct debits payable, regular inc automatically.
How Financial Advisors (IFAs) Handle Probate & Estate Administration
When preparing bank statements for probate & estate administration, financial advisors (ifas) need to IFAs request bank statements during fact-find meetings to assess client income, expenditure patterns, existing commitments, and savings capacity. They. BankScan AI automates the data extraction step.
Key terms you'll encounter: fact-find, suitability report, attitude to risk, capacity for loss.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Date of death statement plus 6-12 months prior to identify regular commitments, standing orders, and direct debits to cancel of statements for probate & estate administration.
AI extracts what you need
Our AI extracts Balance at date of death, standing orders and direct debits — formatted for financial advisors (ifas) workflows.
Complete your probate & estate administration work
Download Excel files ready for probate & estate administration. Date-of-death balance clearly stated, recurring payments listed separately for cancellation, all accounts of the deceased consolidated into one estate summary
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Financial Advisors (IFAs) — Probate & Estate Administration
- Built for Financial Advisors (IFAs) — Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
- Software compatible — Output works directly with Intelliflo, CashCalc, Excel
- Built for Probate & Estate Administration — Convert the deceased's bank statements to Excel for fast estate valuation, identification of standing orders, direct debits, and outstanding payments.
- Key data extracted — Balance at date of death, standing orders and direct debits payable, regular income sources, any joint account contributions, gifts made in the 7 years before death
Compliance: Financial Advisors (IFAs) + Probate & Estate Administration
When financial advisors (ifas) prepare bank statements for probate & estate administration, specific compliance requirements apply.
- FCA rules require IFAs to conduct thorough fact-finds and demonstrate suitability of advice. Bank statements form part of the evidence base for suitability reports. Consumer Duty obligations require advisors to demonstrate they understand client financial circumstances. Records must be retained for the FCA's required period.
- Legal basis: Administration of Estates Act 1925; Inheritance Tax Act 1984 sections 4 and 171; Non-Contentious Probate Rules 1987
Probate & Estate Administration — Built for Financial Advisors (IFAs)
IHT400 must be submitted within 12 months of death to avoid interest charges; probate grant cannot be issued until HMRC receives the IHT forms
Try Free — Financial Advisors (IFAs) + Probate & Estate Administration