Closing an account
It may be necessary to close the account due to a change in circumstances such as the recovery or death of the Court of Protection client or the discharge of the Deputy.
This section covers how to go about making arrangements to close the account.
Recovery of the Court of Protection client or Discharge of the Deputy in the event that the client recovers and is able to administer their affairs or the Deputy is discharged and not replaced, the Court of Protection will notify us directly.
A sealed copy of the court order will be submitted to the Court Funds Office with a direction to pay out all the available funds directly to the client or a specified beneficiary.
If the client has recovered, the court order will also state that they have been restored to the management of their affairs.
Any investments held on behalf of a Court of Protection client will be sold or transferred as directed.
As the Court of Protection will provide all the relevant bank details with their direction(s) there is no need for the client / beneficiary to arrange a separate instruction to the Court Funds Office.
Any payments made out will take 5 working days from receipt of the court order. Please be aware that any transactions relating to investments may take longer as instruction will need to be given to Brokers and / or Fund managers to sell or transfer the holdings.
When an account is closed following the recovery of a Court of Protection client, the Court Funds Office will contact the client with details of the final payment.
If there are any investments, a letter will be sent to the client once the final settlement is reached detailing the amounts paid realized on sale or when transfers of investments are complete.