Until a personal representative (the executor or administrator) has been appointed for the estate of the deceased, Funding Circle will temporarily stop access to the investor account in question. We will require a copy of the death certificate; upon receipt we will stop the account from lending more funds by turning Autobid off (if applicable). We will then need a certified copy of the Grant of Probate or Grant of Letters of Administration, as applicable. Funding Circle will continue to recover payments and interest earned on these outstanding loans until given further instruction by the personal representative. If the personal representative wishes to liquidate the account, Funding Circle can provide assistance in selling loan parts. If and when all of the loan parts have been sold, we will release the funds to a UK bank account.
The loan contracts that are already in place still stand and the funds would accrue on behalf of the estate to be distributed as instructed by the personal representative. An investor may nominate in their Will the beneficiary(ies) of the funds and proceeds from their Funding Circle account (subject to the applicable law).
The beneficiary(ies) should be aware that the funds will be liable for tax and they should consult HMRC.