Posthumous Payment from Betfair

[Galilee66]

I have a slightly macabre, but nonetheless practical question: does anyone know what happens to your balance in Betfair in the event of your death?

Now, whilst I haven't looked the Grim Reaper in the face at close quarters yet, I have, in the cheerless sunlight of a winter's evening, caught the glint on the finely honed blade of his scythe.

Again, I do not anticipate going to that great race track in the sky for some years yet - but, if that were to occur, I have often wondered what happens to the money in my Betfair account that I have so assiduously battled to build up over the years. Does it simply become part of one's estate? Does Betfair retain it (I shouldn't be giving them ideas, I know!)?

Thanking you in anticipation.

Galilee66

[LeTiss]

That's actually an interesting question

People quite often like to keep their betting habits a secret.

It's highly likely Betfair has accounts with money in it, where the person has died & nobody has informed Betfair because they don't know the account even exists

[Mug]

If nobody knows about it then Betfair would keep it, but I guess if they did know about it, it would be added to the estate.

[enzabella2009]

If you died, betfair would never find out I guess. I opened an account with betfair in 2001 or 2002. I had some money on the account, I backed greece to win euro2004 before they qualified for the tournament. we were drunk in cheltenham in march 2003 when we placed that bet on. I t was the year of rooster booster i think but, I have not logged in to betfair until 2005 to find out 500profit out of the blue. It was the bet we forgot about it. I could be dead. no1 tryed to inform me about my account neither by phone or e-mail.
I became semiprofs since then to only became profs 2 years ago so I gave 4 letters with all my passwords and details to my partener,sister,brother and parents for all my betting accounts. You could do that and ask them no to open it unless you die..

[lilgreenback]

That is quite true no one would know and the money would sit there. There are bank accounts and old share accounts where people have died and their estates are not known about.

These can be claimed; if you where a Pro and did well out of BF it could be worth checking the situation out. Especially if there was no will and you where not married, owned the house but partner had just moved in etc.

This causes major headaches at times when people don't need the stress and money is the one thing families will fall out over. The account could be liable to probate etc but would the beneficiary be liable to capital gains or inheritance tax (robbin b******s)?

An instruction to a solicitor or at least a will can help.

There is many a true word said in jest and as you see on every insincere appearance by a Celeb or Politician makes when someone kicks the dust every one loves you when your dead "what a great guy"

It's like the little boy says to gran "gran are you a frog"

Perplexed gran says "no dear why"

The little boy replies "well dad says when you croak we can ave all your money"

Enjoy it when you've got it folks

LilGB