Executor's bank account - standard joint account, or will that cause complications?

As co-Executor of the will of a family member who died recently, I (and the other Exec) will be opening a bank account as the deceased had several savings, bank accounts and we need to bring all this money together. HSBC offer an Executor's account - presumably named 'Executor's account for name of deceased' - but this doesn't have an online banking facility, as it's cheque book and debit card only. I presume other banks offer similar. The other Executor and I would prefer to simply open a joint current account in our own names as we will need to make some payments from the estate to the sole beneficiaries (who are under 18) over the next few years, so this will be simpler online. Having an online account will also make it simpler to be completely on top of all the funds coming in from the various accounts, and will allow us to be able to share the absolute up-to-date financial position with any interested parties (family). There are no issues regarding the will, beneficiaries, funds, planned payments, etc. at all.

If we open a joint account, cheques being paid into it would have to be made out to myself or the other Executor. In others' experience, when receiving money from a deceased person's accounts, is this usually by cheque in the deceased person's name, cheque to 'Executive account in the name of deceased person', or can the Executors request that cheques are made out in their own name thereby meaning that we could easily pay it into the planned joint account?

We don't want to set up a (standard) joint account to then find we can't pay any of the funds into it. We're talking amounts of £50k, £25k, £70k, so not small payments in.

Any advice would be greatly appreciated - we're complete novices at the Executor role, but like to think we're pretty sensible and organised. :)
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  • Mojisola
    Mojisola Posts: 35,551
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    Jmog wrote: »
    The other Executor and I would prefer to simply open a joint current account in our own names as we will need to make some payments from the estate to the sole beneficiaries (who are under 18) over the next few years, so this will be simpler online.

    You shouldn't be keeping this money in your names or an executor account. Each child's inheritance should be put in their names.
  • Jmog wrote: »
    As co-Executor of the will of a family member who died recently, I (and the other Exec) will be opening a bank account as the deceased had several savings, bank accounts and we need to bring all this money together. HSBC offer an Executor's account - presumably named 'Executor's account for name of deceased' - but this doesn't have an online banking facility, as it's cheque book and debit card only. I presume other banks offer similar. The other Executor and I would prefer to simply open a joint current account in our own names as we will need to make some payments from the estate to the sole beneficiaries (who are under 18) over the next few years, so this will be simpler online. Having an online account will also make it simpler to be completely on top of all the funds coming in from the various accounts, and will allow us to be able to share the absolute up-to-date financial position with any interested parties (family). There are no issues regarding the will, beneficiaries, funds, planned payments, etc. at all.

    If we open a joint account, cheques being paid into it would have to be made out to myself or the other Executor. In others' experience, when receiving money from a deceased person's accounts, is this usually by cheque in the deceased person's name, cheque to 'Executive account in the name of deceased person', or can the Executors request that cheques are made out in their own name thereby meaning that we could easily pay it into the planned joint account?

    We don't want to set up a (standard) joint account to then find we can't pay any of the funds into it. We're talking amounts of £50k, £25k, £70k, so not small payments in.

    Any advice would be greatly appreciated - we're complete novices at the Executor role, but like to think we're pretty sensible and organised. :)
    You should not open the accounts in your own names. You need to be particularly careful with any funds left to minors. These can only be paid to trustees. I suggest you get some advice on this from a STEP qualified solicitor.
  • Jmog
    Jmog Posts: 4 Newbie
    Thank you both. We are Executors and Trustees. I posted incorrectly regarding the payments we'll need to make to the under 18s (the sole beneficiaries) - it won't be over a few years, probably just a few months while probate is being sorted. They had been receiving regular 'living' expenses (pocket money) but this has now stopped as accounts are frozen, so we're trying to find a way to keep this going for now. We have some some money already - from the sale of chattels, etc. - and I was hoping we could just set up one new account to try to keep thing ordered and completely transparent, which could then become the account for the whole estate.
  • Jmog wrote: »
    Thank you both. We are Executors and Trustees. I posted incorrectly regarding the payments we'll need to make to the under 18s (the sole beneficiaries) - it won't be over a few years, probably just a few months while probate is being sorted. They had been receiving regular 'living' expenses (pocket money) but this has now stopped as accounts are frozen, so we're trying to find a way to keep this going for now. We have some some money already - from the sale of chattels, etc. - and I was hoping we could just set up one new account to try to keep thing ordered and completely transparent, which could then become the account for the whole estate.
    The problem is that legally you cannot pay money from the estate to minors. It has to go into trust. That is why you really must get paid for professional advice from a trust specialist i.e. STEP qualified. They may be able to find a way to do what you propose.
  • I'm probably about 4 weeks ahead of you with probate etc. The execs are me and sister with no payments to minors. 1 other sister makes 3 beneficeries.
    Mothers current and savings accounts were with Nat West and they opened an Executors a/c in name of ''Executors of XXXXXX'' and it has on-line banking. We chose not to have a card or cheque book and it's ''one to authorise'' Any non-direct bank payments required (small amounts) will be made by me or sister, receipt obtained and reclaimed from ''Exec account''.

    Remember that some banks etc do not need probate to release the funds if under their limit. I've dealt with the Halifax whose limit is £50K and they needed Death Certificate, Will, ID etc and will then t/f direct to ''Exec account'' They stipulate that they will not pay into a third party account only an ''Execs account''
  • brewerdave
    brewerdave Posts: 8,499
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    Remember that some banks etc do not need probate to release the funds if under their limit. I've dealt with the Halifax whose limit is £50K and they needed Death Certificate, Will, ID etc and will then t/f direct to ''Exec account'' They stipulate that they will not pay into a third party account only an ''Execs account''

    ...I'm a bit further down the road still,in that I've paid the outstanding bills and have collected virtually all of the various "savings" into an executors account. Several of the financial institutions stated "executors acc. or solicitor's acc only" HOWEVER, as they only had the account number and sort code I'm not sure how they ascertain that it IS an executor's account!
    In my case, the account is set up as "Mr F Bloggs exor for Mrs J Smith deceased." -cannot use internet banking and haven't got a debit card, just a cheque book and have to use the branch to organise electronic payments.
  • Keep_pedalling
    Keep_pedalling Posts: 16,439
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    As a temporary holding account before you distribute the estate a joint BA is fine, but has been said not as a perminant home.

    If this is a small estate and the amount each child will receive is under £4,080 then the simplest solution would be to use JISA, although these need to be opened by a parent or guardian. You could put double that in if you acted fast and deposited some of it this financial year.

    Once the money is in a JISA you can basically forget it as the money can only be touched once they are 18.
  • poppystar
    poppystar Posts: 1,274
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    We actually managed the whole process without a separate account for the estate. Financial institutions provided forms for us to complete which showed the name of the person to whom any cheque was to be made payable and both executors then had to sign to agree to that payment (and provide identification, Probate copy and sometimes Will).

    It may have been easy for us because the Will was simple and most went to one of the executors but even so the sums involved were not small.
  • brewerdave
    brewerdave Posts: 8,499
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    poppystar wrote: »
    We actually managed the whole process without a separate account for the estate. Financial institutions provided forms for us to complete which showed the name of the person to whom any cheque was to be made payable and both executors then had to sign to agree to that payment (and provide identification, Probate copy and sometimes Will).

    It may have been easy for us because the Will was simple and most went to one of the executors but even so the sums involved were not small.

    As I commented in an earlier thread, it's the inconsistencies which drive one to drink! One B/Soc. wouldn't release ~£100 on a simple indemnity ,they wanted Grant of probate and identity documents :mad:-but another institution paid out ~ £6k to me personally, on the sight of the death certificate and original documentation before grant of probate!!!:rotfl:
  • poppystar
    poppystar Posts: 1,274
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    brewerdave wrote: »
    As I commented in an earlier thread, it's the inconsistencies which drive one to drink! One B/Soc. wouldn't release ~£100 on a simple indemnity ,they wanted Grant of probate and identity documents :mad:-but another institution paid out ~ £6k to me personally, on the sight of the death certificate and original documentation before grant of probate!!!:rotfl:


    ….and then there was the one building society who wouldn't speak to me on the phone because they had no proof I had any right to be asking about the account of the deceased - er, I was trying to get someone to tell me how and where to send that information!!:(
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