Joint/Multiple executors = Joint account - can all access funds independantly?

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  • troubleinparadise
    troubleinparadise Posts: 1,120 Forumite
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    When I acted as executor, there weren't that many payments from the account - and those that there were had final bills, invoices and receipts to explain them. I never withdrew cash. There were more payments into the account.

    It isn't difficult to keep track of account activity, but as said, if an executor is unable to respect that the funds are not theirs, perhaps their bank activity should be limited.
  • vfm
    vfm Posts: 129 Forumite
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    There were 3 executors for an Estate which we have just wound up. One of them wanted to use just a normal joint account and the bank were happy for this (or so the Executor told us), however the other two of us disagreed and an Executor account was set up in which we all had to sign cheques to make a withdrawal from the account, no cards ect. were issued. The bank really only wanted to have two signatures, but two of us insisted on all three Executors signing and we are glad we did so. If we hadn't I think we would have had a lot more disagreements.
  • MrCarbohydate
    MrCarbohydate Posts: 31 Forumite
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    Bit of an update.. It turns out that money from some of my father's bank accounts (he had a few, not much in each) have been starting to pay on reciept of the death certificate. It also turns out that ALL this money has been going directly into my sister's account, one with just her name on it. It was mentioned in passing when we met a few weeks ago - that the money was coming through. I only found out today that the account is in her name only. She is the head or lead executor, if there even is such a title.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
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    MrCarbohydate wrote: »
    Bit of an update.. It turns out that money from some of my father's bank accounts (he had a few, not much in each) have been starting to pay on reciept of the death certificate. It also turns out that ALL this money has been going directly into my sister's account, one with just her name on it. It was mentioned in passing when we met a few weeks ago - that the money was coming through. I only found out today that the account is in her name only. She is the head or lead executor, if there even is such a title.
    Your sister needs to be told at once that she must not do this and the money must be put in an executor's account. Perhaps explaining to her that she could be committing a criminal offense if she uses the funds for her own use.
  • MrCarbohydate
    MrCarbohydate Posts: 31 Forumite
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    Yorkshireman99 wrote: »
    Your sister needs to be told at once that she must not do this and the money must be put in an executor's account. Perhaps explaining to her that she could be committing a criminal offense if she uses the funds for her own use.

    They have told me that the only money that has left the account is for the upkeep of the estate. They have mentioned a few things that seem reasonable. They have given me a breakdown of the things they have spent the money on but no receipts, proof, etc. I have requested to see statements from that account and be told the balance.

    The fun never stops..
  • Savvy_Sue
    Savvy_Sue Posts: 46,024 Forumite
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    MrCarbohydate wrote: »
    Yep, I was just looking to see if any of the executors could take the money out without anyone knowing. I guess the account that is going to be set up is going to have to have all signatures for any withdrawls as a must, I just wasn't sure if this was a "default setting" in this circumstances.
    I doubt if it would be a default setting, you'd need to ask for it. And also, you might or might want to the ability to transfer money online - which may or may not be possible in any event. The last Exec Account we set up was with NatWest, and it was basically a normal current account at their end, but with the name 'Executors of ...'

    We did have online access, but then my co-executor and I knew we could trust each other, and our siblings knew they could trust both of us.

    Having read the latest threads, it is as you have already been advised essential that all funds pass through the Executors' Account.

    There is no such thing as a 'head' executor. There may be one person taking the lead in certain matters, but your authority is equal.
    Signature removed for peace of mind
  • MrCarbohydate
    MrCarbohydate Posts: 31 Forumite
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    Nationwide have basically said to just open an account and add the other executor onto the account and call it (in our minds) the executors account.
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