Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • MrCarbohydate
    • By MrCarbohydate 21st Sep 16, 9:37 AM
    • 5Posts
    • 1Thanks
    MrCarbohydate
    Joint/Multiple executors = Joint account - can all access funds independantly?
    • #1
    • 21st Sep 16, 9:37 AM
    Joint/Multiple executors = Joint account - can all access funds independantly? 21st Sep 16 at 9:37 AM
    Just wanted to see if anyone knows the answer to this as I am finding it hard to get a concrete answer from anywhere:

    When there is two or more beneficiaries/executors within a will and the estate of the deceased - monies, property, and shares - goes into probate, and is then placed within an account for the b/e, can any of the beneficiaries/executors sell, rent, or spend without the others consent? Or do all of the b/e have to agree before any of the actions can be taken on the inherited things?


    Thanks
Page 1
    • Keep pedalling
    • By Keep pedalling 21st Sep 16, 1:20 PM
    • 1,946 Posts
    • 2,053 Thanks
    Keep pedalling
    • #2
    • 21st Sep 16, 1:20 PM
    • #2
    • 21st Sep 16, 1:20 PM
    Beneficiaries can't do anything, it is down to the executors sell assets and distribute the estate to the beneficiaries. If you have multiple executors then unless any of them have reserved or renounced their powers then they have to act together.
    • MrCarbohydate
    • By MrCarbohydate 21st Sep 16, 1:47 PM
    • 5 Posts
    • 1 Thanks
    MrCarbohydate
    • #3
    • 21st Sep 16, 1:47 PM
    • #3
    • 21st Sep 16, 1:47 PM
    In this case all the beneficiaries are all also the executors. So everyone involved are executors. Good to know we all need to agree and that someone cannot just take money out and say it is to pay for something to do with the estate etc.
    Last edited by MrCarbohydate; 21-09-2016 at 1:50 PM.
    • Keep pedalling
    • By Keep pedalling 21st Sep 16, 2:02 PM
    • 1,946 Posts
    • 2,053 Thanks
    Keep pedalling
    • #4
    • 21st Sep 16, 2:02 PM
    • #4
    • 21st Sep 16, 2:02 PM
    How many executors are there, it can get messy is too many are involved.
    • troubleinparadise
    • By troubleinparadise 21st Sep 16, 3:15 PM
    • 837 Posts
    • 1,424 Thanks
    troubleinparadise
    • #5
    • 21st Sep 16, 3:15 PM
    • #5
    • 21st Sep 16, 3:15 PM
    The executor's account isn't a lucky dip pot for all to take out funds at will - any expenditures (withdrawals) would have to be supported by an invoice or bill, and the paperwork kept as proof. It stores the assets from the estate until it is time to distribute those monies according to the Will, once all the debts of the estate have been paid.

    Your initial guidance comes from the Will and the instructions therein. If there is no clear wording about selling assets, or direct bequests, then the executors/beneficiaries are going to have to reach a clear agreement between you all. Divide up the jobs, who is going to sort out the utility bills, and so on.

    If compromise is too difficult to achieve, then selling an asset and sharing the proceeds according to the will might be the best way to proceed. If it is impossible to agree, then perhaps a solicitor might have to execute the will for you.
    • MrCarbohydate
    • By MrCarbohydate 21st Sep 16, 5:00 PM
    • 5 Posts
    • 1 Thanks
    MrCarbohydate
    • #6
    • 21st Sep 16, 5:00 PM
    • #6
    • 21st Sep 16, 5:00 PM
    There is no real clashing at the moment. One of the executors has expressed an interest in remaining in a property within the will, so debating the ability for this to happen and also bringing up rent payments to the others is the only real foreseeable problem. It will not go down well - the request for rent.

    The main concern was that someone would take money from the joint account and then claim to have lost the receipt/s. The course of action if this were to happen seems easy and obvious but if this person is in a better financial postion and has more time on their hands.. it would not be so easy, technicially to stop it - whether it happens with or without my knowledge. This is why I wanted to know if they could do it without concern for the consequences, and then use their known traits for blagging, intimidating, and guilt-tripping to try get out of it. The actual action of removing monies is what I was wondering about.
    • MrCarbohydate
    • By MrCarbohydate 21st Sep 16, 5:01 PM
    • 5 Posts
    • 1 Thanks
    MrCarbohydate
    • #7
    • 21st Sep 16, 5:01 PM
    • #7
    • 21st Sep 16, 5:01 PM
    There are three in total.
    • Yorkshireman99
    • By Yorkshireman99 21st Sep 16, 5:18 PM
    • 1,223 Posts
    • 983 Thanks
    Yorkshireman99
    • #8
    • 21st Sep 16, 5:18 PM
    • #8
    • 21st Sep 16, 5:18 PM
    There is no real clashing at the moment. One of the executors has expressed an interest in remaining in a property within the will, so debating the ability for this to happen and also bringing up rent payments to the others is the only real foreseeable problem. It will not go down well - the request for rent.

    The main concern was that someone would take money from the joint account and then claim to have lost the receipt/s. The course of action if this were to happen seems easy and obvious but if this person is in a better financial postion and has more time on their hands.. it would not be so easy, technicially to stop it - whether it happens with or without my knowledge. This is why I wanted to know if they could do it without concern for the consequences, and then use their known traits for blagging, intimidating, and guilt-tripping to try get out of it. The actual action of removing monies is what I was wondering about.
    Originally posted by MrCarbohydate
    If one of the beneficiaries occupies the property during the probate period and then buys it they are obtaining an unfair financial advantage over the other beneficiaries if they don't pay the market rent and outgoings. The executors all need to fully understand their rights, and more importantly their duties, as executors to act in the interests of the estate and not themselves.
    • getmore4less
    • By getmore4less 21st Sep 16, 6:18 PM
    • 25,591 Posts
    • 15,481 Thanks
    getmore4less
    • #9
    • 21st Sep 16, 6:18 PM
    • #9
    • 21st Sep 16, 6:18 PM
    You need to distinguish between can and should.

    If they have access then they can do just about anything unless someone takes steps to stop them.
    you could have the account set up so it needs two sigs for withdrawing money.

    an inventory and account will track the assets and cash flow so as long as you can make that balance and make distribution adjustments then things should be OK.

    when it comes to property and occupation would the beneficiary wanting to occupy and buy need to stump up cash or will they be getting more from the estate.

    It can be easier as long as you can agree value and are happy the estate will balance to effectively let them have the beneficial interest and take over the asset and all it's liabilities, sorting out the legal ownership as part of the full distribution.

    Having the estate become a landlord is something that should be considered very carefully, if they have already been renting it then that changes things.
    • MrCarbohydate
    • By MrCarbohydate 21st Sep 16, 7:37 PM
    • 5 Posts
    • 1 Thanks
    MrCarbohydate
    You need to distinguish between can and should.
    Originally posted by getmore4less
    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.
    • Yorkshireman99
    • By Yorkshireman99 21st Sep 16, 8:20 PM
    • 1,223 Posts
    • 983 Thanks
    Yorkshireman99
    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.
    Originally posted by MrCarbohydate
    If, as it seems to be the case, that one of the executors integrity is doubt it is essential. In those circumstances other steps may need to be taken to avoid unauthorized disposal of estate assets. I don't envy you.
    • troubleinparadise
    • By troubleinparadise 22nd Sep 16, 12:40 AM
    • 837 Posts
    • 1,424 Thanks
    troubleinparadise
    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
    • By vfm 24th Sep 16, 4:50 PM
    • 127 Posts
    • 64 Thanks
    vfm
    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.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,959Posts Today

7,675Users online

Martin's Twitter