Unable to open joint Executors account due to other Executor having poor credit

nikkig60

My father has recently died and I have been made joint executor of his estate with my brother. Before my father died he took out a loan, he also had an interest only mortgage with approx 7k outstanding. Also after paying for the funeral there is approx 2k left in his bank account.
We have obtained probate and now want to take over the debt and mortgage until the house is sold. We have applied for a joint executors account and due to my brothers poor credit rating this has been declined by the bank.
What should be the next steps?

back_against_the_wall

Sorry, but why do you need a "joint" executors' bank account? The purpose of obtaining Probate is to prove your right to the control of the disposition of the assets of your late father's Estate. Having obtained Probate I would have thought that when the assets of the Estate are sold, in your case apparently only his house, the proceeds could be paid into any bank account held by either yourself or your brother and then used to pay off any debts of the Estate with any balance distributed when the debts are paid. I think you might be complicating what seems to be a fairly straight forward matter unnecessarily. Hope this helps.