Managing an estate - executors account.

edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
11 replies 4.1K views
omitsomits Forumite
100 Posts
edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
When managing an estate is it necessary to open a bank account to process all the monies involved? I was wondering if one just took over any existing account(s).

If so, then I assume all other accounts in that person(s) name would have to be closed?

Thanks for your time.
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Replies

  • dzug1dzug1 Forumite
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    No you don't take over existing accounts - they do have to be closed if they are not joint accounts

    You can either open an executor's account or channel the funds through your own account. If there is the slightest possibility of a dispute with either the beneficiaries or HMRC the former is advisable
  • Muscle750Muscle750 Forumite
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    We've just done it advisable to open executors acct and happy form filling lol!!!
  • Opening an executors account is so much more convenient. I have a Nat West current account, my late mum had a Nat West account and we opened up an exec account with them. Pretty straightforward, and it's linked to me, so I can see the status as part of the on-line service and on my iPhone/ipad too.

    I only use the account as a staging post as I opened up a savings account at the same time and the funds get transferred in and out of there.

    Mum died in October last year, we have just had the house sale go through and we are still using the exec account to pull in funds (from auction, house sale etc) and to pay bills. It just makes it all above board and very easy to audit if there are any queries as the in/out transactions can be seen without having to dig through all the movements in a personal account.
  • nom_de_plumenom_de_plume Forumite
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    Can an Executors Account be opened before probate has been granted?

    I tried to do so in Barclays earlier as I have some cheques made out to my recently deceased relative but they won't open one without a grant of probate. I wonder if this a hard and fast rule across the board with all banks or is it just Barclays?
  • Certainly possible with Nat West - my hubbie did it last month. He needed copies of the wills (2 deaths to deal with) and he and his co executor had to go through the usual money laundering stuff. but it seems to be working OK and he's actually got a named person to speak to at the branch.
  • edited 11 June 2013 at 6:18PM
    John_PierpointJohn_Pierpoint Forumite
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    edited 11 June 2013 at 6:18PM
    I simply opened a passbook postal account with the Yorkshire Building Society, though the young woman in the local branch found the whole exercise a steep learning curve. The deal was that I could not draw out until probate had been granted.

    In order to keep under the bank guarantee limit I opened another with Investec Bank, then paying a good rate on a "High Five" account, they have since introduced a trustees account that pays less :eek:

    Alliance & Leicester offered to open an account but expected me to pay for the privilege.

    I have an account that has migrated several times in the last 45 years - It started life with one of the big 4 - 5 - 6, who charged. It migrated through .....->...-> Portman BS -> Nationwide (who did not want to know) -> Scarborough BS -> Skipton BS.
    I still sometimes get letters or tellers asking for Mrs Pierpoint meaning my dear old grandmother; were she still alive she would be over 130 by now.;)

    If anyone knows of the "best" firm offering a trustee account, please join the debate.
  • John_PierpointJohn_Pierpoint Forumite
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    Can an Executors Account be opened before probate has been granted?

    I tried to do so in Barclays earlier as I have some cheques made out to my recently deceased relative but they won't open one without a grant of probate. I wonder if this a hard and fast rule across the board with all banks or is it just Barclays?

    I did manage to open an account with Barclays as bare trustee for the beneficiaries after probate, in part because I needed somewhere for the proceeds of sale of the house before splitting it 9 ways, and in part because the deceased had his nest egg with Barclays.
    I instructed Barclays to transfer the nest egg into the executors account. Two weeks later a cheque turned up having been lost in a postal strike. That was just the first of several pieces of incompetence.

    Perhaps the service is improving under the new management ?
  • edited 12 June 2013 at 1:51AM
    edsjadedsjad Forumite
    194 Posts
    edited 12 June 2013 at 1:51AM
    my sis is exec and when dad's accounts closed she uses her bank account as the 'estate' or trustee' account. good job i trust her!! ps pretty sure this was done before probate granted in order to pay bills/debtors. probate now granted but house not up for sale yet so all in abeyance with executors.
    Aiming to take control of my life:A

    £10 per day in JUNE
    So far: £18 ebay; £20 cash for clothes; £50 flea market
  • claire07claire07 Forumite
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    I was an executor for a friend who died recently. She had accounts at Lloyds and so did I.

    When I had a meeting with them they suggested re-activating an old Easy Saver account I had emptied a year ago due to rates dropping and just adding another Classic account. They then transferred everything before I had the Grant of Probate - just wanted to see the will.

    So far it's worked OK as I'm sole executor and I can use both these accounts online in tandem with my existing accounts and keep everything separate.
  • nom_de_plumenom_de_plume Forumite
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    Looking at the replies here and on other forums, it does seem to vary from bank to bank. Nat West has been mentioned twice as willing to open an account prior to grant of probate and they are one of the banks my relative held accounts with. I will, however wait and open the account with Barclays as there's no real urgency and they are the most convenient for me personally.
    Thanks for replies!
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