Cheques Made Payable to The Executor

Beancounter

I am the executor of my dad's estate. In the last couple of weeks I have received a couple of small cheques totalling £59 made payable to "the executor of the late ******".

My own bank told me they would not accept these, the companies they came from won't reissue in my name unless my solicitor writes to them. The cost of the letters will cancel out the value of the cheques.

It's not worth opening an executor account as I don't envisage anything significant coming my way although Dad's old bank have offered to set up an account in my name to cash these, I don't feel it is worth it and as I am applying for a mortgage at the moment don't want a search on my credit record.

Other than open that account or just forget about the money is there anything else I can do?

g6jns_2

Beancounter wrote: »

I am the executor of my dad's estate. In the last couple of weeks I have received a couple of small cheques totalling £59 made payable to "the executor of the late ******".

My own bank told me they would not accept these, the companies they came from won't reissue in my name unless my solicitor writes to them. The cost of the letters will cancel out the value of the cheques.

It's not worth opening an executor account as I don't envisage anything significant coming my way although Dad's old bank have offered to set up an account in my name to cash these, I don't feel it is worth it and as I am applying for a mortgage at the moment don't want a search on my credit record.

Other than open that account or just forget about the money is there anything else I can do?

Accept the bank's offer. It will not affect your mortgage application.

Savvy_Sue

To clarify, I'd be surprised if Dad's old bank was offering to open an account in YOUR name, because if they did that, they still wouldn't be able to accept the cheques.

If they're offering to open an executor's account, that's different, and as g6 says, it shouldn't affect your mortgage application (although if it's NatWest, it might! Opening an exec a/c with them seemed to involve opening a 'normal' a/c which they then converted and blocked until we had probate - we could only pay cheques in, not withdraw anything.)

Beancounter

It was definately an account in my own name I was offered, they don't do executors accounts. I have it all on an email and it is clearly stated they would ensure the cheques were cashed for me.

I would rather hold onto them until we moved house if I did have to open a new account though.

getmore4less

If you are the executor why do they need a letter from a solicitor?

Marktheshark

getmore4less wrote: »

If you are the executor why do they need a letter from a solicitor?

To avoid payment and save money.
Standard bluff.

getmore4less

If using a solicitor put them through the solicitors client account

SevenOfNine

Is it worth writing to these people yourself with a copy of the death cert & explaining the difficulty of cashing such small cheques, & the cost of paying a solicitor to write outweighs the value of the cheques, which in turn will mean the beneficiary loses out?

Not one single company, energy, phone, life ins etc sent payment to my Mother like that when my Aunt died. She just wrote & half a dozen assorted cheques made out to her started plopping through the letterbox!

bouncydog1

Nat West just set up an account for my husband when his mum died as "Fred Smith - Executor Account". All cheques etc paid into that.

You might be quite surprised when you start searching quite what gets uncovered e.g. Post office savings account unused since the 1950's. Old premium bonds, savings certificates etc. etc.

Takes quite a while and it is useful to have a separate account so that everything can be properly recorded. All we had to produce was a copy of the death certificate and letters of administration because of the size of the estate.

Nat West also get a huge thumbs up for all of the help that they provided.

GaleSF63

I had a similar situation. When I first asked in the bank, they didn't know, but when I actually took the cheque in, along with a copy of the grant of probate, there was a different person there, and he accepted it without comment. (The bank was TSB).


Can you get to another branch of your own bank and see if they will take it? Don't mention it's already been refused at one branch.

If you didn't need probate perhaps a copy of the will would do instead.

Beancounter

I asked on the customer service line so I guess a visit to the bank may be worth a try.

I don't have probate yet as I am awiating this due to dad dying intestate so no will either but as I am officially the executor and have docummentation to that effect maybe they will accept that. Might give that a try.

I wouldn't mind if it were for huge amounts but the total is hardly enough to cover a meal out!