Executor of a Will.

lyndac40

Hi I am looking for a bit of advice for my parents. My Aunt has passed away she has left a Will to which my dad is the executor. There is no property involved only money. There is about £13.000 which is to be split between myself and my parents. My Aunts bank have given my dad a cheque in his name. My parents are both pensioners. When my dad puts this cheque into their bank account it will take them over the limit they are allowed to have. The money will only be in the account until it clears then I will get what has been left to me. This will then take them back under the limit again.

My question is how will this affect my parents as they receive benefits.

Thanks in advance for any replies.


Lynda

Newly_retired

Could you dad open an executor's account for the cheque to be paid into? He can Then distribute the correct amounts to the beneficiaries,

lyndac40

Hi Newly Retired,
Thank you for your reply, I wasn't sure if my dad would be able to do that. I thought the money would still be seen as his if he opened another bank account. I will tell him to go to the bank and speak to them about it.

Thanks

Lynda xxx

getmore4less

Money held on trust should not count.

If there is a query have the evidence


The obvious solution if he has enough money is to pay you first(or part of it) then deposit the cash although that complicates the trail where as in/out is clean.

Keep_pedalling

I presume you are talking about benefits such as pension credit, as long as your father prepairs a final account in regards to your aunts estate, there should be no question of the affecting his benefits and for such a small sum he does not need to go to the length of setting up an executors account.

lyndac40

Hi I am not actually sure what my parents get now. My dad has been ill for years through a heart condition. I know they get DLA and I think they only get a small amount of pension credits. They also get housing benefit and Council Tax benefit (or what ever it is called now), a small industrial injuries pension, and I presume AA, and CA. If they put this £13,000 in their account it is going to take them over the £16,000 they are allowed.

Lynda xxx

getmore4less

But 1/3(or whatever the share is) is not their money and does not count it is been held on trust so they have no beneficial interest in the money.

dzug1

Newly_retired wrote: »

Could you dad open an executor's account for the cheque to be paid into? He can Then distribute the correct amounts to the beneficiaries,

Will a bank open an executor's account without Probate? I assume that hasn't been obtained for the bank to pay everything to your father.


Maybe ask the bank for two cheques - one for you and one for your parents?

Keep_pedalling

lyndac40 wrote: »

Hi I am not actually sure what my parents get now. My dad has been ill for years through a heart condition. I know they get DLA and I think they only get a small amount of pension credits. They also get housing benefit and Council Tax benefit (or what ever it is called now), a small industrial injuries pension, and I presume AA, and CA. If they put this £13,000 in their account it is going to take them over the £16,000 they are allowed.

Lynda xxx

How old are your parents? Reassessment usually happens after 5 years and any increase in assets does not need to be reported within that period, once they reach 80 then that assessment period is usually indefinite unless they have to go into care, so if they were over 75 after their last assessment, it is unlikely that any increase in assets would affect them.

Don't assume they have all the benefits they might be entitled to check it out properly especially for non means tested benefits such as AA.

lyndac40

My dad is 75 and my mum is 70. They wont be going into care after the experience we have just had with my Aunty. The bank has already paid the cheque in my dads name and closed my aunty's account. If they put the cheque into their account wait for it to clear then write a separate cheque for me then everything should be ok. Then there is a paper trail of the money.

Thanks everyone for your help.

Lynda xxx

savethepandas

dzug1 wrote: »

Will a bank open an executor's account without Probate? I assume that hasn't been obtained for the bank to pay everything to your father.

I managed to open one, as soon as my father died, for small sums that were being returned to him. I am awaiting probate.

Just needed the death certificate, although it was at the bank he had his main current account at.