Opening an Executors Account

AnnaKeys

I have been given the runaround by a well known High Street Bank when trying to set up an Executors Account for myself and my daughter who are co-Execs for my mother's will. We went to mum's Bank and gave them the death certificate then Probate when granted on 10th Sept and filled in many forms along the way. We had intended to use the Account for the proceeds of the sale of her house and paying the legatees. A Bereavement Team is involved as well as a Business Team who deal with Executor 'Community Accounts' and there is another lot who seem to be involved in identity verification who phoned about forms sent to my daughter they claim were not returned. I think it was a mistake to apply to convert mum's current Account into the Executors Account which was one of the options on opening an Executors Account and that we should have just taken out the money as soon as possible when we got Probate. We did not have Accounts with this Bank ourselves and they have not yet released the Account funds for transfer. Despite the Business Team sending me a Cheque Book and a Paying in Book last week and assuring me by phone all was sorted that is not the case. I got a letter today from the Bereavement Team with another form for us to apply to have the funds transferred. The local Branch have now taken it upon them selves to oversee the form from now on. I feel like taking the whole lot out when the funds are released, closing it down and seeing my Building Society about a joint Account. Is this reasonable?

Yorkshireman99

AnnaKeys wrote: »

I have been given the runaround by a well known High Street Bank when trying to set up an Executors Account for myself and my daughter who are co-Execs for my mother's will. We went to mum's Bank and gave them the death certificate then Probate when granted on 10th Sept and filled in many forms along the way. We had intended to use the Account for the proceeds of the sale of her house and paying the legatees. A Bereavement Team is involved as well as a Business Team who deal with Executor 'Community Accounts' and there is another lot who seem to be involved in identity verification who phoned about forms sent to my daughter they claim were not returned. I think it was a mistake to apply to convert mum's current Account into the Executors Account which was one of the options on opening an Executors Account and that we should have just taken out the money as soon as possible when we got Probate. We did not have Accounts with this Bank ourselves and they have not yet released the Account funds for transfer. Despite the Business Team sending me a Cheque Book and a Paying in Book last week and assuring me by phone all was sorted that is not the case. I got a letter today from the Bereavement Team with another form for us to apply to have the funds transferred. The local Branch have now taken it upon them selves to oversee the form from now on. I feel like taking the whole lot out when the funds are released, closing it down and seeing my Building Society about a joint Account. Is this reasonable?

After going through all the trouble stick with it. Starting again will only add to the stress and delay thing.

brewerdave

Just an observation following the sad death of my mother - my own discussions re an executors account with a number of major banks or building societies has left me despairing - its as if no one has ever died before ! -and if there is more than one executor -don't get me started !!!!:(
They all have dithered around - two refused because they claimed that as my mother wasn't their customer they couldn't set it up because of money laundering regulations!!
I have finally managed to open an account in my mother's local branch of Lloyds (I hope!!) but the branch manager had to fudge several things to get the application thru'. I awit his communications with interest!

lisa110rry

Things have become incredibly more complicated lately since the new Know Your Customer/Money Laundering rules.

When my Mum died in 1999 in England, her will was delivered in the post on the day she died, but she died with it unsigned; I was named executor and beneficiary. She had also, for some reason, destroyed her marriage certificate and divorce decree. Thus, I could not prove I am an only child, the only child of the deceased. I could not prove my mother and father had been married but had divorced in the 60s, nor that my father had died 19 years earlier (he died abroad).

Quaking, I approached the probate interview and explained this, showing the unsigned will, death certificate and my birth certificate. The only question I was asked was "does anyone object to you inheriting". I said no, as all my family know my status as only child. "Probate granted." (The gentleman actually used those two words.)

With the grant, I went to Mum's bank and that account (no changes) dealt with receiving monies. I paid all costs from my account and that was that as eventually Mum's liquid assets were invested in my name.

Mum's last wishes as expressed to me (and she was mentally sharp as a tack), were written down by me in a notebook and signed by both of us. These were carried out informally by me as she knew she hadn't long and wanted certain persons to have certain monetary and other gifts.

I know banks have to comply with KYC rules, but it's an extra stress at a bad time.

brewerdave

.....what adds to the stress is the inconsistency within the financial sector ...one institution has sent me a cheque for ~ £6k IN MY NAME!!; But another requires the Grant of probate to release ~ £100 !!
N.S & I require probate to release her Premium Bond monies ...but the D.W.P are sending her underpaid final pension direct to my account !!!!!

lisa110rry

Good heavens Dave, that sounds like a mess!

ferger

Yes, I'd echo the inconsistency thing. When my father died, most of his cash was in Barclays, but he held a variety of other bits and pieces with other financial institutions, plus various small shareholdings, held on cetificate. I opened an executor account with Natwest, because I bank with them.

Barclays were pretty good, apart from a spat about Continuous Credit Card Authorities, which they eventually gave in over (because they have to). NatWest were a mess, and gave me compensation for their incompetence over the exec account. The Leeds were really good, and sensible. The Post Office were absolutely appalling and sent blanket, whitewash responses to my complaints. Equiniti (registrar) are utter shysters who just look to make money out of the process etc etc

brewerdave

...today I phoned the branch where I thought I had successfully opened the executor's account last week as I hadn't heard anything yet - the branch manager tells me that its been a "bit tricky" but he's hopeful that it will be sorted shortly !!:(

flossy_splodge

I fully sympathise!
My father died a year os so ago and it was a nightmare trying to get an executor account sorted.
I tried ALL the high street banks and the only one that seemed to know what they are doing was HSBC.
That is who the account is now with but cetainly NOT hassle free. I now ONLY speak to a certain senior manager at my local branch and haven't had any problems now for a couple of months!
It is so unnecessary at an already difficult time.
My sympathies.:o

flossy_splodge

I fully sympathise!
My father died a year or so ago and it was a nightmare trying to get an executor account sorted.
I tried ALL the high street banks and the only one that seemed to know what they are doing was HSBC.
That is who the account is now with but certainly NOT hassle free. I now ONLY speak to a certain senior manager at my local branch and haven't had any problems now for a couple of months!
It is so unnecessary at an already difficult time.
My sympathies.:o

Rodders53

brewerdave wrote: »

N.S & I require probate to release her Premium Bond monies ...

Must be a fair sum invested then as my late M-i-L's £10k pensioner bond was released (with interest) by them on sight of the death certificate only, just recently. She also has £16 in Premium Bonds we hope may be lucky in the next few months (you can keep them in for 12 months).

DWP clawed back overpayments via her (closed) Nationwide bank account... AND wrote demanding payment from us direct!! :mad: One or the other I did not mind but asking for it twice seemed a bit of a cheek.;)