will, executors, bank account

geoteresa

Can anyone tell me, if there are 2 executors appointed in the will, do they both have to open a joint executor bank account, or it is ok if only one executor opens it? I am asking because I want to appoint one executor from abroad and I do not know if he will be able to open an account in the UK.

Yorkshireman99

geoteresa wrote: »

Can anyone tell me, if there are 2 executors appointed in the will, do they both have to open a joint executor bank account, or it is ok if only one executor opens it? I am asking because I want to appoint one executor from abroad and I do not know if he will be able to open an account in the UK.

Appointing an executor who is resident abroad is a potential problem in all sorts of ways. Better to avoid if possible.

SeniorSam

+1 bad idea. Perhaps think again, However, an executor account can be dealt with by one of the executors when other executors are acting.

Ultimately all executors have the responsibility of acting correctly and in accordance with the Will. The bank or Building Society wil be able to advise on this

Sam

brewerdave

IF you are applying for a grant of probate then the 2nd executor can be listed as Category C -power reserved - everyone seems to accept this to allow the remaining executor to receive monies, operate accounts etc.
Not sure what the bank would say if you aren't applying for probate but my s-i-l just dealt with my father in law's small estate via her "normal" bank account.

geoteresa

I know that appointing the executor (and trustee) from abroad it is not a good idea, but I am a foreigner and do not have any family here or anyone who I trust 100%. So I was thinking to appoint a friend from the UK who could e.g. open a bank account and be here when needed and my brother so they could both make decisions (especially where there will be a minor trust in the will).

FreeBear

Yorkshireman99 wrote: »

Appointing an executor who is resident abroad is a potential problem in all sorts of ways. Better to avoid if possible.

Indeed. Searing the oath will be the first problem, assuming the Probate Registry will accept an executor being overseas. Second problem will be financial documentation - Most will require signatures from both executors. Then if any legal work needs to be done by a solicitor, he/she will need instruction and ID from all the executors.

I am a joint executor, and even although there is less than 100 miles and a county boarder separating us, it is still proving to be hard work to get anything done.

geoteresa

Ok, I understand and I think I will have to reconsider my decision. Thank you very much for your replies.

Savvy_Sue

geoteresa wrote: »

I know that appointing the executor (and trustee) from abroad it is not a good idea, but I am a foreigner and do not have any family here or anyone who I trust 100%. So I was thinking to appoint a friend from the UK who could e.g. open a bank account and be here when needed and my brother so they could both make decisions (especially where there will be a minor trust in the will).

Get some professional advice. If I understand the situation correctly (and forgive me for putting this bluntly):

• You live here, and have assets (house, possessions) which you want to leave in a will to family members who live abroad, including a child.
• You expect to die here, and that all your family members will still be abroad.

Appointing an executor who doesn't live in the UK doesn't sound like a good idea: what I don't know is whether a trustee living abroad would be workable.

But I also wonder whether a trust set up in the UK for the benefit of a child living abroad will also be a nightmare. And that might depend on which 'other' country we're talking about.

geoteresa

No, I live here and have assets here. My child and an husband also live here. I only want to get an executor from abroad.

Yorkshireman99

geoteresa wrote: »

No, I live here and have assets here. My child and an husband also live here. I only want to get an executor from abroad.

An executor based abroad will find it almost impossible to carry out their duties. They are likely to have to appoint a British solicitor to do the work which will mean it will cost much more and be time consuming.

geoteresa

Thank you all, you were very helpful