a few questions in advance of situation

Froglet

PennyForThem wrote: »

What about Inheritance Tax - is that a consideration at all?

No it isn't so makes things a bit easier.

Thanks everyone so far for your very helpful advice.

The executors account you need to open.Would it be with her bank ,only they have just closed our local one,the hsbc.She does have savings with a building society where we still have a branch in our village.Would that be ok.I imagine it would be difficult to sort out online.

brewerdave

Have to say that I didn't find opening an executor's account easy !! Finally (after nearly 7 weeks of toing and froing!) managed to open an account with my late mother's branch, but my own banks were NOT helpful! I think that part of the problem is that they are all scared stiff of Money Laundering regs.:mad:
One of my banks after initially seeming helpful, tried to push me into using a solicitor and their associated banking -an expensive option for a relatively simple will with no property or shares to worry about.

Froglet

Why,when things like this are only needed at such a distressing time,do banks and other companies ,have to make life even harder?

A few days after my Dad died,very suddenly at only 70,I went in with my Mum to the building society where they held a joint account.We passed the passbook over the counter,explaining the situation.Instead of a few kind words and a promise to get a new bok made up in just Mum's name,the assistant said nothing,scribbled out my Dad's name and gave it back.

I'm afraid at that point I lost it.I was still feeling very emotional,,we both were,understandably,and to have his name just crossed out like it meant nothing,was too much to bear.I gave her both barrels,in a loud voice so everyone could hear,then burst into tears and rushed out.Mum was mortified,she is a timid soul and usually leaves it to me to sort problems out.

Did not even get an apology from them and have not been back since.Did I overreact? Maybe,maybe not but it could and should have been handled a lot better.

Keep_pedalling

Froglet wrote: »

Why,when things like this are only needed at such a distressing time,do banks and other companies ,have to make life even harder?

A few days after my Dad died,very suddenly at only 70,I went in with my Mum to the building society where they held a joint account.We passed the passbook over the counter,explaining the situation.Instead of a few kind words and a promise to get a new bok made up in just Mum's name,the assistant said nothing,scribbled out my Dad's name and gave it back.

I'm afraid at that point I lost it.I was still feeling very emotional,,we both were,understandably,and to have his name just crossed out like it meant nothing,was too much to bear.I gave her both barrels,in a loud voice so everyone could hear,then burst into tears and rushed out.Mum was mortified,she is a timid soul and usually leaves it to me to sort problems out.

Did not even get an apology from them and have not been back since.Did I overreact? Maybe,maybe not but it could and should have been handled a lot better.

This is not something that anyone should walk into a branch and do at the counter. Make an appointment, then hopefully everything will be done in private with someone who has both the time and people skills to deal with the situation.

Froglet

With hindsight,yes,we probably should but we had a lot of things to sort out as you can imagine,and thought it would be relatively simple just to pop in,hand the book over with an explanation,and pick up,or be sent,a new one.No proof was needed as it was a joint account.I think it was the cold hearted attitude that upset me most.

brewerdave

I think that the most staggering thing that I found ,was that branches nowadays seem to have no-one locally available, who has any idea how to deal with a death -one or two of the banks/building societies that I visited behaved like headless chickens on amphetamines!!

Froglet

Exactly,Dave.Yet everyone experiences death at some point in their lives so ought to at least act with a certain amount of sensitivity.

Where did you get the probate forms from?How difficult do you think it might be to get my Mum's bank account closed and transferred or would the bank/building society holding the executors account,get the money transferred once probate is granted.Bearing in mind our local bank branch is closed.

As you can guess,never had to know about all this stuff befor d and wan to be a bit more knowledgeable beforehand.

poppystar

We dealt with my entire mother's estate, which involved several financial institutions and also shares, without opening a separate executors account. No-one insisted we have one although all insisted on the signature of both executors to agree where the money was to be paid.

Maybe we were lucky?!

With the exception of one building society the process was hassle free and we were treated sensitively. The exception is now going to lose my two accounts with them!

All did require Probate but that was gained relatively easily too.

Froglet

poppystar wrote: »

We dealt with my entire mother's estate, which involved several financial institutions and also shares, without opening a separate executors account. No-one insisted we have one although all insisted on the signature of both executors to agree where the money was to be paid.

Maybe we were lucky?!

With the exception of one building society the process was hassle free and we were treated sensitively. The exception is now going to lose my two accounts with them!

All did require Probate but that was gained relatively easily too.

That's interesting ,thanks.Maybe the account she holds at our local building society can be changed to an executors account,then we will only need to transfer the bank account money.

Tuesday_Tenor

Froglet wrote: »

Maybe the account she holds at our local building society can be changed to an executors account, then we will only need to transfer the bank account money.

An executor's account is more like a current account. You MAY need a cheque book for paying certain things. More can be done by bank transfers nowadays but ours (4 years ago) didn't allow online banking, so distributions to beneficiaries were by cheque. A Building Soc savings account probably won't have a cheque book.