Keeping monies seperate as an executor

NAQ88

I am acting as Executor for my late father's estate and was planning to set up a second savings account to handle the money. I called my bank as the online system was down and as soon as I mentioned being an executor was told they did not allow Executor Accounts. Is this a universal failing or is it just First Direct?

Curlylady

Firstly sorry for your loss. I too was in the same situation, I bank with Nationwide, and they stated the same, they didn't advise an Executor Account, but opened a seperate savings account where I paid money in and out of. It worked as it was seperate from my own account. I kept a spreadsheet of all outgoing payments.

troubleinparadise

I opened one with NatWest; the deceased and my co-executor and I all held accounts there so it was very simple.

I suggest you just try asking banks and other financial institutions local to you and see how you get on. Sadly not all staff in institutions know their company's policies, so you might get mixed messages.

Sevennotemode

My mam held her a/c with them so I asked them to open an executor a/c.

The clueless bank clerk said that it was fine to have a cheque book / online access etc, no problem.

When I,eventually, found out that executor a/cs have to be dealt with at the branch only I complained and they
credited the a/c with £80.

If you have any problems just raise an official complaint and then they pay you money.

Sevennotemode

Also,if there are other residual beneficiaries, you will need a receipt to prove that they
have received their bequest.

A cleared cheque is a receipt and so I charged the estate accounts £7.50 for each cheque
paid from the estate. (Santander charge £7.50 for a copy of each cleared cheque)

Show this as a creditor in the estate accounts and so you don't have to ask the beneficiaries for
a receipt.That way the accounts have already been charged and you are in control.

jay213

Sevennotemode wrote: »

Also,if there are other residual beneficiaries, you will need a receipt to prove that they
have received their bequest.

A cleared cheque is a receipt and so I charged the estate accounts £7.50 for each cheque
paid from the estate. (Santander charge £7.50 for a copy of each cleared cheque)

Show this as a creditor in the estate accounts and so you don't have to ask the beneficiaries for
a receipt.That way the accounts have already been charged and you are in control.

Hi, is this still the case? I've phoned Santander and the rep I spoke to didn't know anything about getting copies of cleared checks. He said he asked around and didn't know anything about getting photocopies of checks for £7.50.

i asked if there's much difference proof wise between paying by cheque or online transfer and he pretty much said that they are basically the same accept for bank transfer will be quicker.

I'm not sure where my cheque book is, but if I go to the bank he said I could get a Bankers Draft or Counter Cheque. Is a counter cheque any good as I don't think a bankers cheque offers any protection.

jay213

Found my cheque book, could somebody confirm if writing a cheque offers greater protection than making a bank transfer as I might be making a payment later today.

Yorkshireman99

Provided you get the account details are correct a bank transfer is more secure.

Savvy_Sue

Yorkshireman99 wrote: »

Provided you get the accountdetails correct a bank transfer is more secure.

Agree, but I found that the banks I was using had limits on the amount I could transfer out each day (not unreasonably).

I made some interim payments, but once the house was sold everyone got a Big Fat Cheque - because we were meeting up anyway I didn't have to post them.

If we hadn't been meeting up I'd have paid for Telegraphic Transfer, which could have been for larger amounts and is more secure than posting cheques around the country. However, that was going to cost!

Yorkshireman99

TTs are usually not needed these days as funds can be transferred within two hours between most U.K. banks free.

Savvy_Sue

Yorkshireman99 wrote: »

TTs are usually not needed these days as funds can be transferred within two hours between most U.K. banks free.

Well, it's a few years ago now, but when I asked I was definitely told that the only way the daily limit could be exceeded was with TTs. Perhaps it would have been worth asking the question more than once (because the left hand never knew what the right was doing ...) but as it worked out it wasn't a problem.