Probate forms totals and Executor account questions

jay213

Filled out the probate forms and sent them off. I wasn't sure how much the total debts were going to be so put an slightly higher estimate figure in case more debts come to light in the future.

I'm just wondering if this inaccurate figure will cause any problems? currently, debts will be under the amount that we put.

I'm also a little confused by the Gross and Net of the probate totals, after debt and funeral costs are taken away you are left with a Net figure. When claiming life insurance, do they pay out the Gross total to you? or do they hold on to the funeral cost part and the debt part? and only give you the Net remaining? as that is less than the life insurance amount.

I inquired about setting up an executor account with Santander and they said that you can, but you can only pay things through getting physical 'checks' from the branch when asking on the phone. Any other banks do executor accounts with normal payment facilities?

Just to add, everything is under the IHT limit.

Savvy_Sue

If it's under the IHT limit then complete accuracy for the debts isn't essential. However you need to know before you start paying out.

Life insurance can be written 'in trust' and then passes outside the estate. Unless the insurance was specifically to pay for the funeral, I'd expect the gross to come direct to the named beneficiary - the funeral costs and debts are nothing to do with them.

NatWest do 'normal' accounts which can be 'Executors of ...' allowing you to write your own cheques, and even do online banking!

brewerdave

Savvy_Sue wrote: »

NatWest do 'normal' accounts which can be 'Executors of ...' allowing you to write your own cheques, and even do online banking!

VERY lucky to find a helpful Natwest branch - my own branch looked at me as if I was nuts when I tried to set up an Executors account to deal with my mother's finances after death. Only bank that would help ,was her own (Lloyds) but it was extremely hard work, and I could only pay by cheque or electronically from the branch -no online banking or debit card!:(
OP - I was in a similar position and also made an estimate of debts which proved to be slightly too much -when I realised,I phoned the helpline but they said as the estate was ~ £100k below the IHT band, not to worry!

GazzaHT

I set up an executors account with HSBC, simply because that was where my mum had the bulk of her money.

Have to say they have been brilliant, very good bereavement department. Saw a business advisor and account opened with paying in book,cheque book if i wanted it and full internet banking.

Sea_Shell

You'd think ALL Banks would be geared up to deal with "Executor" Accounts without any problems. It's hardly a new thing surely. Although I guess with the information available to the average "man in the street" now, more and more are going down DIY route without needing Solicitors (for simple estates)

Savvy_Sue

brewerdave wrote: »

VERY lucky to find a helpful Natwest branch - my own branch looked at me as if I was nuts when I tried to set up an Executors account to deal with my mother's finances after death.

:rotfl: You'll note I didn't comment on their customer service levels!

Let's just say that staff in the various branches I went in to were friendly, pleasant, and attempted to be helpful, but the competence of the back office systems was ... inadequate. And I wasn't the only person to find this: I spent ten minutes waiting while another customer explained that they had already brought in a death certificate, and a certified copy of the will, some time ago, so would someone please find out why they could not yet access the executor's account!

brewerdave

Savvy_Sue wrote: »

:rotfl: You'll note I didn't comment on their customer service levels!

Let's just say that staff in the various branches I went in to were friendly, pleasant, and attempted to be helpful, but the competence of the back office systems was ... inadequate. And I wasn't the only person to find this: I spent ten minutes waiting while another customer explained that they had already brought in a death certificate, and a certified copy of the will, some time ago, so would someone please find out why they could not yet access the executor's account!

...I had the same problem with the account I finally set up with Lloyds - they were quite happy to accept deposits either via paying in slip or electronically - but took about 2 months to issue me a cheque book -and the communication between the branch and the bereavement department was sadly lacking!
A couple of banks also refused to set up an account, citing Money Laundering regs as my mother hadn't been a customer !!!:(

Sevennotemode

I had to set up an executor bank a/c after my mam died.She banked with Santander and so I opened an
executor bank a/c with them.

They promised everything when I opened the a/c - online banking,cheque books,paying in books etc.

In the event none of this was available and I had to do everything at the branch - complete waste of my time.

I raised an official complaint and they very quickly credited the a/c with £80 for my trouble.

So, if you have any trouble - raise an official complaint and they give you money to keep you quiet.

Savvy_Sue

Sevennotemode wrote: »

I had to set up an executor bank a/c after my mam died.She banked with Santander and so I opened an
executor bank a/c with them.

They promised everything when I opened the a/c - online banking,cheque books,paying in books etc.

In the event none of this was available and I had to do everything at the branch - complete waste of my time.

I raised an official complaint and they very quickly credited the a/c with £80 for my trouble.

So, if you have any trouble - raise an official complaint and they give you money to keep you quiet.

Yes, I did get a payment from NatWest to compensate us for their inefficiency ...