Executors

Yorkshireman99

MichelleUK wrote: »

There is no legal requirement to have a specific Executors bank account. Once you have been officially appointed as the personal representative, via Probate or Letters of Adminstration, you can ask the banks etc. to make the payments to whichever account you prefer.

The are pro's and con's of course, but provided that good records are kept, there is nothing wrong with the OP's plan.

It is not good practice to mix the estate funds with yourown. A separate executor's account is best particularly if there are going to be any transactions.

NordicNoir

Yorkshireman99 wrote: »

It is not good practice to mix the estate funds with yourown. A separate executor's account is best particularly if there are going to be any transactions.

In your personal opinion.

As I stated there are pro's and con's, and I wanted the OP to know that they are not breaking any 'law' or requirement with their intentions. I felt that my post was rather clear.

I guess we just appear to have differing opinions on the issue!

NordicNoir

eddyinfreehold wrote: »

There is no legal requirement to have a specific Executors bank account. Once you have been officially appointed as the personal representative, via Probate or Letters of Adminstration, you can ask the banks etc. to make the payments to whichever account you prefer.

The are pro's and con's of course, but provided that good records are kept, there is nothing wrong with the OP's plan

I'm sure you are absolutely correct. My experience has been that from their own viewpoint some banks will not allow that and insist upon a separate account. Presumably something to do with them being transparent and not being seen as money launderers.

The banks can vary so much with their procedures, it would not surprise me at all!

When my mum died, I found dealing face to face with people very distressing, so I decided to use an old bank account of mine for the estate rather than jumping through hoops to get an executors account opened, as at that point, I could just not bring myself to talk about my mum without crying.

After I had 'letters of administration' issued in my name, I asked NS&I to issue a cheque in my name for my mums premium bonds. The cheque arrived, made out correctly to myself and a little panel on the bottom of the cheque said "re the estate of Mrs ******" . When I went to pay the cheque in to Natwest, the stroppy cashier had the nerve to say that I should have an Executors account and that I could not pay it in. I strongly pointed out that the payee was correct and that the panel was just a note (and that there is no legal requirement to have an executors bank account)...she went quite red and paid the cheque in. Some staff are very poorly trained - I was just pleased that I did not end up snivelling, as I was a bit of a wreck at the time!

sunsetboulevard

Well, we have now managed to visit 3 different banks. Two of the banks dealt with us as joint executors. Surprisingly, Santander suggested they were happy for just me to deal with everything, even though my father was sitting beside me and I had told them we were joint executors. Also the advisor asked me to speak to Santander Bereavement by phone who told me I could either receive a cheque or have the money paid into any account of my choice. I asked if it could be paid into my current account at Santander and they said 'no problem'.

So, just the one bank left to visit tomorrow, that's the one that's a fair distance away. Father has now said he will come with me, but only if it's not raining!

brewerdave

There were 4 executors named in my mother's will and because of the size of the savings we had to get probate. However, my three brothers were happy for me to act on their behalf so I just listed them as "with powers reserved" on the probate application - they were never approached but I think I had to swear an oath which included the fact that the other executors had been informed in writing that I was acting as sole executor.
Once I had probate, all the institutions were happy to deal with me alone.
One thing I did find perplexing,was the inconsistencies of approach. One insurer paid me direct by cheque (£8k) on production of the death certificate before probate,whilst one building society required a copy of probate for £10.78!!

Margot123

brewerdave wrote: »

There were 4 executors named in my mother's will and because of the size of the savings we had to get probate. However, my three brothers were happy for me to act on their behalf so I just listed them as "with powers reserved" on the probate application - they were never approached but I think I had to swear an oath which included the fact that the other executors had been informed in writing that I was acting as sole executor.
Once I had probate, all the institutions were happy to deal with me alone.
One thing I did find perplexing,was the inconsistencies of approach. One insurer paid me direct by cheque (£8k) on production of the death certificate before probate,whilst one building society required a copy of probate for £10.78!!

It is good to hear people's personal experiences of how things have gone for them as it shows there is no consistency at all.
Each case appears to be treated differently even within the same organisation.

getmore4less

Margot123 wrote: »

It is good to hear people's personal experiences of how things have gone for them as it shows there is no consistency at all.
Each case appears to be treated differently even within the same organisation.

For some apparent inconstancies there can be simple explanations.

eg.
some institutions will release funds on death certificate and an indemnity if not getting a grant, but if you are getting a grant for any reason they won't release without the grant.