Executor accounts - necessary? And recommended banks?

Doc_N

Most advisors suggest executors open a separate executors account into which to pay receipts from the estate and that seems sound advice.

Amazed to find though that the one bank I have any time for (First Direct) has a policy of not operating these accounts, despite the connections we’ve had with them over very many years.

I’m looking to find an alternative bank to operate the account and I’m looking for efficiency, online access and the ability to avoid branches altogether.

Any suggestions based on personal experience please?

Presumably there would be difficulties paying cheques from closed bank etc accounts into anything other than an executor account.

Margot123

In my experience of being sole executor on 3 occasions, I have never opened an 'Executor Account'.

There is no legal requirement to open one and I'd suggest keep it simple and open a separate current account for the estate you are handling. Also keep clear and accurate records, and you won't go wrong.

I have had no difficulty in using them for the estates I have handled.

In the very unlikely event of a cheque (who uses those nowadays???) arriving written to 'The Estate of......', just send it back asking for it to be made out to the name on the account.

Doc_N

Margot123 wrote: »

In my experience of being sole executor on 3 occasions, I have never opened an 'Executor Account'.

There is no legal requirement to open one and I'd suggest keep it simple and open a separate current account for the estate you are handling. Also keep clear and accurate records, and you won't go wrong.

I have had no difficulty in using them for the estates I have handled.

In the very unlikely event of a cheque (who uses those nowadays???) arriving written to 'The Estate of......', just send it back asking for it to be made out to the name on the account.

Thanks. I was wondering about that as an alternative but thought there might be a problem with payments made out to the executors. Maybe it’s not an issue then.

Marcon

Margot123 wrote: »

In the very unlikely event of a cheque (who uses those nowadays???) arriving written to 'The Estate of......', just send it back asking for it to be made out to the name on the account.

Local authorities and some utility companies refunding overpayments - and try getting a local authority to reissue!

AnaBenjie

I tried a number of banks including the one I mostly use (Santander) and the one the deceased used (Barclays). I found the only bank that would help was Nationwide (both I and the deceased had savings with them.) They created an Executor account but it had to be that (singular) and we are two executors, which is OK as we are close family. I could see that it might be a problem otherwise. (Re. other comment below: I don't think many issuers of cheques payable to Executor would be happy to simply re-issue to a different name?)

Savvy_Sue

AnaBenjie wrote: »

I found the only bank that would help was Nationwide (both I and the deceased had savings with them.) They created an Executor account but it had to be that (singular) and we are two executors, which is OK as we are close family. I could see that it might be a problem otherwise.

How bizarre! Nationwide flat out refused to open one for us, even though it was the deceased's main account.

JezR

Doc_N wrote: »

Amazed to find though that the one bank I have any time for (First Direct) has a policy of not operating these accounts, despite the connections we’ve had with them over very many years.

First Direct may not have them, but their parent HSBC does, although they are offered by the business rather than personal part of the bank. I don't have any experience with them to retell though.

Treen

AnaBenjie wrote: »

I tried a number of banks including the one I mostly use (Santander) and the one the deceased used (Barclays). I found the only bank that would help was Nationwide (both I and the deceased had savings with them.) They created an Executor account but it had to be that (singular) and we are two executors, which is OK as we are close family. I could see that it might be a problem otherwise. (Re. other comment below: I don't think many issuers of cheques payable to Executor would be happy to simply re-issue to a different name?)

Did they say if there would be charges for transfers with the Nationwide Executors Account?

Yorkshireman99

Treen wrote: »

Did they say if there would be charges for transfers with the Nationwide Executors Account?

The secret is to contact the bank’s bereavement team who usually can help. Part of the problem is legal because an executor’s account is a trustee account that is subject to different legal rules.

Doc_N

Yorkshireman99 wrote: »

The secret is to contact the bank’s bereavement team who usually can help. Part of the problem is legal because an executor’s account is a trustee account that is subject to different legal rules.

Tried that with HSBC, and their specialist bereavement team was absolutely appalling.

This is a difficult time for anyone but HSBC can be proud of the fact that they’re making it as difficult as possible for their unfortunate customers.

It’s no wonder that the big banks are so hated.

JezR

Disappointing because there had been some good experiences reported on here of HSBC in the past. Still it usually comes down to the individuals you happen to deal with.