Executor accounts - necessary? And recommended banks?

Margot123

Doc_N wrote: »

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.

I have had similar experiences with other banks' so-called 'bereavement teams'.

I felt it was so that they could cover their own backs rather than assist me during a very stressful time.

Flugelhorn

RBS had no problem opening an executors account for me. Both deceased and I had accounts there so maybe that helped. Suspect it is actually a personal account for me but just named "Ms F Horn, executor of Mrs E Horn"

I found the account useful in keeping the money separate from mine and also making it clear to DWP, the gardeners, the kids, the parochial church council etc that the money was from the execs account.

Only had a couple of cheques to the estate or the executor - rest asked whose name should be the on the cheque and these came to Ms F Horn.

Treen

Have just been told by HSBC that any transfers of more than £10,000 will be charged £30 per transfer.

Doc_N

Treen wrote: »

Have just been told by HSBC that any transfers of more than £10,000 will be charged £30 per transfer.

Incredible - so when they say (as they do):

The death of someone close is always a difficult time. When you’re experiencing grief, dealing with practical matters and making important financial decisions it can seem overwhelming. We are here to support you through those steps and decisions. Our specialist team are just a phone call away.

what they actually mean is:

The death of someone close is always a difficult time. But it's a great opportunity for us, because when you’re experiencing grief, dealing with practical matters and making important financial decisions you're going to be pretty vulnerable and we can exploit that. We like to pretend to support you through those steps and decisions, and our specialist team are just a phone call away, but in reality we'll be doing our best to make life difficult for you and charge you extortionate fees. Because we can. HSBC - the shafting bank.

SevenOfNine

Lloyds said we could open an executors a/c but it would take a couple of weeks, so we transferred the money into our joint a/c (£14k). Went straight home & opened a new a/c in name of an executor & moved it there.

Only the local council wanted to play hardball with a council tax refund, insisting we accept a cheque in the name of "executor for the estate of Barney Rubble". They felt the full force of my fury, told them to do just that & then I'd send it to my local councillor & tell him the council could keep the money of a dead person if they needed it so badly.

If there had been a shortfall, they wouldn't have been so picky about who paid it TO them. They agreed an immediate refund in the name of one of the executors.

If I hadn't been so fed up at their jobsworth attitude, I'd have said I'd give them bank details for a transfer instead - wouldn't matter whose name they chose to put it in then, only sort code & a/c number matter.

Treen - is £10k the daily limit for HSBC transfers? Can you keep it in smaller chunks spread over a few days. This is the reason we gave benefiaries their share by cheque.

Yorkshireman99

Treen wrote: »

Have just been told by HSBC that any transfers of more than £10,000 will be charged £30 per transfer.

Remember that trustee accounts are effectively business accounts that have different rules than private ones. You should have received a copy of the terms an conditions when you opened the account.

Apodemus

I recently enquired about executors accounts and was told that this was now very seldom done. Time will tell whether operating it all through my own accounts will cause any problems.

In part, this may be down to money laundering legislation which seems to be making account-opening a very difficult and slow process in most banks.

Doc_N

Apodemus wrote: »

I recently enquired about executors accounts and was told that this was now very seldom done. Time will tell whether operating it all through my own accounts will cause any problems.

In part, this may be down to money laundering legislation which seems to be making account-opening a very difficult and slow process in most banks.

As I understand the position, most cheques made payable to 'The Personal Representatives of' can in practice be paid into one of the deceased's accounts.

The problem comes, though, with large cheques (house sales etc) - though these days it's difficult to see why a cheque would be issued, as against a simple transfer.

Margot123

Doc_N wrote: »

As I understand the position, most cheques made payable to 'The Personal Representatives of' can in practice be paid into one of the deceased's accounts.

The problem comes, though, with large cheques (house sales etc) - though these days it's difficult to see why a cheque would be issued, as against a simple transfer.

The proceeds of a house sale would be paid via CHAPS by the solicitor.
Payment normally appears instantly in the account.

LobsterMemory

Doc_N wrote: »

As I understand the position, most cheques made payable to 'The Personal Representatives of' can in practice be paid into one of the deceased's accounts.
/QUOTE]

I don't think that's right, well not in my experience

The firms I've dealt with say they send cheques to the first named Personal Representative. Most have just used my name, but where they have put the payee as "Mr X executor of Mrs Y", I've paid that into my account

Natwest allow dividend cheques still in the name of the deceased to be paid into the deceased's account