Executor account

Dymphna60

I am co executor of an estate. Have grant of probate.
Tried to open Executors account only bank that would consider it was Nat West . The deceased had an account there.
This was not at all convenient for the other executor due to journey distance.
I read the threads on here and decided I could open a n account in my name to use to distribute the estate.
I made an appointment at high street bank given information ect but was asked why I wanted the account and told them. Immediately appointment over information removed told what I was doing was illegal and out the door.
My question is how did others manage to open accounts. Was it all done online ? Or did they open the account first and then get the money from accounts paid into it without it being questioned where it was coming from?

Flugelhorn

it does tend to be a lot easier to open the account either at your own bank or the deceased's bank - can the other executor sign whatever at another branch?

Dymphna60

Yes but nowhere is very convenient journey wise .
After the illegal stuff though we are going to meet at deceased’s branch to get this done.

Still interested in what others said / did to open accounts
Thanks

Yorkshireman99

Dymphna60 wrote: »

I am co executor of an estate. Have grant of probate.
Tried to open Executors account only bank that would consider it was Nat West . The deceased had an account there.
This was not at all convenient for the other executor due to journey distance.
I read the threads on here and decided I could open a n account in my name to use to distribute the estate.
I made an appointment at high street bank given information ect but was asked why I wanted the account and told them. Immediately appointment over information removed told what I was doing was illegal and out the door.
My question is how did others manage to open accounts. Was it all done online ? Or did they open the account first and then get the money from accounts paid into it without it being questioned where it was coming from?

Strictly speaking the bank are correct. You are a trustee and trustee bank account have very different legal status. The bank can choose if they wish to offer these. Some don.t.

Dymphna60

I wasn’t trying to open an executor account . Just a current account I just told them, when asked what money I was going to put in it . That’s when the told me it was an illegal action as I was attempting to open a bank account with money that did not belong to me .
But I know others have done the same .

gdrforest

You don't have to have a separate account, I used a little used existing account of my own, but you need to keep accurate records to demonstrate how much was in the estate and how it was distributed, you may still receive funds 12 months after probate, for example DWP paid some of my late mother's pension a year after she died which I then had to distribute. that may be tricky if you have multiple executors, but my sister waived her responsibilities as co-executor so I acted on her behalf, the probate documentation explains how to do this.

Dymphna60

Thanks gdrforest
I really would like to have a separate account. Just to be sure .
The only bank that would allow an executor account was Nat West . Has to be both executors as both named on probate grant as both took oath so too late to stand down.
We are resigned to the traveling now .
I obviously said something when trying to open new current account that other people didn’t. Wondered what others said

Keep_pedalling

Dymphna60 wrote: »

I wasn’t trying to open an executor account . Just a current account I just told them, when asked what money I was going to put in it . That’s when the told me it was an illegal action as I was attempting to open a bank account with money that did not belong to me .
But I know others have done the same .

Unfortunately many branch staff are poorly trained and will come out with this sort of BS.

Dymphna60

Tell me about it !
Halifax told us yes then no then what was really I have no idea what I am talking about but I know you won’t be able to
Use the account to apply for a mortgage. What?!

Yorkshireman99

Dymphna60 wrote: »

I wasn’t trying to open an executor account . Just a current account I just told them, when asked what money I was going to put in it . That’s when the told me it was an illegal action as I was attempting to open a bank account with money that did not belong to me .
But I know others have done the same .

You were trying to open an ordinary current account for trustee funds.That is NOT legal which is why you were rejected. As a trustee you need to obey the law when dealing with trust property such as cash. It my be difficult and inconvenient but that is the law.

Dymphna60

Please do not suggest that I am trying to swindle the estate out of the money. I WANT. An executor account. Every bank said no .
I read what it says in the how to administer an estate that says you must act in the best interest of the estate.

You must keep accurate accounts
You must keep money separate from your own.
So I wanted to open a separate account.
Again don’t tell me I am not honest I have slogged the high street trying to open an executor account.every bank said just use your own account or open a new account in your name .
Again please do suggest that I am a thief . I only want to act in the best interest of the estate.
So yes me and the other 78 year old executor are going to do the 3 bus journey to another town to open an account at Nat West . If allowed.
Again I AM VERY DISTRESSED that you are suggesting to everyone on here that I am attempting a swindle
Many people have taken the banks suggto just open a current account.
Are they all dishonest?
If you can tell me how I can force the bank to open an executor account please do share this with me and everyone else who has sat in bank after bank trying to do it .