Executor account

Dymphna60

And as I said. Nat West will consider it. In their own words not even a definite yes . They have agreed to see us and talk about it when i was reluctant to take up probate representative in the banks suggestion that I open a current account .
Hours I have sat in banks all week.i am not just trying to get away with something or can’t be bothered or don’t care .
Please tell me your most resent occasion you opened an executor account and where and how you made them do it ?
I
Yes I know I am ranting and you can ban me if you want.
I love my late partner and would do anything to fulfil his wishes.

Yorkshireman99

Dymphna60 wrote: »

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 .

Where have I suggested that you are a thief or are trying to swindle anyone? I have not done so. All I have done is state what the law is. As executor it is your responsibility to ensure that you find out what the law is and obey it. One of those things is that it is inadvisable to mix your own money with that of the estate. That is why it is good practice to have a separate executors bank account there terms of which are very different from an individual current account. Please don.t try to blame me for your lack of knowledge of the responsibilities of trustees. The bottom line is some banks offer trustee accounts but others don.t. Many branch staff are ill trained and give wrong answers. The best thing is to contact the bank's bereavment staff who specialise in it. You can also shop around at other banks. Those who suggest just opening a current account are not dishonhest simply ill advised and lacking knowledge of the law. Please don.t blame me for your lack of understanding of your responsibilities as executor though to be fair you are not alone.

Dymphna60

I apologise. I am just at my wits end . Banks all saying no to executor account open a current account but then when I said ok they said that’s illegal.
I have spoken to bereavement teams to the person in the branches that deal with bereavement matters to managers . I am ignorant of where I go next
Not ignorant of the duties and responsibilities of executor.
I would be very grateful if anyone could tell me how they managed to open an executor account I would be very grateful. Maybe there are special words I haven’t been using.
And yes my next move will be to a specialist solicitor for advice as to how I can possibly administor this estate.
And yes I will never be an executor again.

Yorkshireman99

Dymphna60 wrote: »

I apologise. I am just at my wits end . Banks all saying no to executor account open a current account but then when I said ok they said that’s illegal.
I have spoken to bereavement teams to the person in the branches that deal with bereavement matters to managers . I am ignorant of where I go next
Not ignorant of the duties and responsibilities of executor.
I would be very grateful if anyone could tell me how they managed to open an executor account I would be very grateful. Maybe there are special words I haven’t been using.
And yes my next move will be to a specialist solicitor for advice as to how I can possibly administor this estate.
And yes I will never be an executor again.

I can only suggest phoning round the banks and asking for their head office bereavement department. Not all do executor accounts. I believe Santander may do but have norecent personal experience. though others may do.

squibbs25

Hi Dymphna60, we held an executor account with HSBC. From what I understand there are only a couple of banks that do executors accounts now.
Being an executor can been very stressful and depending on whom and what the deceased relationship was to you, you will have the grieving to deal with as well.
Be kind to yourself.

fred246

I had a spare nationwide current account that I put a £1000 in every month and then withdraw it 10 seconds later to get free annual travel insurance. I just used that. The staff in Nationwide told me any old current account will do.

fred246

Sometimes you can be too honest and it just doesn't work. Anyone can open a current account. Say you are saving money for Christmas in it or something like that if telling the truth doesn't work.

Dymphna60

Thanks squibbs25
That’s what I have found out some banks just no longer do actual executor accounts . The few that do only for their existing customers and I never thought to ask that question when opening a bank account.
I know I need to stress less . Blood pressure up. Don’t think best interest of estate will be served by me having a massive stroke.

fred246 . Problem is I am not a smart money saving person so I have no spare account which is what every bank has told me to use .
I seem to have a terrible compulsion to tell the truth .

Everyone. Every guide says then open an executor account. I don’t know if they mean an actual executor account as so few banks do them or they just keep repeating it without checking such a thing exists. Obviously good accounts must be kept by executors no self serving or intermingling of accounts.

Keep_pedalling

Yorkshireman99 wrote: »

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.

Can you provide a link to the law that states that please? can’t find one, and I doubt if you can find one case where an executor has been prosicuted for using the wrong sort of bank account.

I’ve not used one for the three estates I have wound up, I simply used a current account.

troubleinparadise

You may have already searched old threads and come across my previous reply on this matter.

My sister and I as co-Executors found no difficulty at opening an Executors account for our mother’s estate at NatWest, but we had all been account holders there of many years standing.

I say no difficulty, but my sister encountered ignorance of the bank’s own protocol at her own branch which was some distance from mine, who had been excellent due to one member of staff who had been through a bereavement herself and handled things efficiently and sensitively. This was overcome in time, but frustrating nonetheless.

So I suspect as you’ll no doubt have read, that staff training plus application of a bank’s policy varies between branches of individual banks, plus differences in policy between the financial institutions serves to muddy the waters further.

I understand your frustrations at these stumbling blocks whilst tackling the executor’s role, for which we often have no experience or on the job training. And each estate varies in its complexity.

I hope you’ll find a way forward shortly. Don’t let this cause you too much stress - sadly it’s a pretty thankless task at a time of sadness, and it can feel like banging your head against a brickwall at times. There will come the day when it will be behind you!