Executor account

getmore4less

Yorkshireman99 wrote: »

Sorry but you are quite wrong. Executors are automatically trustees. When you open a personal bank account you agree to the terms and conditions. The T & C for a trustee account are very different if you use it for trustee funds then you are breaking the law.

Which law is this you refer to?

badger09

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.

Keep_pedalling wrote: »

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.

getmore4less wrote: »

Which law is this you refer to?

@Yorkshireman99

As previously requested, could you please provide a link to this law? Or at least say what law you're referring to.

After an extensive research before starting to administer my late sister's estate in March, and another search today, this is the nearest to any official guidance that I can find (my bold):


"Get access to financial assets
You can ask for financial assets to be transferred to an agreed ‘executorship account’. This can be either:

an executor’s bank account
an account that’s been set up only for dealing with the estate

Every executor named on the grant of probate may need to be present when you withdraw assets. Different asset holders have different rules, so check with them first."

extracted from https://www.gov.uk/wills-probate-inheritance/once-the-grants-been-issued

If you know otherwise, I, and many others would be grateful if you would share that information.

Yorkshireman99

getmore4less wrote: »

Which law is this you refer to?

Breach of fiduciary duty for a start. Numerous other things if you wish to look, Apply for an orderinary current account and then using it for trus property breaches the T&C so the aqppliucation is false. Plenty of offences there could be used.

Yorkshireman99

badger09 wrote: »

@Yorkshireman99

As previously requested, could you please provide a link to this law? Or at least say what law you're referring to.

After an extensive research before starting to administer my late sister's estate in March, and another search today, this is the nearest to any official guidance that I can find (my bold):


"Get access to financial assets
You can ask for financial assets to be transferred to an agreed ‘executorship account’. This can be either:

an executor’s bank account
an account that’s been set up only for dealing with the estate

Every executor named on the grant of probate may need to be present when you withdraw assets. Different asset holders have different rules, so check with them first."

extracted from https://www.gov.uk/wills-probate-inheritance/once-the-grants-been-issued

If you know otherwise, I, and many others would be grateful if you would share that information.

Breach of fiduciary duty is the most obvious but many other things could be covered depending on the exact circumstances.

getmore4less

Stop making stuff up

fred246

Maybe Yorkshire has its own laws and special jails for people who don't use the correct type of bank account.

Dymphna60

Update on my story.
After being put out the bank yesterday I contacted Nat West for an appointment. Very surprised to get one this afternoon.
Met co executor at the branch.He felt a little queasy after bus journey .
Have opened an executor account. Or rather it will be an executor account on Monday.
Man in branch says the system is he opens us a select account in branch . Takes copies of all our paperwork. Eg grant of probate.
This is sent to headquarters along with all the extra forms and it is converted to an executor account.
Nothing complicated has to be done to operate it . It’s up to executors to decide if all or only 1 have to sign .

As to amounts of money.tens of thousands in 3 banks and NS&I .Not hundreds of thousands!

Everything is just so stressful and upsetting.
Yes one day this will be done and I can just cry because I miss him so much .

Dymphna60

Sorry meant to say . In 3 years bank branch has only opened 3 executor accounts.
Don’t know if it’s because people up north are too poor.
We are in Yorkshire.

Keep_pedalling

Yorkshireman99 wrote: »

Sorry but you are quite wrong. Executors are automatically trustees. When you open a personal bank account you agree to the terms and conditions. The T & C for a trustee account are very different if you use it for trustee funds then you are breaking the law.

Again, I have to ask what law? An extensive google search has come up blank.

PassingOutInTheParade

I'm not going to get into personal name-calling but certain people purport to be an 'authority' on certain matters.

However, they are seldom able to back-up their claims when asked (several times normally).

It is such a shame as people come on here mainly for support and then are met with answers that basically tell them they are acting illegally.
I know I would find that sort of allegation terribly upsetting, especially if recently bereaved.

If you can't offer support based on experience, or back-up your claims with fact, I suggest it's best to stay on the sidelines.