Best bank for joint account with sister to manage fathers estate

camdensal

My sister and I need to open a joint account to manage and merge my deceased fathers various accounts and would like to work out which one is best. We are both the only executors and recipients of dads will. We will also eventually have a rental income paid into this account of around 800 to 1000 per month.

The caveat is my sister is terrible with money and I would like one where we both have to approve any payments so it seems fair and we are always both aware of every transaction.

From the total cash estate it’s likely we will both draw down a lump sum each to our own accounts but need to leave enough in the ‘pot’ to cover house renovation and bills, etc.

I’m also aware of my sisters bad credit record and realise this may effect me if we do have a joint account. I’m not sure how to fairly manage the remaining central pot otherwise though. So an account where we both have to approve anything seems most fair.

Any advice and experience in this situation?

agrinnall

I'd find a way to do it without opening a joint account, your own credit record will take a dive if you do. Perhaps a variation to the will to make you sole executor.

Mojisola

agrinnall wrote: »

I'd find a way to do it without opening a joint account, your own credit record will take a dive if you do. Perhaps a variation to the will to make you sole executor.

There's no need to vary the will - the sister can stay as an executor in reserve - that gives her the right to step back in if the OP isn't able to complete the job.

camdensal

My sister does trust me (and I would always do the right thing), but I’m also trying to avoid hurting her feelings by suggesting the ongoing rent/renovation a/c is under my name only. Perhaps tactfully explaining about my possible credit rating issues might be the best way though.

xylophone

You have obtained probate as joint executors?

Ask your own bank or your late father's bank about opening an executors' account.

This will be in the name of both executors and require two signatures.

You would arrange for all monies arising from your late father's estate to be paid into the account.

You will be given a chequebook for disbursements.

You mention rental income but is this from a property already let or are you referring to your late father's home which you plan to let out?