Executors account problem

cheeseoatcake

Hi all,

My father passed away recently and myself and my brother are the executors.

Our problem is,
I am coming towards the end of an iva and my brother completed an iva last year( a short iva settled by a lump sum).

I bank with the co op and he banks with TSB.

My brother also has a joint account with our late dad due to his dementia, I couldn't go on the account due to my iva.

We tried to open an executors account with tsb but it was declined due to my iva. So we're thinking its going to be a problem wherever we go.


What next?

Apodemus

Is there a reason you can’t simply have your brother use the (former) joint account, without you as a signatory? Executors accounts seem to be a thing of the past now for most banks.

cheeseoatcake

Hi,
Thanks for the reply.
Not as far as I'm concerned but he has had issues with paying in to the account with him being just out of an iva and still showing up on the register. We're thinking they might freeze the account when informed of my fathers passing.
Could they do that on the joint account?

Yorkshireman99

cheeseoatcake wrote: »

Hi,
Thanks for the reply.
Not as far as I'm concerned but he has had issues with paying in to the account with him being just out of an iva and still showing up on the register. We're thinking they might freeze the account when informed of my fathers passing.
Could they do that on the joint account?

You should have already told the bank. The joint account should revert to your brother. You might check to see if either of you can act as executors. Executors are also trustees. If that is the case then someone else will have apply for letters of administration to administer the estate. You must do that before proceeding further. Did your brother notify the IVA authorities of the joint account?

cheeseoatcake

Yorkshireman99 wrote: »

You should have already told the bank. The joint account should revert to your brother. You might check to see if either of you can act as executors. Executors are also trustees. If that is the case then someone else will have apply for letters of administration to administer the estate. You must do that before proceeding further. Did your brother notify the IVA authorities of the joint account?

We're both the executors on the will.
I'm not sure if he informed the IP about the account but it would of shown on any credit check. He was only added to the account to act in dad's best interest after he developed dementia. He never used the account to pay in or withdraw, mainly to sort dad's bills and things out.

I just came across this on another forum, not sure how true it is.

"There is nothing preventing you from acting as an executor of a will. The duty of the executor is to carry out the instructions of the will and assuming you don't benefit then there is no issue surrounding your IVA."

Yorkshireman99

cheeseoatcake wrote: »

We're both the executors on the will.
I'm not sure if he informed the IP about the account but it would of shown on any credit check. He was only added to the account to act in dad's best interest after he developed dementia. He never used the account to pay in or withdraw, mainly to sort dad's bills and things out.

I just came across this on another forum, not sure how true it is.

"There is nothing preventing you from acting as an executor of a will. The duty of the executor is to carry out the instructions of the will and assuming you don't benefit then there is no issue surrounding your IVA."

You both need to take legal advice. Exeutors are also trustees. Regardless of what you say you MUST noifythe bankwithout delay.

cheeseoatcake

Hi again,
Taken some legal advice.
No problems the joint account as gone into my brothers name so no issues paying the funeral directors etc.