Joint bank account with my brother

cloud_dog

badger09 said:

cloud_dog said:

When the FIL passed Lloyds bereavement team couldn't have been  more helpful to my OH.  My OH agreed with the two other executors to use an account in my OH name (already open, unused).

Lloyds were happy to either leave the FIL account open to service ongoing bills or to close on presentation of the death certificate.  We chose the closure option, and all Lloyds accounts (current, savings,ISA) were transferred in to my OH 'nominated' account.

Life assurance was paid out on submission of appropriate forms and death certificate.  All prior to probate.

Any bills were paid from this account.

Obviously, property disposal could not occur until probate was granted and none of the assets were distributed until all appropriate notifications had been completed.

Are you sure?

Yes.  It was up to the executors when the death certificate was submitted.  That act would close the account (as discussed with bereavement team).  Probate was not required for the closure and payment of funds.

cloud_dog

greatcrested said:

Do you both trust each other?

Frankly, life is a lot easier if one of you manages the Estate and submits all the HMRC and Probate forms.

The other Executer can declare theselves as Executer with Power Reserved.

You can still discuss/agree what needs to happen, and the active Executer should keeprecords of the estate, but day to day it's a lot easier than having two (or more) people trying to manage the paperwork and finances.

As mentioned previously, the executors agreed my for OH to use her own, unused/spare, bank account for the purpose.

We kept detailed records (receipts etc) and listed everything in an Excel spreadsheet, which was periodically shared.  Once everything was wrapped up we printed off the spreadsheet and the bank account statement and gave copies to each executor (by hand).