Executor account in 3 names

etwallace

Does anyone know of a bank that will allow opening an executor account in 3 joint names, for myself and my brother and sister. The account is to temporarily hold over 300K of cash from my late mium's estate. I have contacted NSI, halifax, natwest and santander each have said no, 2 joint names only. Thanks

Flugelhorn

often just easier with your own bank and hopefully you can agree that just two of you will have their names on the account. 

xylophone

I wonder would Barclays help?
They certainly allowed a Trustee account  for  my relative's family trust where three Trustees (solicitor and two family members) were signatories.
https://www.barclays.co.uk/what-to-do-when-someone-dies/support/#:~:text=Executor%20accounts,and%20proof%20of%20your%20address.

xylophone

 https://forums.moneysavingexpert.com/discussion/6158255/is-an-executors-account-legally-necessary#latest

Mother-in-law died Jan 2020 and probate granted May 2020. Three beneficiaries (her sons) who were named as executors. Two brothers live in the same town, but the third brother lives at the other side of the country. The bank wants all three to attend interview before an account can be opened, 

Beenie doesn't mention which bank but you could PM her?

Keep_pedalling

Provided there are not trust issues between Any of you why not just set it up under 2 names?

etwallace

 Thanks folks. Solicitor insists that any shared account must be in 3 names.

JGB1955

Sounds like a good reason not to involve a solicitor in probate. I'm about to apply for probate for my late father. My brother has agreed to reserve his powers, the estate is about £600K and it"s all going to go through a Nationwide account in my sole name. Simples!

hjd

Surely the solicitor could draw up a declaration of trust stating that the account is held in two names for the benefit of all three?
That's what we did when I bought a house with my four brothers. Three of us named, all held in trust for all five.

Keep_pedalling

Unless the estate is horribly complicated ditch the solicitor.

Socajam

JGB1955 said:

Sounds like a good reason not to involve a solicitor in probate. I'm about to apply for probate for my late father. My brother has agreed to reserve his powers, the estate is about £600K and it"s all going to go through a Nationwide account in my sole name. Simples!

God forbid if something were to happen to you, how will your brother be affected if you have a spouse or partner?

xylophone

My brother has agreed to reserve his powers, the estate is about £600K and it"s all going to go through a Nationwide account in my sole name. Simples!

Really not a good idea. Apart from anything else, ( see post above) you are likely to find that if there are any cheques involved, they will be drawn  "Exor (s) of........"

Contact your bank once you have probate and explain that you are an executor and will need to arrange to receive sums in excess of £600,000.

I don't think you'd find there would be a problem in opening an exor account.