Executors accounts

jonesMUFCforever

Emmia said:

jonesMUFCforever said:

Have you by any chance opened a Business account. Did you do this in branch or online?

The HSBC account I have is offered through their business banking (but free of charge), and I opened it in branch with my sister shortly after my father died. - That was 9 years ago, so as the estate is sorted, we probably should get around to closing it!

I understand that.
My thinking is that the OP has opened the wrong type of account but until they come back with answers we will not know if it is a bank error or a customer one.

jbuchanangb

Five years ago, when my father died appointing myself and my sister as joint executors we wanted to open a joint account to manage the executorship. The bank at which my father had held his account for over 60 years, and which had dealt with us as joint attorneys, signing cheques etc. on his account (even handling the sale of his house when he entered permanent residential care), declined to open an account for the executorship. The bank at which my sister held an account also declined to open an account for this purpose. Like others have mentioned, I then resorted to making use of an idle current account to maintain executor funds separate from my personal funds. My sister didn't like that because she had perfect right to be a joint signatory on any outgoings, but having been turned down by two banks, we compromised.

jonesMUFCforever

jbuchanangb said:

Five years ago, when my father died appointing myself and my sister as joint executors we wanted to open a joint account to manage the executorship. The bank at which my father had held his account for over 60 years, and which had dealt with us as joint attorneys, signing cheques etc. on his account (even handling the sale of his house when he entered permanent residential care), declined to open an account for the executorship. The bank at which my sister held an account also declined to open an account for this purpose. Like others have mentioned, I then resorted to making use of an idle current account to maintain executor funds separate from my personal funds. My sister didn't like that because she had perfect right to be a joint signatory on any outgoings, but having been turned down by two banks, we compromised.

The problem you would have had (or to be precise your next of kin or Executors) would have been if you had died suddenly say after an accident. Those monies would have then formed part of your estate and made it very difficult for the proper people to be paid out especially if there was any kind of family dispute.

Zanderman

jonesMUFCforever said:

jbuchanangb said:

Five years ago, when my father died appointing myself and my sister as joint executors we wanted to open a joint account to manage the executorship. The bank at which my father had held his account for over 60 years, and which had dealt with us as joint attorneys, signing cheques etc. on his account (even handling the sale of his house when he entered permanent residential care), declined to open an account for the executorship. The bank at which my sister held an account also declined to open an account for this purpose. Like others have mentioned, I then resorted to making use of an idle current account to maintain executor funds separate from my personal funds. My sister didn't like that because she had perfect right to be a joint signatory on any outgoings, but having been turned down by two banks, we compromised.

The problem you would have had (or to be precise your next of kin or Executors) would have been if you had died suddenly say after an accident. Those monies would have then formed part of your estate and made it very difficult for the proper people to be paid out especially if there was any kind of family dispute.

Yes that would be a mega problem.

Which makes me wonder - because the Exec account we set up with Lloyds when my mother died, which over several months had about £500k passing through it, was (and still is, though with less than £50 now), an account in my name that appears on my login. I (and my fellow executors - with whom I and the bank had agreed having just one signatory would be easiest) had been assured this was ok, but that there were restrictions on the account meaning I could only withdraw by cheque, not online (I've never checked that this is true btw).  Which meant there was a bit of formality about the shelling out of the cash.

But, as I say, the account is in my name.  And Lloyds don't see it listed as anything special - a PPI refund (for me) last year was paid into it as if it was just another account.  Lloyds letter about that refund told me it was being paid into my account ending '1234' and I actually rang them up, as I didn't recognise it saying I don't have an account ending in '1234'.  It was during the call I realised that it was the Exec account.  I asked them to reverse it and pay into my 'real' account.

But maybe, legally, that so-called exec account, opened 'specially', and with the bank's blessing, was just an ordinary account of mine after all.  Slightly worrying.

jonesMUFCforever

Zanderman said:

jonesMUFCforever said:

jbuchanangb said:

Five years ago, when my father died appointing myself and my sister as joint executors we wanted to open a joint account to manage the executorship. The bank at which my father had held his account for over 60 years, and which had dealt with us as joint attorneys, signing cheques etc. on his account (even handling the sale of his house when he entered permanent residential care), declined to open an account for the executorship. The bank at which my sister held an account also declined to open an account for this purpose. Like others have mentioned, I then resorted to making use of an idle current account to maintain executor funds separate from my personal funds. My sister didn't like that because she had perfect right to be a joint signatory on any outgoings, but having been turned down by two banks, we compromised.

The problem you would have had (or to be precise your next of kin or Executors) would have been if you had died suddenly say after an accident. Those monies would have then formed part of your estate and made it very difficult for the proper people to be paid out especially if there was any kind of family dispute.

Yes that would be a mega problem.

Which makes me wonder - because the Exec account we set up with Lloyds when my mother died, which over several months had about £500k passing through it, was (and still is, though with less than £50 now), an account in my name that appears on my login. I (and my fellow executors - with whom I and the bank had agreed having just one signatory would be easiest) had been assured this was ok, but that there were restrictions on the account meaning I could only withdraw by cheque, not online (I've never checked that this is true btw).  Which meant there was a bit of formality about the shelling out of the cash.

But, as I say, the account is in my name.  And Lloyds don't see it listed as anything special - a PPI refund (for me) last year was paid into it as if it was just another account.  Lloyds letter about that refund told me it was being paid into my account ending '1234' and I actually rang them up, as I didn't recognise it saying I don't have an account ending in '1234'.  It was during the call I realised that it was the Exec account.  I asked them to reverse it and pay into my 'real' account.

But maybe, legally, that so-called exec account, opened 'specially', and with the bank's blessing, was just an ordinary account of mine after all.  Slightly worrying.

I agree with you 100% - the only way to prove that the account was an Executor was by showing a paper statement which was titled Executor of somebody decd.
Me thinks this was done to save money by dumbing down what bank staff could do.

Emmia

Zanderman said:

jonesMUFCforever said:

jbuchanangb said:

Five years ago, when my father died appointing myself and my sister as joint executors we wanted to open a joint account to manage the executorship. The bank at which my father had held his account for over 60 years, and which had dealt with us as joint attorneys, signing cheques etc. on his account (even handling the sale of his house when he entered permanent residential care), declined to open an account for the executorship. The bank at which my sister held an account also declined to open an account for this purpose. Like others have mentioned, I then resorted to making use of an idle current account to maintain executor funds separate from my personal funds. My sister didn't like that because she had perfect right to be a joint signatory on any outgoings, but having been turned down by two banks, we compromised.

The problem you would have had (or to be precise your next of kin or Executors) would have been if you had died suddenly say after an accident. Those monies would have then formed part of your estate and made it very difficult for the proper people to be paid out especially if there was any kind of family dispute.

Yes that would be a mega problem.

Which makes me wonder - because the Exec account we set up with Lloyds when my mother died, which over several months had about £500k passing through it, was (and still is, though with less than £50 now), an account in my name that appears on my login. I (and my fellow executors - with whom I and the bank had agreed having just one signatory would be easiest) had been assured this was ok, but that there were restrictions on the account meaning I could only withdraw by cheque, not online (I've never checked that this is true btw).  Which meant there was a bit of formality about the shelling out of the cash.

But, as I say, the account is in my name.  And Lloyds don't see it listed as anything special - a PPI refund (for me) last year was paid into it as if it was just another account.  Lloyds letter about that refund told me it was being paid into my account ending '1234' and I actually rang them up, as I didn't recognise it saying I don't have an account ending in '1234'.  It was during the call I realised that it was the Exec account.  I asked them to reverse it and pay into my 'real' account.

But maybe, legally, that so-called exec account, opened 'specially', and with the bank's blessing, was just an ordinary account of mine after all.  Slightly worrying.

My executors account is named Executors of [name of deceased] which avoided any issues around confusing my personal finances with estate finances.

LobsterMemory

There's also potential trickiness if it's an interest bearing account as that is a taxable part of the estate.
And presumably reported to HMRC by the bank as part of your own personal taxable income

JoMel_3

Hi all
Apologies first and foremost if I am posting in the wrong place 
My husband and I are appointed Executors of the estate of my aunt whose husband is deceased and there are no dependants.
I am keen to open an Executor Bank Account but am struggling to identify anyone who offers this, other than NatWest.
I am looking for any recommendations, other than Nat West. Please can anyone advise?
In the event that we cannot open one can anyone advise what we need to do and how we deal with cheques / deposits payable to the "executors of said estate". 
I can't appoint a third party on her/our behalf as she categorically appointed us to avoid this :-(
Many thanks in advance 
Jo








 

xylophone

Mr relative opened an Exor account with Barclays about a year ago.

https://www.barclays.co.uk/what-to-do-when-someone-dies/support/#:~:text=partner or charity.-,Executor accounts,and proof of your address.

jonesMUFCforever

You can normally open an Executor account at either your own bank or the bank at which the deceased held an account.

If there is no banking connection it is very unlikely that a bank will agree to open one.