Do I need an Executors account and covid confusion

KAzwaz

After 8 weeks waiting  I now have probate, but I am getting conflicting advice from the banks on how to proceed.  My late Mother's assets are held in several banks. I have been told by one bank that I do not need an executors account and it would be at the discretion of my local bank anyway whether we could even have one. Having recently moved this bank is now miles away in a covid hot spot and I am not sure if I could even get an appointment,  let alone whether the two other executors would also need to attend( which seems unlikely due to covid) One bank advised just open another current account in my name on line and use this as I did not want finances mixed up with my joint account with my husband. I spent all afternoon trying to do this and needed to contact the help line again who said I couldn't do this at the moment for covid reasons. Other banks ask in generic letters  for proof of identity for other executors but not the format - and I don't think they (the other executors)  want me posting off their passports and driving licences or us just turning up en masse at the bank with documents in hand.  I have another current account (rarely used ) at another bank where the bulk of my Mothers assets are. I wanted to make an appointment to discuss using this but it ends up just telephone appointments where I usually end up more confused. I already spoke to them once and they said it would be ok to use but I was worried about this so thought I would try my regular bank.(went round in circles again) Most of the paperwork I have had from the banks seems to ask for documentation (death certificates) etc which they have already had. To be honest I need to plough through everything again trying to fathom what they all need, when pre covid I would have just gone into the bank with all the paperwork I could think of and get them to just copy what they want! (which is basically  what I did with power of attorney)
Question is - do I need an executors account or would an account under just my name be ok in other's experience,  and would it be normal to just pay out large figures to beneficiaries using on line banking. I thought there was a limit of £10,000 but I may be wrong. Some of the money needs to go to beneficiaries abroad which is even more scary as if I moved it in dribs and drabs I am sure charges would add up,  and I hate online banking.  Precovid I would have just gone to the bank and asked them to help me when dealing with such large amounts.(well large to me anyway) Any advice gratefully received.

pip895

After checking with the other executor I just used one of my accounts and moved out the small balance that was in there.  Given the circumstances I would have thought the other executors would accept this.  If they don't - tell them they can sort it out!
Unless the estate affairs are contentious this shouldn't be a problem. 

JGB1955

My brother and I are joint executors of my father's estate.  My brother lives abroad, so opening up a joint bank account with him is a logistical nightmare, particularly with Covid-19 restricting travel - he couldn't even get to the funeral. We got around this by him 'reserving' his executorship, me applying for probate in my sole name, and me opening up an additional Nationwide current account (also in my sole name).  This was done within 5 minutes, online.  There is obviously an element of trust between us.  My brother still has a Nationwide account and, as money comes in, I will transfer his 50% to him.  Yes, you can only transfer £10k at a time, so I will pay the £20 CHAPS fee for larger amounts... or rather, the estate will pay the CHAPS fee.  I will be diverting some of my inheritance, by deed of variation, to my children, and will write them cheques.  Nationwide have a £20 fee for sending funds abroad, but that's not relevant to our circumstances.... it does, however, give you an idea of charges.  Good luck!

(Personally, I would just use your existing sole account with the Bank that holds your mother's assets.... As long as you keep meticulous records I don't see there being a problem).

KAzwaz

the other executors are fine with this ( they are my kids ! ) . so I assume this is normal then and probably easier if I don't need them co- signing everything, which would be a logistical nightmare at the moment. I  have never been through this and at the moment it's confusing as I dont really  know what normal is!

wizzywilc

I managed an estate using a Nationwide account, which I operated on-line for expenses and for distribution. It was in my own name and opened specially for the purpose, and closed once the estate had been distributed. My co-executors had reserved powers prior to applying for probate so I didn't need them to sign anything on the account.
On that account I had there was a limit for electronic transfer of £10,000, but I made one larger payments using CHAPS which incurs a small fee. Or you can make payments of £10,000 a day over several days. If there is a house to be sold you could ask the solicitor to pay proceeds direct to beneficiaries (in my case that was straightforward as there were only 2 beneficiaries in equal shares). It was an easy and convenient way to do it.
It might be worth discussing the best option for an estate account with the bereavement department of a bank you'd like to use.

xylophone

https://www.finalduties.co.uk/what-is-an-executor-account/#:~:text=There is nothing legally forcing,separate from their own finances.
 But in the situation described by the OP where there are multiple beneficiaries including some living abroad, I would be seeking to open an exor account.

My relative used Barclays - Natwest have been mentioned on the forum as helpful in this regard.

The banks are open - the OP could ring the bereavement department of either of the above to enquire about an appointment?

KAzwaz

many thanks - i will research a bit more and have a google on CHAPS - not sure what it is.

pip895

KAzwaz said:

many thanks - i will research a bit more and have a google on CHAPS - not sure what it is.

I avoided CHAPS & its fees - Santander allowed multiple (4 or 5) 20k payments/day so it only took a few days of payments to clear everything and I did it all online no hassle.   As I hadn't paid most of the accounts before so I sent a small payment first and waited to get confirmation that it had arrived before proceeding - cant be too careful