Suitable Bank Account for Large Short-Term Transfer

winterwonderz

There hasn't been anything else to deal with to come from the Estate - all costs so far we have paid for out of our own pocket.  Mum had no cash assets or money in her bank account.

born_again

Thrugelmir said:

How are you dealing with the other financial aspects of your late mothers estate without an executors bank account in place? 

Many banks when aware of a deceased person will pay things like funeral costs direct to the funeral home out of the deceased account. One the bill is submitted to them.

eskbanker

winterwonderz said:

The complexities of Mum's will and a Declaration of Trust in place mean that her property was owned by her partner, but the Declaration of trust, means on her death her partner, myself and my sister (her daughters) receive a third each of the proceeds of sale.  Myself and my sister are executors of the will along with our partners.  My mothers partner is not.  The solicitor dealing with the execution of the Declaration of Trust and house sale has said she will not deal with the distribution of the monies.  My sister doesn't want the expense of a second solicitor to do this so has asked me to research getting a bank account for the solicitor to pay into that we distribute ourselves.  I am concerned about the 'account linking' as my sister and her husband have a company going through liquidation at the moment.  I also think it will be a whole heap of hassle to set up a 3 signatory bank account at the moment just for the sake of a couple of weeks.  I feel that a solicitor is possibly the best and only way.

winterwonderz said:

There hasn't been anything else to deal with to come from the Estate - all costs so far we have paid for out of our own pocket.  Mum had no cash assets or money in her bank account.

Neither multiple executors nor multiple beneficiaries require that an executor (or other) account is set up jointly, so the most straightforward option is for either you or your sister to open a sole account for this purpose.  https://www.gov.uk/valuing-estate-of-someone-who-died/records explains how executors are obliged to issue final accounts of the estate to all beneficiaries so if there are any mistrust issues between the parties involved then that formality should address these, although appointing an independent party such as another solicitor remains an option if that is still a problem.

If there have already been costs associated with dealing with the estate then these should be included in those accounts too.

NottinghamKnight

Nationwide paid the funeral director and outstanding care home fees after my mother died earlier this year. They wouldn't pay overpaid attendance allowance as the joint account had then been changed to a sole account in my father's name.