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Closing bank accounts with two executors
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Bobbych
Posts: 13 Forumite

I have a question over bank accounts. My Dad died in august, and named myself and my sister in the will as executors. within two weeks my sister, who still lives local, had closed his two bank accounts and moved the remaining monies to her account. I have not signed anything to agree to this. I know the monies are small, probably one a couple of hundred, but I thought if there are 2 executors named, BOTH need to sign to do anything with a bank account? or can one do it alone?
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It depends.
Just because the bank closed off the accounts to her does not discharge her liability to you for half of the money.
She can do it alone in most cases, banks only require Probate for large balances over £50k - in these turbulent times it is much easier for one person to do so.0 -
jonesMUFCforever said:It depends.
Just because the bank closed off the accounts to her does not discharge her liability to you for half of the money.
She can do it alone in most cases, banks only require Probate for large balances over £50k - in these turbulent times it is much easier for one person to do so.0 -
Have you seen any Probate documents at all?
You can chose to be an executor as 'joint and several' - meaning either or both of you can act alone.
In the case discussed if the sister 'stole' the money then the bank are in the clear because what the sister signed in the bank indemnifies them.
So legally one person can act alone but have to act in the best interests of all parties.1 -
we have the probabe document which does not say anything about 'joint and several', so does that mean that does not apply in this case? so the default position is BOTH need to sign to close an account?0
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Banks don’t need to see probate documents if the sum in the account is under their ‘limit’. They will pay out on sight of a death certificate and signed indemnity. It wouldn’t have to necessarily be an executor to close the account....just whoever turns up at the bank first, with ID and death certificate.
#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3661 -
I don't know what the "default" position is, but my husband is joint executor with his brother but was able to close all their late mother's bank accounts over the phone and have the money paid into a new executors' account, which they can both access independently. All that was needed was an uploaded copy of the death certificate. It surprised me how easy it was - apparently the bank's threshold without probate is £50k.
On the other hand, collecting her will from the Solicitors required both of them to be present!0 -
thanks all, it seems this is the case which I find crazy that one person can close an account and take upto 50K without others permission. I guess I will be seeing a solicitor0
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Bobbych said:thanks all, it seems this is the case which I find crazy that one person can close an account and take upto 50K without others permission. I guess I will be seeing a solicitorSeeing a solicitor seems a bit draconian, especially if the sums involved are small, unless there's something you're not telling us (e.g is your sister refusing to say how much money is involved and/or not accept that it forms part of the estate ?)I'm currently in the early stages of co-executing an estate, but am handling most of the telephoning and online stuff as the other executor is not very internet-savvy. The bank that the deceased had their bank account with is quite happy to transfer the balance (of a few thousand pounds) over to an account in my sole name on production of the death cetificate, some photo id and me giving my agreement over the phone that I understood that the money belonged to the estate and to eventually go to the beneficiaries of the will rather than to me personally. The member of the dedicated bereavement team I spoke to said that these days it is so easy to trace money electronically that they don't even require an executors account these days (although I realise that not using one could cause issues if anything were to happen with me before the estate is finalised).On the other hand, a bulding society that he had just slightly more in is insisting on either probate or a declaration signed by a solicitor and sight of the will, numerous proofs of id and attendance of both executors in person at the branch before they'll release the funds,0
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I 'believe' there is only a few hundred, but she is not telling me how much, and so far, staling on sending me half, so it could be a lot more, but I think not0
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Reminding her of her obligations under the will may be enough, especially if you point out that you should be able to obtain copies of the latest statements if she does not share them with you.Signature removed for peace of mind0
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