Bank account of deceased daughter being closed

gilly58

The bank account of my deceased daughter is being closed I'm unsure what to do with the money,
I've heard of estate accounts 
I'm on benefits so if it's put in my account will it effect my benefits even though once probate sorted its going in a trust for my grand daughters 
Any help be great 

Emmia

I'm sorry for your loss

Surely the account is being frozen, rather than closed, until such time as any debts she owed are paid / and probate etc. (If applicable) is granted?.

Normally the executor (you?) could get a separate executor account with a bank to receive proceeds that may arise e.g. share or property sales, death in service employment benefits, life insurance etc. that can then be paid into trusts for her children, or to other beneficiaries (if there are any).

The money shouldn't flow through your personal account, and it could  be messy if it does so in terms of benefits (or if you were to pass away)

gilly58

Hi I've been told the account is being closed, Ive applied for probate has there was no will
How do you open an executor account, can you do that without probate 

Emmia

gilly58 said:

Hi I've been told the account is being closed, Ive applied for probate has there was no will
How do you open an executor account, can you do that without probate 

You just go along to a bank and ask - I used HSBC but I'd expect all the high street banks to offer them.  I opened my executor account a couple of days after my father died - so well before probate etc. 

xylophone

You mention that your daughter died intestate.

You have applied for Letters of Administration.

Your daughter died in England/Wales and there is no living spouse so that the children inherit the estate in equal shares?

The children are under age 18?

https://www.willpack.co.uk/bereaved-minors-trusts-what-are-they-and-how-do-they-work/

If you cannot open an exor account because you have not yet obtained Letters of Administration,  ( I know that Barclays for one will not open an exor account before probate is granted) you might consider opening  a fresh account in your own name and depositing all monies due to the estate there.

You could advise the Benefits people of the existence of the account and the circumstances causing you to need to hold the money on behalf of your grandchildren until a Trust for each child can be established.

Emmia

 Link to information on the HSBC Executor account
https://www.hsbc.co.uk/help/life-events/bereavement/what-to-do-when-someone-dies/

Natwest 
https://supportcentre.natwest.com/Searchable/913244482/What-is-an-executor-account.htm

HappyScotsman

I'm in the process of creating an exor account with RBS (aka NatWest). I've opened the personal account, which took minutes as I'm an existing customer. Once I fill in their form, it will convert the personal account into an executor account.

getmore4less

does the estate  need letters of admin?
did she have any assets that need it?

if the children are the beneficiaries it should be them or their adult with parental responsibility that deals with the estate unless they don't want to.

McKneff

Surely the money should go to parents if the person died intestate. 
If parents are on benefits the surely cant by  pass that money onto the granchildren
Happy to be corrected

JGB1955

No - money goes to children if someone dies intestate in England or Wales The estate is shared equally between the children or their descendants. - Intestacy - who inherits if someone dies without a will? - GOV.UK (www.gov.uk)

SevenOfNine

My condolences.  We're all assuming the grandchildren mentioned are your late daughter's children, is that correct?