EXECUTORS AND EXECUTOR ACCOUNTS

Jaybeedee18

Can an Executors Account be opened with just 1 Executor,  if there are 2 named in Will and Probate already granted.
The other Executor is abroad and cannot return due to covid 19 restrictions. 

Is it absolutely necessary to have an Executors account.
Any help or advice please. Thanks

Keep_pedalling

You can if the second executor renounced or reserved powers, and probate has been granted to the other executor.

There is no legal requirement to open a specific executors account and many people don’t, so as long as the other executor trusts you there should not be a problem. Just make sure you use a separate account from your usual one.

GSS20

If there is trust between the executors there is no problem in only one dealing with the financial matters. No need to open an executor account. I just opened another current account with my bank. I told them what it was for and there was no problem. I was joint executor with my brother and we trusted each other to come to the agreement that I would deal with the estate.

xylophone

 Probate has been granted to joint executors (one has not renounced/had power reserved)?

sassyblue

There’s no such thing as an 'executors account'. It’s simply a bank account used to hold and distribute monies for a deceased person's estate. It can be in both, all or simply in one executor's name, so yes, if the other executor trusts you it can be in your name only.

Jennyd4242

Just tried to open an executors account at Hsbc - what a joke.  I phoned at the beginning of the week to be told we had to go into a branch to open an account and to just turn up as they are not offering appointments.  We went to our local branch who said they are counter service only and we would have to go to a main branch.  My husband and I (joint executors) went in this morning to the Hsbc with proof of identity, probate and death certificate to be sat in a grotty office for 15 minutes to then be told we needed a certified copy of the will or they could not open the account.  Absolute joke as probate clearly states we are the executors.  I think I will take advice from this forum and just open a seperate account and not bother with an executor account.  After the death of a loved one and everything that goes with that the last thing you need is more stress/hassle.

Thrugelmir

Jennyd4242 said:

Just tried to open an executors account at Hsbc - what a joke.  I phoned at the beginning of the week to be told we had to go into a branch to open an account and to just turn up as they are not offering appointments.  We went to our local branch who said they are counter service only and we would have to go to a main branch.  My husband and I (joint executors) went in this morning to the Hsbc with proof of identity, probate and death certificate to be sat in a grotty office for 15 minutes to then be told we needed a certified copy of the will or they could not open the account.  Absolute joke as probate clearly states we are the executors.  I think I will take advice from this forum and just open a seperate account and not bother with an executor account.  After the death of a loved one and everything that goes with that the last thing you need is more stress/hassle.

With estates potentially running to hundreds of thousands of pounds. There is a very regimented process to be gone through. Before opening an account for my late mother. LLoyds provided a usefull guide so that we arrived armed with the neccessary documents. Certified copies of the will are going to be required by a number of parties, 

BooJewels

Having gone through this twice now recently, it would be my very rough personal and informal conclusion that the more money is involved, the more hoops you'll need to jump through. 

I have had to produce a certified copy of a will several times, in some cases alongside the Probate document - even though common sense would suggest that a Grant of Probate trumps it.

I haven't however opened an executors account - just rang my own bank and they advised against it unless the estate was extensive and complicated (because executor accounts run with some restrictions, which aren't always practical) and just opened me a standard current account, so that I can keep it separate from my own banking.  We're just at the last hurdle now and it has worked well for us.

Don't even get me started though on the hoops I've had to jump through for anti-money laundering ID checks for selling the house - just because I don't have a passport yet.  I've now developed the habit of keeping a portfolio with everything in, from death certificates, certified wills, Probate grant, ID documents, birth certificate etc.  I just take it to every pertinent appointment, as I just assume they're going to ask me for something that wasn't on their published list of the documents I'd need, as it has happened several times now.

JGB1955

I couldn't find any of my (or my late father's) banks that would open up an executors account.  I just opened up a second current account with Nationwide, named '****'s estate' and took it from there.  I've moved over 600K through the account with no problem at all.