Executor Bank Account

willwander

We’ve set up a normal joint bank account with Santander to manage funds from the estate. So far this has been fine for everything.

Our solicitor has informed us that although there is no legal requirement it’s ‘Their Policy’ that funds from the house sale can only be paid into an ‘executor’ bank account.

Santander and all the other banks we’ve contacted say they no longer provide executor accounts.

Would it be reasonable to push back at the solicitors and say they need to update ‘Their Policy’ or are they insisting on this for a valid reason.

JGB1955

I would - executor accounts are as rare as hen's teeth.  I (think) NatWest may still offer an executor account but wouldn't hold my breath...... 

Keep_pedalling

Is this the conveyancing solicitor or a solicitor handing the estate? 

willwander

Keep_pedalling said:

Is this the conveyancing solicitor or a solicitor handing the estate? 

The solicitor handling the estate, (although they are also handling the house sale).
I think it’s to move the proceeds of the entire estate not just the house.

willwander

I think this is to transfer all estate money, including the sale of the house, from the solicitors ‘client account’ to our account?

Does this sound right? I’m sorry I don’t really know how this works.

Keep_pedalling

willwander said:

Keep_pedalling said:

Is this the conveyancing solicitor or a solicitor handing the estate? 

The solicitor handling the estate, (although they are also handling the house sale).
I think it’s to move the proceeds of the entire estate not just the house.

Then why can’t they distribute the proceeds directly to the beneficiaries? 

xylophone

Barclays opened an exor account for my relative two years ago.

It appears that the service is still offered.

https://www.barclays.co.uk/what-to-do-when-someone-dies/support/

flossy_splodge

I currently have an executor account with HSBC for an estate I am managing. Works fine. 

p00hsticks

I've just set one up with NatWest.

But I think they may only do it if you have an existing relationship with them.

I tried HSBC at first and they didn't want to know because I didn't have an account with them.

Shezz

I have not long opened an executors account with Barclays, I got a cheque book and the account number but no cards, I have to go to the bank if I need to access the account, I have already had money paid into the account (not the sale of the house yet)

xylophone

Relative had accounts with Barclays as well as the exor axxount.

He was able to move money out of the exor account on line as well as by writing cheques.