Executors account. (Nationwide or recommendations?)

Megandlg

Hi, this last week I finally received the grant of probate for my Dad. The conveyancing solicitor has told me they will only pay the proceeds of the house sale into an executors account. 

All my accounts are with Nationwide currently, so I’ve checked their website as my first step but can’t find any mention of an executors account. 

Has anybody else had any experience of this with Nationwide? Or can anyone recommend a different bank for this purpose? 

Thanks. 

Savvy_Sue

Nationwide told me they didn't do them when I asked a few years ago. 

Nat West do / did (and neither of us were customers), but it was a normal account with the account name "The executors of ..."

Flugelhorn

I had an RBS one (where I banked myself) and it was as @Savvy_Sue says, just an ordinary current account with the name "Exec of .." in the title - just ask  if NW will open an extra current account 

SiliconChip

The alternative would be to find a less officious solicitor who will pay the money into whatever account you've been using for the estate so far, which is presumably one in your name - there is no legal reason why this can't be done.

Keep_pedalling

On a previous post you said you was joint executor with a firm of solicitors, if that is the case can’t the conveyancing solicitor pay the probate solicitor who can then distribute the funds to the beneficiaries?

dpaul28

I am in the same situation for my deceased mother. I opened an executors account at the Halifax last week. This happens to be the bank that my parents had used, but as far as I am aware this is not required. I do not bank with Halifax. I made an appointment and had a very helpful meeting to set up the account. It is essentially a current account with no online access so I will have to go into the branch for any transactions. I have a cheque book but no card. The account is titled 'Executor for Mrs X Y Deceased'. All I need it for is to receive the proceeds for the sale of a house and to distribute the proceeds in the future. There are reasons why I did not want this to pass through my personal accounts.

Megandlg

Thank you for your advice. 

Keep_pedalling said:

On a previous post you said you was joint executor with a firm of solicitors, if that is the case can’t the conveyancing solicitor pay the probate solicitor who can then distribute the funds to the beneficiaries?

On the grant of probate, I am named alone as the executor of the estate. I suspect even more so now that the probate solicitor has spun me a line, however I cannot be bothered with that now (I lost my husband 7 weeks ago, which has obviously changed my feelings about everything). 

The solicitor is collecting and distributing the other monies in the estate other than the house, as completion will be delayed on that. I am dealing with that, hence needing an account to pay in the proceeds, pay out any dues owing (utility bills etc), and then distribute the monies between myself and my brother. 

Savvy_Sue

I am sorry for your losses, it must be very difficult.

On the NatWest account we did have online access which was great for the interim distribution, but the house shares exceeded the online transaction limit, so a cheque book was handy for that.

Thrugelmir

Megandlg said:

Thank you for your advice. 

Keep_pedalling said:

On a previous post you said you was joint executor with a firm of solicitors, if that is the case can’t the conveyancing solicitor pay the probate solicitor who can then distribute the funds to the beneficiaries?

On the grant of probate, I am named alone as the executor of the estate. I suspect even more so now that the probate solicitor has spun me a line,  

Being the executor of the estate and one of the beneficiaries are very different things. Solicitors aren't singling you out for attention. Most likely this is there standard practice where significant sums of money are involved. Families are notorious for disagreements in the event of a relatives death. Brings out the worst in some people. 

Megandlg

Thank you Thugelmir, but you appear to be commenting without being aware of the full situation or previous posts. Thank you for being willing to try to help, if not with the actual question asked though! 

I have now visited Natwest and have opened a suitable account which will be converted to an executors account next week. Thank you to those who advised about this.