Joint account, different addresses!

GaryBC

Here's the scenario... 
Parents recently deceased, two executors (self and sister), parents' house needs to be maintained until it's sold (water, gas, electricity etc). 
There cash funds were transferred to my account - I don't really want it in my account (where it gets mixed up with my money plus my sister can't get at it).
I want to set up a new account to put the money in, where it can be used to pay bills (by direct debit) and, when the place is finally sold, be the account used for the sale. 
Neither me nor my sister live at the property - so there are three addresses involved. She is married so we don't share a name. 

Am I asking too much of a bank for them to be able to set up such an account? Or am I seeing problems where there are none! 

mab3000

Shouldn’t be an issue with the majority of banks if not all. They may ask a few questions around the joint account opening  but you have perfectly valid reasons for opening the account. 

Bear in mind that when you open a joint account with someone you create a financial association on your credit file with that person, something you might want to bear in mind in case either of you don’t have the best of credit performance. 

sheramber

Open an executry account.

Speak to the bereavement section of the bank.

SiliconChip

I faced this issue after the death of my mum in October, and the Death, Funerals & Probate board was very helpful in coming to a decision about how to proceed, so it may be worth you looking there, or asking a board guide for your thread to be moved. Some people have reported difficulty with some banks in opening an executor account.

The answer for you is likely to depend on how much trust there is between you and your sister. In my case we dividied the executor tasks, and dealing with probate and the finances fell to me. I am using an existing current account of mine that only had a small balance in it at the time and had no regular payments of my own in or out. All of my mum's savings have gone into that account and I have made an interim payment to the beneficiaries (only 4 people) while waiting for the house to sell so that the estate accounts can be finalised and the remaining payments made. The account is also used for estate bills, paid by faster payment, direct debit or debit card.

In your case it sounds like the money has gone into your main current account. I would suggest that the easiest solution is to open another sole current account, either with your existing bank or another one, and transfer the estate's money there and make all payments from that account. If your sister trusts you to handle the financial side of things then there's no need for her to have access, I just download the statement every month and send it to her so that she has a record of transactions relating to the estate.

Zanderman

You need an executors account. And carry out all transactions from that. Don't mix things up with your own account. 

Not sure why you need a joint account though.  When I was one of three executors we talked to Lloyds about the exec account needed and concluded only one of us needed to be the signatory.  The others didn't need access.  Simpler for you, simpler for the bank.

The account is to be used to cover ongoing expenses for the house - no need for that to be joint if mainly bills.  and to collect together any other estate money once you have probate, no need for a joint account for that either.

GaryBC

Thanks for that. 
The reason for it being a joint account is that if I walk under a bus tomorrow my sister has the same problem as of now (where it's in my account), ie she won't be able to access it. 

mab3000

Wouldn’t the OP need to have grant of probate in order to open an executors account? Which I’m assuming they do not have yet as the property has not been sold. 

GaryBC

What's an OP? 

mab3000

Sorry I was referring to yourself being the Original poster. 

Zanderman

GaryBC said:

Thanks for that. 
The reason for it being a joint account is that if I walk under a bus tomorrow my sister has the same problem as of now (where it's in my account), ie she won't be able to access it. 

Well you could both fall under a bus tomorrow.  Nothing's risk-free.  But if you want an easy solution I suggest you don't overthink things!

mab3000 said:

Wouldn’t the OP need to have grant of probate in order to open an executors account? Which I’m assuming they do not have yet as the property has not been sold. 

A proper exec account does need probate, yes. But a bank should allow a deceased's house to be maintained using the deceased money if they are being reasonable.   

OP should clarify whether they have probate and/or perhaps don't need it. The stated giving out of beneficiaries' shares already (and moving of deceased funds to OP's personal account) implies probate has been issued or is not required.  If probate is needed that money cannot, legally, have been touched or given out yet!  The deceased's assets should be completely frozen until probate apart from essential such as house maintenance.

(edited to clarify a bit)

IanManc

OP should clarify whether they have probate and/or perhaps don't need it. The stated giving out of beneficiaries' shares already (and moving of deceased funds to OP's personal account) implies probate has been issued or is not required.  If probate is needed that money cannot, legally, have been touched or given out yet!  The deceased's assets should be completely frozen until probate apart from essential such as house maintenance.

(edited to clarify a bit)

The opening post says that the house is to be sold, so probate is definitely needed, because only an executor or administrator has the authority to sign the conveyance for the sale of the property. You can't exchange contracts before the Grant is obtained.

The authority to sign a conveyance is given by the Grant of Probate or Letters of Administration, not by a Will.