Opening an executor account - is this normal?

happywalrus

We (me and brother) are trying to open an executor account with NatWest. We are joint executors and the only beneficiaries.

Its been a month and there has been no communication from them. I have had to go into the branch to get any kind of update, when I do this I just get told its 'in progress' and they can't tell me anything else. 

Since all the cheques that have arrived are in my name do I even need an executor account? Probate has been granted, and we were trying to do everything as 'properly' as possible but it seems like it would be a lot easier to just go and open a normal joint savings account where we could pay this stuff in without having to deal with NatWests wall of silence. 

Thanks in advance

RAS

Since you are joint executors, you need to come to an agreement with your brother. If he's happy for you to pay the current cheques into an account in your name only, rather than negotiate new cheques, that's fine.

Have you got a redundant current or instant access savings account anywhere? Use a shared spreadsheet to record payments in and out, and send him regular statements.

SiliconChip

I can't comment on the length of time needed to open an executor account, but I did exactly what @RAS describes. My sister and I were joint executors for my mum, we agreed to divide the tasks, she did all the contacting family and selling house contents (she lived close by so it was more convenient for her) and I dealt with the collection and distribution of money to beneficiaries. I was in the fortunate position of already having several current accounts, one of which had had very little activity for a couple of years, so we agreed that I would use that one to save having to open an executor account. It worked well, with the only slight comlication being that the solicitor who dealt with the sale of mum's house needed a letter signed by both my sister and me to confirm that the proceeds of the sale could be paid into an account in my name only.

Keep_pedalling

RAS said:

Since you are joint executors, you need to come to an agreement with your brother. If he's happy for you to pay the current cheques into an account in your name only, rather than negotiate new cheques, that's fine.

Have you got a redundant current or instant access savings account anywhere? Use a shared spreadsheet to record payments in and out, and send him regular statements.

The only issue with this is if the OP becomes incapacitated before the estate is distributed. A small risk maybe but  one that may cause major problems. As an alternative an ordinary joint account should be fine.

msb1234

It took about a month for Barclays to open my executor account. Before that, I paid in all cheques payable to me into my own account then transferred the money over once the executor account was opened.