Executors Bank Account
in Deaths, funerals & probate
7 replies 258 views
Can anyone suggest bank where the 2 executors can open account and administer estate of late relative? Probate has been obtained. Most of monies are held in deceased persons local building society account.
Thank you in advance.
Thank you in advance.
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You open it as an ordinary account with them, then go into a branch with the relevant documents (from what I recall, a copy of the will, grant of probate and personal Id) to then get it converted to an executors account.
What is an executor account? (natwest.com)
Note from this it sounds like one of you opens the account and you then add the second person.....
I did wonder what would happen if the account earned interest, as it's in OH and brother's name. OH may pay a bit more tax rather than the Estate but it's not material.
That might be problematic if there is a variance in the quality of the credit histories of the two individuals.
There is also the consideration that a simple joint account would mean that half of any assets held are deemed to be the asset of each individual. If one of the Executors is entitled to any benefits but the joint account is going to have any large sums on deposit, that may impact eligibility to benefits. There is no guarantee that this money passing through the joint account (as Executors) would ever become an asset of the Executors.
I assume a specific Executors account would overcome the above considerations as it is clearly an account that exists on behalf of the Estate of the Deceased.
These are good points - I think the one about Credit Reference Agencies specifically, because it is explicit in Ts & Cs that financial information is going to be shared with one or more agencies.
We're just going to use Barclays bank, which is the one my late Mother had an account with. To be honest, there have been quite a few delays with them, before & after probate. Our probate was granted a few days ago, the other executor phoned up their bereavement team to make an appointment to sort out Mum's bills and was told because of the two months waiting list (again), it would be better just to go into our local branch and try to be seen straight away - whilst this worked the first time when we were handing over a death certicicate & ordered bank statements, the second time were visited, were were told it wasn't possible and needed to phone for an appointment. We got an appointment for the 12th April.. No rush then.
I'm not really sure if we will be allowed to have an Executors account though.
Debt Free: July 2022.