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Online Executor Bank Accounts?

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Comments

  • msb1234
    msb1234 Posts: 575 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I opened one with Barclays - that I have had an account with for 40+ years - and had to go into a branch. 
    I had to produce death certificate, probate certificate, will, my passport and complete an application form. It took a week to get approval. I also had to produce the death certificate of the other executor who was named on the will. The man I dealt with told me it was down to money laundering which is apparently rife in the UK.
  • beabu
    beabu Posts: 15 Forumite
    10 Posts
    Spendless said:
    What sort of details? What details did they ask that was over and above any that  be asked when opening a joint account? 

    Exor 4's credit rating is in the 900s and he has a six figure salary. The other executor's credit rating had sunk but after time and a lot of work, he'd got it back up to 650. Hehad been in an abusive relationship, came away with no money, had addiction issues and mental health problems and was actually hospitalised for a time. Even though he'd been a Halifax customer for 25 years, he was grilled about all this in front of Exor 4, who's been making use of the info ever since.

  • beabu
    beabu Posts: 15 Forumite
    10 Posts
    tetrarch said:
    This should suit you perfectly - no?
    Thank you, it looks great! Do you know this from personal experience? I'm just asking as the Halifax process wasn't as easy as described on their website. Apparently they had to include some 'misleading information' because they're under the Lloyds umbrella.

  • beabu
    beabu Posts: 15 Forumite
    10 Posts
    msb1234 said:
    I opened one with Barclays - that I have had an account with for 40+ years - and had to go into a branch. 
    I had to produce death certificate, probate certificate, will, my passport and complete an application form. It took a week to get approval. I also had to produce the death certificate of the other executor who was named on the will. The man I dealt with told me it was down to money laundering which is apparently rife in the UK.

    Thanks for letting me know. It's interesting how different the requirements are across different banks. You'd think they'd make the process easier as there are better ways of vetting for money laundering.
  • My advice if you are the Executor of a Will, is to open a separate bank account for it, but DO NOT open it as, or convert it to, an executor account. With an executor account, money from the estate will go into it, but you will have no access to it until Probate is granted which can take several months or longer. Many banks and savings organisations will transfer money from accounts of the deceased - if it less than a figure they set which may be £20k but is sometimes much higher - without Probate, being satisfied with just the death certificate and maybe also wanting to see the Will. If the deceased had a few such accounts quite a lot of money could be sitting in the executor account gaining no interest - except for the bank holding it of course! - while if it was distributed to a beneficiary and put in a one-year bond it could gain 6%. Often they will not even let you see the balance of the account on-line, only sending you a monthly statement, so it will be difficult to keep track of progress of amounts paid into it. In my experience it is very rare for banks, etc, to decline to make payment to an "ordinary" current account.  
  • Newly_retired
    Newly_retired Posts: 3,088 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    When my husband died, with the agreement of my co-executors I opened a new account with Lloyds in my sole name, but on behalf of the estate. The bereavement team did outline arrangements to open an executor account but as the three of us live miles apart, as I recall it wasn’t a very practical arrangement.

     My husband banked with Lloyds, and I already had an account with them, so the online process was very simple. I have not given it a special name, but Lloyds were more than happy to transfer the money from my husband’s accounts into it. They also facilitated opening an additional ISA in my name for his ISA funds, but without impinging on my personal ISA allowance. Obviously it makes a difference if there is complete trust between executors, so this may mot help you. 
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