Do I really need a Executors Account

Hello, 

I am currently needing a bank account to put money into. My understanding is that you don't need an Executors Account, but to just keep money separate in a different current account?

Some background: The estate is quite large at about 800K and there are four beneficiaries including myself and only one executor. There are shares, banks and a house, most of them nowadays don't really care where the money goes if you provide a statement or doing it via cheque.

I understand that executor account also have limitation on who they can be used? No online bank, for example. I can get an executor account from Barclays, but It's going to be another week to before I am seen at the branch (plus another 10 days processing time), and it's a pain to get too.

I'm keeping a good record with spreadsheets of all payment, accounts and any details that have been happing.

Any reason to not use a normal current account? 

Comments

  • As you are sole executor that should not be a problem, the only potential issue is if during the administration you become unable to continue because of illness accident or death. 
  • Browntoa
    Browntoa Posts: 49,270
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    Your own protection

    NatWest do an executor account with online banking. You set up an account online and then go in with your Grant of probate letter to the branch 
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  • I wouldn't bother with an executor account, given you are the sole executor I believe the only challenge to you using a normal account might come from HMRC, but only if you grossly mismanged the estate, I don't think the other beneficiaries could have any say in it (and from the sound of it they're not bothered anyway). 
    I just used an existing account of my own that had no transactions other than those relating to the estate during the period between death and final distribution, which was agreed with my co-executor. The only slight issue was that when the house was sold I had to provide the solicitor with a letter signed by both executors before the funds could be transferred to the account, but that wouldn't apply to you.
  • I opened one with the NatWest online. It is initially just a normal account on opening and you then send of relevant documents to have it converted. I never actually converted it to the full executors account but had it there if required as I had read a post on here were a a third party refused to release funds unless it was to an executors account.  
  • TonyMMM
    TonyMMM Posts: 3,368
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    I used an executor account with Barclays last year  - had to open it in person but then had online access without any issues.
  • km1500
    km1500 Posts: 2,120
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    You can use any account even one with other transactions.

    All you have to do.is keep proper records eg a spreadsheet.
  • I just used a normal account, as there were three executors and the banks all wanted them all to come in to a branch together.  Since I was doing all the work I just opened another account with the same bank I have my current account with and used that, providing the other executors with regular information about money coming in and out before I distributed everything, and a spreadsheet documenting the whole lot.
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