Executor Account

Eddie2023

Hello, I know it's not essential to have a specific executor bank account but does anyone know if any banks offer them with online access please ?

flossy_splodge

HSBC did - I still have one although about to close it as all estate now dealt with, but don't know if they are currently allowing new ones.

The online access was a bit fiddly to set up initially but once sorted I've run it for several years with no problems.

Can print out statements really easily and no difficulty setting up payees.

Can't fault it.

Good luck.

Hoenir

Are you the sole active executor? Your existing bankers may well allow you visibility of the account with your own. LLoyds did for me.  

Eddie2023

Thankyou both for coming back to me. 2 executors so need it to be easy for both to use and view especially as there are a lot of requests in the will which we will need to action when the time comes

kipsterno1

Nat West offer one. You initially set it up as a standard online account which can then be updated to an executors account. I did the initial phase after reading a post on here that a solicitor was refusing to release funds from a house sale unless they went into an executors account. As I never faced that issue I didn't convert it to the executors account and just used it as a normal account. 

Eddie2023

Brilliant thankyou. Natwest is our closest if a visit was ever needed

Hoenir

Eddie2023 said:

Thankyou both for coming back to me. 2 executors so need it to be easy for both to use and view especially as there are a lot of requests in the will which we will need to action when the time comes

Fortunately the other executors agreed to reserving powers when applying for probate. As the thought of mailing correspondence, cheques etc to sign around the country was considered all too time consuming. Would have resulted in a much slower process with hindsight. 

Savvy_Sue

And we were able to have online access with NatWest

fdb66

kipsterno1 said:

Nat West offer one. You initially set it up as a standard online account which can then be updated to an executors account. I did the initial phase after reading a post on here that a solicitor was refusing to release funds from a house sale unless they went into an executors account. As I never faced that issue I didn't convert it to the executors account and just used it as a normal account. 

That's what I did too with Natwest, nothing I did required it to be an executors account so I just left it as a normal bank account. The other executor was happy for me to hold the funds so I just sent them screenshots of the app every time there was a transaction so they could see what was going on, and there were a couple of refunds they did with their own account.

If you want to share the work of doing the payments it's probably easier to split the money between the personal accounts of the executors than messing around going to a branch to get one of them converted to an executors account.

SiliconChip

Eddie2023 said:

Thankyou both for coming back to me. 2 executors so need it to be easy for both to use and view especially as there are a lot of requests in the will which we will need to action when the time comes

But do both executors really need access to the account? When my sister and I were executors of our mother's estate we just agreed that I would do all of the financial work and I'd keep her regularly updated on what was happening (sending statements etc.) before completing the final estate accounts. It made life a lot simpler than having 2 people operating the account.

Eddie2023

Hi I agree. As long as the other executor can "see" the account that should be enough. I'll suggest Natwest and just one of us dealing with the transactions