Distributing the estate

MonkeyLady

Sadly my grandparents both died earlier in the year. The house has been sold, accounts closed and all money has now been received into our executor account. How is the best way to distribute it to the five beneficiaries? I was just assuming we’d give cheques, but looking at my accounts they’re saying only £20,000 can be paid in and about the same being paid out, which isn’t going to work! I’ve also just seen a post where someone said their account was frozen after paying in a large cheque, and coming into Christmas I don’t want this to happen to anyone! 

la531983

Someones account could equally be frozen if they receive a large electronic transfer from an unknown party tbf.

Keep_pedalling

Which bank and which type of account?

MonkeyLady

True. 

The money is with NatWest in an executor’s account. I’ve got current accounts with Nationwide, Halifax & Chase. I don’t know about the other beneficiaries. 

Brie

I would ring one of your banks (the one where you'd prefer the money to be) and ask what they need as proof of receiving a large sum of money.  They might be happy to have a copy of the will or similar that shows you're likely to get £50k or whatever.  With that fraud or money laundering queries are less likely to be started.

Hal17

When I sorted my MIL estate, I had the funds sitting in a Lloyds account. I went to my local branch and they did all 5 transfers to each of the beneficiaries bank accounts that they had each provided. It was very simple and quick and none of them reported any issues.

kipsterno1

Like Hal17 I went into my local branch (Nat West) and arranged one payment by chaps and informed them of the fact that the other beneficiary had asked for it by cheque and gave them the serial number and amount. I still got a call when it was presented but they confirmed that the was a note on file that this payment was being made. The chaps payment went through no issue and as I haven't seen or heard from the other beneficiary since handing over the cheque presume they didn't have an issue.

I did take paperwork such as death certificate, copy of will, passport, house sale final invoice but the bank clerk was switched on and could see from the account what I was after.

MonkeyLady

Thanks all, that’s really helpful. I don’t have a NatWest near me so I’ve asked my fellow executor to speak to them tomorrow.