Do I really need an executor account

DippySkippy

My understanding is I cant get an executor account until after grant of probate - at that point I would want one. However what can I do in the meantime - here is situation:

Other executor was asked to inform banks, personal pensions etc (they had financial power of attorney so made sense). They did nothing so once I realised this I have acted - and discovered approx £5k overpaid pensions & £4k income tax bill are due. The accounts are frozen so how do I pay?

I have determined one of the deceased accounts is below the bank's probate limit - so I'd like to withdraw that and use it pay estate bills. So can I create a new dedicated personal bank account for this purpose. I'd like it joint with other executor but not sure that is possible and liaising will be difficult as she doesnt go online and is not local. 

Thanks 

Marcon

This is likely to make useful reading: https://forums.moneysavingexpert.com/discussion/6542979/executors-administrators-bank-accounts-why-so-difficult-to-open?utm_source=community-search&utm_medium=organic-search&utm_term=executor+account

Olinda99

there is no requirement to open or run an 'executor account'

The requirement is that you keep accurate records. An executor account may make this easier but it is perfectly possible to do without one.

p00hsticks

Most people seem to just set up a new personal account to keep the estate money completely separate from their own money - new accounts are usually pretty easy to set up these days and many people have multiple accounts. 

I did one with Nat West - as I already had an account with them so they knew my details I was able to set it up online within minutes, got a debit card in the post a short while afterwards and could convert it to an executor account once I had probate. 

DippySkippy

Thanks for all your answers - set up a new current account and then Lloyds bereavement changed there minds about the probate limit. Originally said £50k per brand but have changed their mind and say the limit is for sum of all accounts with the Lloyds group. So I am stuffed.

DippySkippy

Had a cunning plan - anyone done this?

Combined Lloyds & Halifax accts are >£50k limit so need probate to access. So I'm thinking - if I use the HMRC Direct Payment Scheme for an IHT down payment using the Lloyds acct then the total left on the Halifax is <£50K so I should be able to access before probate for paying bills?

badmemory

I do hope this plan works for you.