Executors Bank Account - where? ! How to deal with estate if cannot get this simple account.

ss2020jd

Sorry for your loss. It is a difficult time to have to deal with all of this on top of grief.

I have just been dealing with this myself. After reading advice and information on this website I decided to open a new and separate current account with my existing building society. Their terms allowed use of the account for this purpose. Mostly all I had read was that as long as it was a separate account in your name it would be acceptable. The consensus seems to be an executor’s account can be difficult to open and not many banks even offer it.

If you open an account in your name with a bank/building society that you already have an account with, and can manage to apply online, you don’t usually have to provide extra ID since you already have an account with them. At least that has been my experience. I opened an additional current account just for that purpose.

I hope you find a solution.

spreadsheeterapple

The solution for us is going to have to be an 'Estate Account' held by our solicitor. Unfortunately this will increase costs, however is safer.

Very unfortunately we found HSBC Executors Accounts have become automatically any-to-sign on the bank mandate, which is contrary to the security this money needs to be held under. There is another executors account on the business side of the bank (they separated divisions for regulatory reasons a few years back); the business-side account does have all-to-sign as a standard option, but appointments to open are even more impossible than the personal-side of the bank as it's different staff in different towns, and even less of them, none in some counties. So it's impossible to attend an appointment. Banks have made it too difficult, and they don't look after their customers in these situations.

It is not safe for it to be either-to-sign as the other executor is untrustworthy in dealings in their life, and has also now challenged the Will's validity as they think most or all of the money should have been theirs. They feel that such a large sum should never have been bequested to charity (50% of estate), and that a newer will shouldn't have been allowed after death of their spouse. It's a good job the Will was kept with solicitors, to ensure it was followed and not disappeared by one offspring feeling it should all be theirs.

I think there is a case for Wills to be held Registered in same way as Land Registry, to keep them from the claws of unscrupulous others.