Executor's bank account

dr_adidas01

JulyKnot wrote: »

You are talking textbook ideal . Life just doesn't work like that as the OP has found out.

You are over- complicating matters.

I can assure you i'm not call it experience of the process and what we had to do.

Unless you have experience of doing it, I don't think you're qualified to judge others!!!!

jonesMUFCforever

Reading just today's posts on this thread I cannot see why the bank would not open a Personal representative account (No withdrawals) to bank any cheques in dad's name.
When Probate has been granted it could be converted to an Executor account.

JulyKnot

dr_adidas01 wrote: »

I can assure you i'm not call it experience of the process and what we had to do.

Unless you have experience of doing it, I don't think you're qualified to judge others!!!!

Same here and it worked just fine for me. Up to the Op to decide what they are comfortable with. I opt for simplicity and clear undisputable paperwork.

JulyKnot

jonesMUFCforever wrote: »

Reading just today's posts on this thread I cannot see why the bank would not open a Personal representative account (No withdrawals) to bank any cheques in dad's name.
When Probate has been granted it could be converted to an Executor account.

If I understood correctly, Op already has cheques issued to them and also banks seem unwilling to allow money in pending grant.

amold

jonesMUFCforever wrote: »

Reading just today's posts on this thread I cannot see why the bank would not open a Personal representative account (No withdrawals) to bank any cheques in dad's name.
When Probate has been granted it could be converted to an Executor account.

Ah! no one has told me about these before. I'll ask about a Personal representative account. Sounds just the ticket. Odd none of the banks 'Personal Bankers' mentioned one of these. Or maybe it isn't as I cast my mind back to the conversations I had with them...

getmore4less

dr_adidas01 wrote: »

If the cheques are in your fathers name then you cannot pay them into your account.

Also your legally obliged to pay then into an executors account that is in your fathers name. This is so that HMRC can see where all funds are and to whom its paid to. Plus they can collect any taxes and monies owed to them from this account, or refund any taxes that need to be refunded.

While this is a difficult time its one of those hoops the government makes you go through.

There is no legal requirement to have an executors account when administering an estate



HMRC don't care where you keep the assets and in most cases want the tax before you can get the grant and can access any of it allthough some institutions will release up to £25k or a funeral or tax bill.

HMRC sometimes what to check the inventory and account but do not care where the money was held

getmore4less

It can take a while to get probate but once you have the IHT forms completed it is only a few weeks at most as long as any IHT can be paid.

if more complex it might take a while to sort out all the details.


you don't need executors accounts as long as you keep stack of everything so a seperate account of your own would let you cash any funds that come to you in your name.

Don't mess about getting them changed just more work for no benifit just make sure yo uaccount for every penny on the inventory and account.

amold

I've learnt a lot today here, thanks everyone. Including the fact that Op means original poster

xylophone

I don't quite understand why money owing to your deceased father's estate has been released to you when probate has not yet been granted?

henm2

As regards release of funds before Grant of Probate this situation often happens. But as I said before every case is different.
Banks for example will often release funds to named executors on a will or next of kin (if no will) against a signed letter of indemnity and proof of ID.
The bank I work for will often release funds if the value of the estate (i.e not just based on the amount of the bank balances) is below £10,000-.Procedures will vary from bank to bank.
As regards the possible need for a bank account to deal with administering estates this in my experience is in the small minority of cases as many estates seem to be dealt with by solicitors.
You are best using the term Executors Account if you do ask for an account as asking for a Personal Representatives account might draw blank looks (even though it's correct legal terminology)