Executor's bank account

amold

xylophone wrote: »

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?

He paid all his bills by direct debit, which apparentlymeans he paid them early, i.e. for phone calls not yet made. Also insurance premium refunds and council tax rebate (this last one does require probate, soI have no cheque from them yet) and DWP for pension he was owed. (Strange thepeople paying out do that late, and so owe money and the people taking paymentdo so early and hence owe a refund)

getmore4less

xylophone wrote: »

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?

Property and shares require a grant.

Other assets may require the grant it depends on the institution they have different limits.

The largest I know of is Santander, £25000.

ChrisGUK

I can confirm that HSBC are the place to go for an executors account, and that NatWest are a complete waste of space.

My parents banked with NatWest for decades, but when my sister and I tried to open an executors account with them they didn't want to know. They said we both had to attend the same branch at the same time, which would have meant a round trip of about 1,500 miles for one of us. I called their call centre and tried to reason with them but they wouldn't budge, quoting some excuse about not being able to send important documents between branches.

I called HSBC and they couldn't have been more helpful. I opened the account at my branch, and they sent the paperwork to my sister for her to pop into her nearest branch with. That branch then sent it back to my branch.

Don't even bother with NatWest!

LavenderBees

Thank goodness for this thread.

My Mam banked with Nationwide and all her savings accounts are there, too, yet they "don't do" Executor's accounts!

On the advice of this thread, I tried HSBC but as I don't now have a banking relationship with them, they tried to help but found they couldn't.

So, by this time, I was a bit desperate and threw myself on the mercy of my own bank, Santander, who have agreed to allow me to open an account with them, even though my Mam didn't bank with them. Thank goodness! :T

But who'd have thunk it would be so difficult to get a bank to allow you to deposit cheques...and at such a difficult time, anyway...

Thanks for letting me know I wasn't alone in this.

LB xx

Looby_lou_3

Been to lloyds today re opening Executor''s account. I'm not sure they really know what to do. The manager first of all said that they couldn't do so until probate was granted then when I kept querying this stated that you can open an account and pay into it but not take funds from it which made sense. This was all done not in a private place but at the counter despite me stating at the outset that my father had died last week. Customer service - I don't think so.

xylophone

http://www.lloydsbank.com/assets-business-banking/pdfs/tandcs-executors-account-wef021210.pdf

https://forums.moneysavingexpert.com/discussion/762681
post 52

http://boards.fool.co.uk/many-thanks-for-the-replies-very-helpful-i-12485233.aspx

When I needed an Executor's account I used HSBC.

jonesMUFCforever

Looby_lou wrote: »

Been to lloyds today re opening Executor''s account. I'm not sure they really know what to do. The manager first of all said that they couldn't do so until probate was granted then when I kept querying this stated that you can open an account and pay into it but not take funds from it which made sense. This was all done not in a private place but at the counter despite me stating at the outset that my father had died last week. Customer service - I don't think so.

They were right - an Executor's account is opened after grant of probate.
What you need now is a Personal representative account to collect funds due to the estate.
My condolences.

AB5905

A close family member passed away earlier this year, I am her executor according to Will and her spouse is the sole beneficiary.

So far all companies have been very supportive and have accepted death certificate etc and we have not had to apply for probate (also the values are not high and inheritance tax is not due).

The challenge that faces me today is that she was a named beneficiary of another estate and since her death I have received 1 payment which I was able to pay into her bank account as this has not yet been closed. This was made out to 'The personal represenatative of.... then her full name", I explained the situation to the bank and they agreed that as no payments are coming out of the account and they had not been notified to close the account there was no reason not to accept payments into the account.

Unfortunately the 2nd cheque has been made out in such a way that the bank will not accept it this time (made only to 'Surname deceased') and the bank will not accept this.

The solicitor dealing with the other estate is particularly difficult and as this is the only debtor to the estate, I'd like to avoid opening a personal representitive or executor account as I understand this will then need probate to be issued before we can release the payments to her husband.

Question - as her Executor, do I have a legal right to return the cheque and request it be made payable either as before ("to the personal represenative of ........ her full name") or to me personally (so that I can record the payment and transfer money to the beneficiary) or can the solicitor refuse to do this and force me to open a new account?

If he re-issues the cheque as before, can he charge the original estate costs to manage this, even though the request is only to rectify a change of process that he adopted? (this is a concern for the beneficiaries of the other estate)

Grateful for any info anyone can provide.

xylophone

Has a solicitor really drawn a cheque in favour of "Jones deceased"???

AB5905

Yes! "PRs of Jones Deces'd" and yes this was from a solicitor (I personally received a cheque from same solicitor/estate which wasn't signed and had to be returned), unbelievable really.

Relating to the status, I've now opened an Executor account and paid the cheque into it. Bank were very understanding based on all the documentation I took with me and said they'd give it a try but also meant closing all other accounts held in her name and probate will now be needed. They warned that it might be rejected through clearing so I'm waiting and hoping.