Executor's bank account

brewerdave

Reading this thread I'm getting more and more depressed :(! I'm a named executor on my Mother's will , as are my other 3 brothers........but we live a long way away from each other and the place of my mother's death.
Because I'm the only one with the time to deal with the estate, it will fall to me to apply for probate solely. I intended to approach my banks re "executors accounts" because I already have monies coming in.
One question (other than account availability!!) is whether the bank would allow just one signatory on such account with 4 named executors??

Keep_pedalling

That should not be required provided, your brothers have either renounced their executors roles or have opted to have power reserved, although the bank my require evidence that this is the case.

If you have no joy with your own bank then try your mother's.

If you need further advice, I would recomend posting in the "Deaths, funerals and probate" forum rather than here as your post is more likely to be seen by people with the right experience to help.

xylophone

http://wedlakebell.com/articles-and-comment/2014/04/11/executors-and-reserving-power-to-the-grant-of-probate/

When I was named with another person who did not wish to act, we went for power reserved so that only I had to sign/deal with the estate.

henm2

Just checked and HSBC still appear to do Executors accounts. Found under their Community business accounts section on their web site. http://www.business.hsbc.uk/en-gb/everyday-banking/business-accounts/other-business-accounts/community-account-current-account

brewerdave

Thanks for info re HSBC - I visited both of MY banks today and neither will offer service because my Mum didn't have accounts with them - one actually said that because they had no "relationship" with her that they couldn't satisfy money laundering regs !!
I'll have to try my Mum's bank - I may even have to travel to her branch to open it. I'm getting thoroughly confused now tho' because the 2nd bank suggested that I should deal with it all thru a personal account in my name ,without earned interest of course, so no tax liability.

danny_x

Five years ago my mother in law died, and my wife had no difficulty opening an executor account at Nationwide, where we are customers but her mother wasn't.

I've just been to try to do the same for my mother who died recently, and Nationwide have changed their rules to make it more difficult for their longstanding customers. Now they won't open an executor account unless the deceased was a customer, using "money laundering" as the excuse. It's nonsense of course; I suspect that they don't want an account that can't turn into a long term customer.

I might go and try HSBC as others have suggested, but I don't really have the time to spend on this.

xylophone

Where did your mother bank?

danny_x

My mother banked with NatWest. I went there to report her death a few days after she died. Luckily the person I had the interview with couldn't get through on the phone to the department to report it to, because she then explained that at soon as it was officially reported to the bank, the account would be frozen, with any payments in returned to the sender. As my mother was receiving share dividends, paid directly into her account, this would have caused great problems. As I say, lucky she couldn't get through, because she said that she wouldn't make an official record of our conversation, and I could report the death later.

My intention is to have an executor account up and running, so we can arrange for all the dividend payments to be made into into it, before we have to notify NatWest and freeze that account. It's a bureaucratic nightmare.

Today I went to HSBC, and yes, we can open an executor account, but not locally because my branch doesn't have a business advisor. I've made an appointment to travel to a branch which does have one, and the first available date was a couple of weeks time.

We'll see.

xylophone

Have you obtained probate?

If it is required, you will not be able to give any instructions concerning the assets of the deceased until you have.

It would appear that Natwest can open an Executor's Account once probate has been granted.

If the deceased's account has been receiving direct payments of dividends or cheques are being sent to her bank, it would appear that these could still be accepted?

http://personal.natwest.com/personal/life-moments/bereavement.html

Was the person to whom you spoke at Natwest fully au fait with the bank's bereavement procedures?

henm2

You can also apply online for an executors account via http://www.business.hsbc.uk/en-gb/everyday-banking/business-accounts/other-business-accounts/community-account-current-account
Sorry just checked again. Its one type of account that can not be done online. The options are in branch or by phone 0800 731 8904.