Executor's bank account

Biggles

Alfie_E wrote: »

From personal experience, I’d say you should just get a personal bank account. An executors’ account may have the benefit of clearly labelling the money, but there’s nothing illegal about using a personal bank account.

I guess that depends on cheques etc from the deceased's various accounts being made payable in the executor's name. Is that always the case? (I don't know, I'm looking ahead, hopefully some years ahead, before I shall need to be an executor).

alared

Not applicable in this case but if someone asked you to be an executor wouldn`t opening a joint account with them be an easy way around this problem?

utterbar

Biggles wrote: »

I guess that depends on cheques etc from the deceased's various accounts being made payable in the executor's name. Is that always the case? (I don't know, I'm looking ahead, hopefully some years ahead, before I shall need to be an executor).

I found that some cheques were made payable to 'The executors of ...', others to me personally (as named on the grant) if I requested them to be when supplying the necessary details and copy of the grant.

Alfie_E

utterbar wrote: »

I found that some cheques were made payable to 'The executors of ...', others to me personally (as named on the grant) if I requested them to be when supplying the necessary details and copy of the grant.

Companies were always happy to follow my request and send out cheques in my name. Some of them failed to pay attention first time around, but simply sending the executors-of cheques back got them reissued in my name.

jonesMUFCforever

PBA wrote: »

Except of course that you need the probate in order to open the executors account.

Not quite.
You can open an account with the will, to collect all the funds together, no withdrawals until Grant of Probate.
To get round this the bank issues one of its own cheques to pay the tax and relies on a solicitor's undertaking for funds to come in to to pay any o/d incurred.

buxtonrabbitgreen

When I was an excecutor for my late mum's estate, my own bank HSBC opened an excecutors account for me no problems. The account only ran for a certain amount of time I think it was 6 months.

moon-pig_2

Thank you all for your replies.

At the moment I have the Grant of Probate and 4 cheques made payable to 'the executor's of....'

I have a duty to earn the estate some interest if I can, so that's why I tried Halifax and Nationwide first. Neither had a clue what to do or were interested.

So I figured that Natwest, A bank who I've had a relationship with for 20 years might make a little more effort. Head office advised me to walk into my local branch, which I did with the grant of probate and cheques.

The person at the enquiry desk originally suggested that I should pay them into my own account. The money must be kept separate and not disappear into the black hole which is my overdraft (no chance of interest on that account) and of course he overlooked the slight problem with the payee being 'the executors of' on the cheques 6 inches away from his eyes. :mad:

After disappearing for about 15 minutes he said that they need to see the original Will, (which is impossible because the Probate Registry retain that) but he would call me back later to let me know what they required (but a 45 minute appointment was required) though he didn't know why that was necessary. 2 days later no call.

So Natwest can be added to Halifax and Nationwide on the list of clueless muppets.

So, it seems that HSBC seems to offer a little bit of hope - so I'll try them next in the hope I can get this sorted before my own life expires. I'll let you know how I get on.

bellouse

Some time ago I acted as executor on my brothers estate and the bulk of the money from the estate (over £200000) was held by the solcitor for over a year until it was disbursed and only something like 1/2% was paid on the money at a time when 5% was easily available on many accounts. Is this reasonable?

sloughflint

bellouse wrote: »

Some time ago I acted as executor on my brothers estate and the bulk of the money from the estate (over £200000) was held by the solcitor for over a year until it was disbursed and only something like 1/2% was paid on the money at a time when 5% was easily available on many accounts. Is this reasonable?

I would dispute it.
I was dissatisfied when I learnt that only 3% was being made and so suggested that monies be transferred pronto long before the case was concluded. Solicitor did as requested. Had I said nothing, money would have just sat in the account.

ShelfStacker_3

For legal purposes, interest is usually charged at a rate of 8%, and as a solicitor they should fully know that. Go round and have words.