Executor's bank account

sgriffiths

I am trying to get one of mums accounts transferred over to myself and brother as executors. Currently asking at each of four banks ie. Abbey, Nationwide, Icesave and Northern Rock, will I have any luck do you know and would I be able to get any interest on the money?

We are two of four children, the only beneficiaries of the will. The estate is below inheritance tax levels and I was the one who opened all the accounts mentioned because I was Attorney of mums affairs for two years prior to her death.

I hope I have answered all relevant questions, let me know.

Thanks:A

jonesMUFCforever

That should not happen - you need a seperate Executors account.
Most Executors account will not pay out credit interest.

nuttykel12

im having problems of this nature. My father passed away in October, he left no will, and his estate didnt have to go to probate as there wasnt enough to warrent it. His bank ac!!!! was closed and a cheque made payable to me for the closing balance, however a few weeks after he passed away we received a cheque from his employer for holiday owed to him. The cheque was in his name. We have tried to get them to change the payee but as there was will or grant of probate stating that it should go to me, they wont change it. They have suggested i open an executors account. But from reading your posts i would need a will or grant of probate that we havent got. Is there any way round this, this money was owed to my father and at the moment it looks like it is just money that is going to be thrown away. Any ideas gratefully appreciated

hartlepool1945

Halifax do e/a but at low interest - it is their Asset Reserve Cheque Account. Not yet sure if they will allow an associated (& higher interest) savings account alongside it. A&L certainly don't do anything (and I went to the top to check that out).

Biggest problem with even trying to use a personal account (illegally) is that as expressed earlier, it affects your own personal tax situation - not good if you are likely to fall into pensionable or tax free brackets.

Mikeyorks

nuttykel12 wrote: »

Is there any way round this, this money was owed to my father and at the moment it looks like it is just money that is going to be thrown away. Any ideas gratefully appreciated

Get his original Bank to temporarily re-open the account in order to process the cheque. They should do that as you really don't have too many options.

If all else fails talk really nicely to your own Bank and see if they'll let you process it through your account. If you show them the correspondence .... and prove the fact the money is indirectly owed to you ..... they might just turn the required blind eye to the payee.

localhero

mikeyorks wrote:

Get his original Bank to temporarily re-open the account in order to process the cheque. They should do that as you really don't have too many options.

Banks are more likely to provide an executor account if the deceased had an account with them. But....

Mikeyorks wrote:

If all else fails talk really nicely to your own Bank and see if they'll let you process it through your account. If you show them the correspondence .... and prove the fact the money is indirectly owed to you ..... they might just turn the required blind eye to the payee.

NO NO NO, don't do that!

Mikeyorks

localhero wrote: »

Banks are more likely to provide an executor account if the deceased had an account with them.

Granted. But they will only do so if Probate is granted. As probate has not been sought in this case ..... it's not a practical option.

localhero wrote:

NO NO NO, don't do that!

..... whilst still on practical options ....... why is that? The whole of the estate to date appears to have been liquidated to the OP on an informal basis. If the original Bank won't re-open the deceased account on a transient basis to process a belated credit ...... why shouldn't the OP ask his Bank if they will process a cheque for which he can prove the funds are destined for him? There is no hint of fraud in sight nor are any audit trails being masked.

localhero

It is almost impossible to open a bank account without the Grant of Probate I would agree.

The money belonging to the estate of the deceased really ought to be kept separate for a variety of reasons, not least the accurate accounting of the estate. Paying money into an account that's overdrawn for example, could cause problems for the executor.

Sometimes a pile of cheques will need to be kept until probate is granted, as frustrating as it is. There really isn't a more practical option sometimes.

Where you have a sole executor who is also the sole beneficiary, then even if it was a practical option, banks really shouldn't (and in most cases won't) be entertaining paying it into the executor's personal account.

heppy23

If I remember right when my Grandpa died his main bank account had the name changed from "heppy23s grandpa" to "executors of heppy23s grandpa". That was with Barclays.

worthywow

I'm currently sorting out the probate for my father's will.....

In the current circumstances do you think it is possible/sensible to open more than one executor account at different banks to keep the maximum in each under £50,000 to keep the FSCS compensation guarantee ?

Also as part of the will there is a trust so is there any reason I couldn't keep funds in the existing savings accounts etc. and eventually transfer the name of these to the trust ?

Many thanks in advance for any advice !

Richard