Executor's bank account

Biggles

LloydsTSB (where my mother's current account was) opened an Executor's current and savings a/cs on production of the death certificate, but I won't be able to operate either until I have probate (next week). But that's no big deal, as none of the other banks will release their funds to the Executor without probate anyway.

wedwardes

Nationwide can't do Executors Accounts I have just been told after much investigation with Head Office by a Branch Manager.

He said try HSBC and Barclays.

D1zzy

A &L did an executor account for 12 months when my mother died. No interest was payable - I assumed that this was because of assessing who was liable for tax on any interest accrued. "Who owns the money" during the period its in the account?

Mikeyorks

D1zzy wrote: »

"Who owns the money" during the period its in the account?

The 'estate' does. Most exor / asset reserve accounts have always paid minimal interest as they're generally of short duration and the Banks lose money on them. If they do pay interest you account for that in the estate Return ... or you just suffer the 20% Savings tax if no Return is required.

I've found the most practical way is to make interim distributions to the beneficiaries as soon as cleared funds are in an Exor account. Saves hassle with £50k limits and everyone gains ... other than the Bank. Obviously gets more complex if you need to borrow money / overdraft for IHT ..... if you can't pay it via instalments.

hotelstobuy

I am an executor to my Grandmother. The Inland Revenue have sent a cheque made out to her name by way of money she was owed on a tax rebate. Can I bank this into an Executor's account? Or do I have to send it back and ask them to make it out to 'The Executor of ....'? She has an account at HSBC.

dzug1

hotelstobuy wrote: »

I am an executor to my Grandmother. The Inland Revenue have sent a cheque made out to her name by way of money she was owed on a tax rebate. Can I bank this into an Executor's account? Or do I have to send it back and ask them to make it out to 'The Executor of ....'? She has an account at HSBC.

Ask the bank - they might say yes.

Or if her bank account is still open (even if frozen), it might be possible to pay it into that

Mikeyorks

hotelstobuy wrote: »

Can I bank this into an Executor's account?

Yes .... that's what it's for. To process payments made out either to the Executor or directly in the name of the deceased. If you look at the full title of the account .... your Grandmother's name should be in it?

I had an HMRC cheque for my mother's estate last year .... paid into my Executor account with no issues.

cabbage

Hi

I think as long as you have an executors account you should be able to pay in cheques made payable to your grandmother or even yourself or other executors.

This was certainly the case with my hsbc executors account last year.

deeplyblue

I'm trying to wind up my father's estate. We bank with the Halifax, so I asked them if they would open an executor's account. They would, but money can only be drawn out of it by a cheque written out by the staff at a branch - no cheque book, no debit card and certainly no online accessibility.

I don't know how much they charge for this service, but IIRC each cheque will carry its own charge. This whole thing will make the funding for the funeral etc a nightmare if we need a trip into the branch for every expense.

This seems to have changed since 1995, which was the last time I had to worry about this sort of thing.

Any advice on banks that want this business?

db

dzug1

Try a proper bank - even then it will be pot luck whether the particular branch you go to will be clued up or not.