Executor accounts - necessary? And recommended banks?
Comments
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My sister and I have an executors account with Lloyds who advise that they can only accept cheques payable to The executors of the estate of ....
which is causing a major problem as British Airways want to pay a refund into the closed account of the deceased person. Lloyds state that they cannot accept this payment and will return it.0 -
kelloggs36 wrote: »My sister and I have an executors account with Lloyds who advise that they can only accept cheques payable to The executors of the estate of ....
which is causing a major problem as British Airways want to pay a refund into the closed account of the deceased person. Lloyds state that they cannot accept this payment and will return it.
If you were to pay in the cheque, possibly into a personal account if you have not got a card for your executors account, using an automated paying-in machine rather than taking it to a cashier the payee name probably would not be checked. I would not like to say whether I would do this myself.0 -
kelloggs36 wrote: »My sister and I have an executors account with Lloyds who advise that they can only accept cheques payable to The executors of the estate of ....
which is causing a major problem as British Airways want to pay a refund into the closed account of the deceased person. Lloyds state that they cannot accept this payment and will return it.
When dealing with my late sister's estate, I was told by both HSBC and Santander that they would allow payments to be made into her account, even though they would 'freeze' the account on receipt of the death certificate.
I didn't need to test this as the only cheque received in her name was a vehicle tax refund cheque for £3.33.
It might be worth trying to pay into the deceased's account?0 -
If you were to pay in the cheque, possibly into a personal account if you have not got a card for your executors account, using an automated paying-in machine rather than taking it to a cashier the payee name probably would not be checked. I would not like to say whether I would do this myself.
they won't send a cheque - they will attempt to pay it back via that card that she used to make the original payment. Lloyds have put a note on their system in the hope that somebody will manually check it, but I was warned that it might be automated, in which case the payment will bounce so-to-speak and will be immediately returned to British Airways.0 -
kelloggs36 wrote: »they won't send a cheque - they will attempt to pay it back via that card that she used to make the original payment. Lloyds have put a note on their system in the hope that somebody will manually check it, but I was warned that it might be automated, in which case the payment will bounce so-to-speak and will be immediately returned to British Airways.
Why do some institutions have to be so inflexible? Particularly at such a difficult time:(1 -
I opened an executors account when dealing with an estate with Santander as that was the bank of the deceased. No online access to view or do transactions, all payments had to be made by cheque and the branch had to go through enhanced security each time I wanted to do anything with the account, in person, due to it's special nature.
Was a hassle, especially on 2 occasions when the staff present didn't know what they were doing and fudged the security checks, locking the account down and I had to wait for a manager to be free to look into it.
I would still open an Executor's account if I ever go through it again, though maybe shop around and find out other bank's restrictions. It is such a seldom used thing that most tellers don't know about the intricacies involved.1 -
Interesting to read about this as the executor of my late mother’s estate was told by his bank that he didn’t need to open a separate account & is using an account with his own personal name to store the money from my mother’s bank accounts & the house sale proceeds.
I have sought legal advice & been told that this should NOT be the case so we are trying to get the account name changed if at all possible.0 -
Relative is an executor of an estate and opened an exor account with Barclays (where the deceased banked) a couple of months ago.
https://www.barclays.co.uk/content/dam/documents/personal/miscellaneous/Bereavement-guide.pdf
If you wish to open an Executor/Administrator account to assist with funds distribution of the estate then please book an appointment at your local Barclays branch.
You will need to take with you the following documentation:
• Original Grant of Probate/Letters of Administration
• Valid identification for all executors named within the Grant of Probate or Letters of Administration.
From Natwest
https://supportcentre.natwest.com/Searchable/913244482/What-is-an-executor-account.htm1 -
Interesting to read about this as the executor of my late mother’s estate was told by his bank that he didn’t need to open a separate account & is using an account with his own personal name to store the money from my mother’s bank accounts & the house sale proceeds.
I have sought legal advice & been told that this should NOT be the case so we are trying to get the account name changed if at all possible.
It’s not illegal for an executor to do this, and many do because it is a pain to find a bank that will let you open one. It is only going to be a real problem if the executor loses capacity or dies before winding up the estate.1 -
I have sought advice from 2 independent solicitors about this & both of them were perturbed that he was not using an executor bank account.
I wouldn’t be too worried about it but he is proving to me very dodgy at the moment so I am trying to safeguard my share of the estate & the other beneficiaries too.0
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