Executor account query

highland_walker wrote: »

Does anyone know if when you open an executor account with a bank, do all the executors of the will have to sign up to the account / give their details to the bank or can one executor act alone and set it up without the others? For instance, if there were 3 executors, would they all have to go into the bank at the same time to sort it out? Or could just one of the executors go in and sort it out without the others?
Also, is it possible to set up an executor account before you do probate or only after it is done?
Hope someone can help.

The bank will want all three to complete the formalities. It can be done before probate thoughthe bank willl want to see the will and I!!!8217;d from each.

Can be done before probate, but some banks seem most reluctant to open executor's accounts - Lloyds being one of them.

Think I also read on a different thread that someone ended up with a business account (with charges for running it), not what they'd intended or thought they were getting.

I was able to open the last one I needed before probate was granted, but I couldn't do anything with the account until I'd taken the grant in to show the bank.

Margot123 wrote: »

You can just open a standard current account just for the estate, and then close it when evreything is finalised.
There is no legal requirement to have what banks call a Probate account.

However the banks expect to be told it is for probate as they apply different rules to such accounts for example no over draft allowed.

Margot123 wrote: »

You can just open a standard current account just for the estate, and then close it when evreything is finalised.
There is no legal requirement to have what banks call a Probate account.

This is exactly what I have done. I opened an everyday current account with Santander, with whom I and my late sister both banked.

I funded the account initially with £1k for immediate needs and withdrew £1k as soon as funds were available. Apart from that, everything estate related goes into or comes out of that account. So far, this has worked very well.

My co-executor is happy for me to deal with the estate and is not a signatory to the account. I update him regularly and he can see scanned bank statements whenever he wants.

Once Probate is granted there will be more substantial funds arriving and when I have distributed them I will close the account.

Yorkshireman99 wrote: »

However the banks expect to be told it is for probate as they apply different rules to such accounts for example no over draft allowed.

I wasn't aware of that. However, when I discussed opening this account with the Santander Bereavement team, no such 'expectation' was mentioned. There is absolutely no possibility than an overdraft situation will arise.