Executor Account

badger09 · 8 March 2018 at 9:00AM

Together with my late sister's son in law, I am joint executor of her estate, est net value £250k, including her life interest in her home.

As I helped her with financial decisions for many years, I am familiar with her finances and will be taking the lead on gathering assets.

I don't think there is a legal requirement to open an 'Executor' account. Obviously, I need to keep the estate moneys separate, so would like to open an account in my name for that purpose. For ease, this would be with either HSBC or Santander with which we both hold accounts.

I already operate multiple current accounts with almost all the high street banks and wonder if anyone can see any potential issues. (I am not going to be made bankrupt, and hope not to die during the admin period)

I don't even have the death certificate yet as there will be a PM, but want to get as much in place as possible.

TonyMMM · 8 March 2018 at 9:31AM

There is no legal requirement to have a separate account - it's up to you. You will probably struggle to get any bank to open an executors account anyway before you have the grant of probate.

Yorkshireman99 · 8 March 2018 at 9:54AM

TonyMMM wrote: »

There is no legal requirement to have a separate account - it's up to you. You will probably struggle to get any bank to open an executors account anyway before you have the grant of probate.

The problem is that as a trustee, which an executor is, funds are supposed to be kept separate. That is why solicitors have clients accounts.

Keep_pedalling · 8 March 2018 at 9:56AM

Most banks are not interested in executor accounts full stop, but as you are not the sole executor Imthink it would be a good idea to have one. Ask her bank if they would set one up.

In the future I think the main problem with holding multiple accounts is the horrible task that leaves your executors. This is one of the reasons we have greatly simplified our finances. Just 2 banks, no individual shares, and all investments held in a single platform.

I was registering my mothers death yesterday, and was talking to the registrar about the numbers of copies of death certificates people asked for, her record is currently 40, that was an estate I would not liked to have administered.

badger09 · 8 March 2018 at 12:16PM

Thanks all.

My co executor is happy for me to gather the estate assets in an account in my name. He works full time, I'm retired and comfortable dealing with financial institutions and government departments (ex Senior Tax Inspector).

We live 150 miles apart and are both approx 200 miles from where my sister lived and died. For ease of administration, I want online access, which seems to rule out 'Executor' accounts. All I'm trying to establish is whether there are any compelling reasons to set up an Executor account.

Keep pedalling, condolences on your loss. I'm very aware of the complexity of my affairs, but everything needed to sort out my estate is securely documented, kept updated, and the whereabouts known by my executors. They won't need anything like 40 copies of my death certificate.

Savvy_Sue · 8 March 2018 at 12:20PM

FWIW, my co-executor and I opened Executor accounts with both Lloyds and more recently NatWest. The NatWest account was just a 'normal' current account but flagged on their system and in the name as an executors' account. If you're going to open a new account, I'd definitely make it at least joint, and there are advantages to it being an Exec account.

We made most of the payments via online banking, and both of us could log in and see if the other had done anything unexpected ...

I know you're not expecting to die, but we all know that unexpected things happen, and at least with a joint account the money won't automatically fall into your estate.

Cross-posted: my co-executor and I live some distance apart, while our late parents lived in between us. For convenience, we opened the joint account where they'd lived. It was the only thing we needed to meet up for, but I suspect that if you chose a bank to which one of you is already known that you would not need to attend in person - it was the ID checks which made that necessary.

badger09 · 8 March 2018 at 1:12PM

Savvy_Sue wrote: »

FWIW, my co-executor and I opened Executor accounts with both Lloyds and more recently NatWest. The NatWest account was just a 'normal' current account but flagged on their system and in the name as an executors' account. If you're going to open a new account, I'd definitely make it at least joint, and there are advantages to it being an Exec account.

We made most of the payments via online banking, and both of us could log in and see if the other had done anything unexpected ...

I know you're not expecting to die, but we all know that unexpected things happen, and at least with a joint account the money won't automatically fall into your estate.

Cross-posted: my co-executor and I live some distance apart, while our late parents lived in between us. For convenience, we opened the joint account where they'd lived. It was the only thing we needed to meet up for, but I suspect that if you chose a bank to which one of you is already known that you would not need to attend in person - it was the ID checks which made that necessary.

Thank you so much Savvy_Sue, that is just the sort of 1st hand experience I was looking for. I will discuss with my co executor. I have accounts with both Lloyds & Natwest so will approach them first.

An account where my sister lived would be the worst for both of us. He is in Hertfordshire, I'm in Shropshire & my sister lived in Devon.

Can I ask if you opened the 'normal NatWest flagged as an executor' account before you had Probate? In other words, what did NatWest need from you to open that account.

Keep_pedalling · 8 March 2018 at 1:54PM

badger09 wrote: »

Thank you so much Savvy_Sue, that is just the sort of 1st hand experience I was looking for. I will discuss with my co executor. I have accounts with both Lloyds & Natwest so will approach them first.

An account where my sister lived would be the worst for both of us. He is in Hertfordshire, I'm in Shropshire & my sister lived in Devon.

Can I ask if you opened the 'normal NatWest flagged as an executor' account before you had Probate? In other words, what did NatWest need from you to open that account.

An account with your sisters bank would not be based where she lived it can be dealt with at your local branch of that bank. I have an appointment with my nearest Barclays to sort my mothers accounts not the one she always used in a different town.

Flugelhorn · 8 March 2018 at 2:57PM

I opened an exec account before applying for probate, bank opened it same day and was active online was sent card and cheque book in a few days - had had a POA for relatives account at the same bank and bank there myself.

lukewarn · 8 March 2018 at 3:07PM

I would avoid Santander. They are pretty hopeless with executor bank a/cs.

My mother banked with them and so I opened an exec a/c with them when she died.

There is no online access,no cheque book,no transfers in fact very little of anything .(Even though the bank clerk said there was all the usual banking facilities when I opened it.)

I have to go to a Santander branch every time I want to make a transaction.

They made such a mess that I made a complaint and they credited the a/c with £80 for all the inconvenience they created.

Flugelhorn · 8 March 2018 at 3:17PM

RBS seemed to be able to organise it all OK

Executor Account

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free