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    • highland walker
    • By highland walker 2nd Jul 18, 6:03 PM
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    highland walker
    Executor account query
    • #1
    • 2nd Jul 18, 6:03 PM
    Executor account query 2nd Jul 18 at 6:03 PM
    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.
Page 1
    • Yorkshireman99
    • By Yorkshireman99 2nd Jul 18, 6:06 PM
    • 4,690 Posts
    • 3,923 Thanks
    Yorkshireman99
    • #2
    • 2nd Jul 18, 6:06 PM
    • #2
    • 2nd Jul 18, 6:06 PM
    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.
    Originally posted by highland walker
    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.
    • Brynsam
    • By Brynsam 2nd Jul 18, 6:21 PM
    • 1,676 Posts
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    Brynsam
    • #3
    • 2nd Jul 18, 6:21 PM
    • #3
    • 2nd Jul 18, 6:21 PM
    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.
    Originally posted by highland walker
    I can't speak for all banks, but certainly Santander and HSBC are happy to accept accounts where not all the executors are signatories. We didn't need to go into the bank at the same time - just went to our respective local branches and did it that way, after one executor had opened the account and passed on the relevant account/reference numbers. The account was opened before probate was granted.

    Check with the bank you are planning to use.
    • SevenOfNine
    • By SevenOfNine 2nd Jul 18, 6:36 PM
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    SevenOfNine
    • #4
    • 2nd Jul 18, 6:36 PM
    • #4
    • 2nd Jul 18, 6:36 PM
    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.
    Seen it all, done it all, can't remember most of it.
    • badmemory
    • By badmemory 3rd Jul 18, 12:22 AM
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    badmemory
    • #5
    • 3rd Jul 18, 12:22 AM
    • #5
    • 3rd Jul 18, 12:22 AM
    Almost 3 years ago Barclays also refused to open one & we were talking 250k, Halifax & Nationwide also said unnecessary. Obviously they could have changed since then.
    • Savvy_Sue
    • By Savvy_Sue 3rd Jul 18, 1:44 AM
    • 39,168 Posts
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    Savvy_Sue
    • #6
    • 3rd Jul 18, 1:44 AM
    • #6
    • 3rd Jul 18, 1:44 AM
    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.
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    • Margot123
    • By Margot123 3rd Jul 18, 9:01 AM
    • 1,089 Posts
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    Margot123
    • #7
    • 3rd Jul 18, 9:01 AM
    • #7
    • 3rd Jul 18, 9:01 AM
    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.
    • Yorkshireman99
    • By Yorkshireman99 3rd Jul 18, 9:32 AM
    • 4,690 Posts
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    Yorkshireman99
    • #8
    • 3rd Jul 18, 9:32 AM
    • #8
    • 3rd Jul 18, 9:32 AM
    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.
    Originally posted by Margot123
    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.
    • Brynsam
    • By Brynsam 3rd Jul 18, 9:54 AM
    • 1,676 Posts
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    Brynsam
    • #9
    • 3rd Jul 18, 9:54 AM
    • #9
    • 3rd Jul 18, 9:54 AM
    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.
    Originally posted by Yorkshireman99
    You do seem to make a lot of sweeping statements! Our executor account has overdraft facilities.
    • badger09
    • By badger09 3rd Jul 18, 10:01 AM
    • 6,377 Posts
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    badger09
    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.
    Originally posted by Margot123

    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.


    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.
    Originally posted by Yorkshireman99
    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.
    • Yorkshireman99
    • By Yorkshireman99 3rd Jul 18, 11:42 AM
    • 4,690 Posts
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    Yorkshireman99
    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.




    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.
    Originally posted by badger09
    It may be purely a technical and legal issue but an executor's account is a "trustee account" and different rules apply. . If Santander are happy then no problem. Some other banks are not and the problem is made worse by he front line staff being poorly trained.
    • SevenOfNine
    • By SevenOfNine 3rd Jul 18, 4:18 PM
    • 1,443 Posts
    • 1,467 Thanks
    SevenOfNine
    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.
    Originally posted by badger09
    But what happens if you die when the substantial funds are in but not yet distributed? Co-executor can't get it out until your own estate is wrapped up, & would that money being in an ordinary a/c in your sole name make your own estate more complex?
    Seen it all, done it all, can't remember most of it.
    • Margot123
    • By Margot123 3rd Jul 18, 4:33 PM
    • 1,089 Posts
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    Margot123
    But what happens if you die when the substantial funds are in but not yet distributed? Co-executor can't get it out until your own estate is wrapped up, & would that money being in an ordinary a/c in your sole name make your own estate more complex?
    Originally posted by SevenOfNine
    That is a very remote possibility.

    I suppose similar rules would apply if there was only one acting executor, and the other had 'reserved'.
    The one who would then have to apply for 'double Probate' must have to prove the source of the funds somehow.

    Interesting question but not seen anything to clarify what would happen in the circumstances.
    • badger09
    • By badger09 3rd Jul 18, 6:42 PM
    • 6,377 Posts
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    badger09
    But what happens if you die when the substantial funds are in but not yet distributed? Co-executor can't get it out until your own estate is wrapped up, & would that money being in an ordinary a/c in your sole name make your own estate more complex?
    Originally posted by SevenOfNine
    As Margot123 says, that is a very remote possibility, I hope. I'll leave a note in my paperwork to ensure my executors let this board know how they dealt with it

    That is a very remote possibility.

    I suppose similar rules would apply if there was only one acting executor, and the other had 'reserved'.
    The one who would then have to apply for 'double Probate' must have to prove the source of the funds somehow.

    Interesting question but not seen anything to clarify what would happen in the circumstances.
    Originally posted by Margot123
    My co executor has reserved. There is a very clear audit trail showing the source, and destination of every penny received and paid out. The beneficiaries would have to wait a little longer for their inheritance but I really don't see that my estate is more complex merely because I didn't open a designated 'executor account'.
    • Voyager2002
    • By Voyager2002 3rd Jul 18, 7:30 PM
    • 12,509 Posts
    • 8,551 Thanks
    Voyager2002
    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.
    Originally posted by highland walker

    I have been in this situation, and had no difficulty in opening an Executor account with Nationwide. However, before this we had obtained probate and I was named as the sole "proving executor".
    • SevenOfNine
    • By SevenOfNine 4th Jul 18, 8:34 AM
    • 1,443 Posts
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    SevenOfNine
    As Margot123 says, that is a very remote possibility, I hope. I'll leave a note in my paperwork to ensure my executors let this board know how they dealt with it
    Originally posted by badger09
    Fingers crossed for your survival badger09

    We did as you have, the estate funds went into an new bank a/c with Lloyds in my husband's sole name & nearly 300k went in. There was a co-executor but we didn't bother consulting him (enough said about that imbecile).

    I wondered what problems there could be for me if anything happened to husband before (or even up to 7 years after) distribution & a/c being closed. How would this all be explained when completing probate tax forms on his demise?

    Doesn't seem to be a definitive answer other than an executor's a/c being preferable, but perhaps you're right & a good paper trail would be enough, though possibly causing delays with HMRC being slow enough without factoring that in, particularly if there might already be an IHT liability.

    Sorry OP for drifting off topic in your thread.
    Seen it all, done it all, can't remember most of it.
    • badger09
    • By badger09 4th Jul 18, 11:29 AM
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    badger09
    Fingers crossed for your survival badger09

    We did as you have, the estate funds went into an new bank a/c with Lloyds in my husband's sole name & nearly 300k went in. There was a co-executor but we didn't bother consulting him (enough said about that imbecile).

    I wondered what problems there could be for me if anything happened to husband before (or even up to 7 years after) distribution & a/c being closed. How would this all be explained when completing probate tax forms on his demise?

    Doesn't seem to be a definitive answer other than an executor's a/c being preferable, but perhaps you're right & a good paper trail would be enough, though possibly causing delays with HMRC being slow enough without factoring that in, particularly if there might already be an IHT liability.

    Sorry OP for drifting off topic in your thread.
    Originally posted by SevenOfNine
    Thanks SevenOfNine

    Hope I don't end up as roadkill before I can distribute the estate funds.

    As a retired Senior Tax Inspector, I'm reasonably confident my record keeping would satisfy HMRC

    In their defence, they have been one of the quickest links in my Probate chain. DWP holds the wooden spoon, with Birmingham District Probate Registry a close 2nd, so far...

    My apologies to OP also
    • badmemory
    • By badmemory 4th Jul 18, 3:26 PM
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    badmemory
    From my experience HMRC & mother's care home (office not carers) hold the joint wooden spoon. Before my mother's death despite having sent every other piece of paper to my address as POA they sent a cheque refund from the previouos tax year to her care home. The care home gave me the letter, opened of course, 4 weeks after they received it - after I had chased it with HMRC a week after her death. Then I had to wait the requisite number of days before HMRC could reissue the cheque - no problem with that at all. It did mean though that that money was the very last bit to be distributed.


    All the money, with my sister's approval, was transferred to one of my personal accounts & back out again before midnight. Well apart from once when it was too much to transfer in one day so went just after midnight.
    Last edited by badmemory; 04-07-2018 at 3:29 PM.
    • highland walker
    • By highland walker 4th Jul 18, 7:34 PM
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    highland walker
    Well thanks for all your replies here. Seems that an executor account is not always necessary.
    I went into Nationwide yesterday and they told me they don't do one - they can only open a savings account and the deceased has to have been a customer there. And as it's just a normal savings account, only one executor needs to open it / sign for it. So something like that sounds like the easiest option.
    • badger09
    • By badger09 5th Jul 18, 10:42 AM
    • 6,377 Posts
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    badger09
    Well thanks for all your replies here. Seems that an executor account is not always necessary.
    I went into Nationwide yesterday and they told me they don't do one - they can only open a savings account and the deceased has to have been a customer there. And as it's just a normal savings account, only one executor needs to open it / sign for it. So something like that sounds like the easiest option.
    Originally posted by highland walker
    The problem with a simple savings account is that when you have to make payments out, you may have to route the estate money through one of your current accounts anyway.

    In my opinion, and I'm no expert an additional current account with one of your existing banks, in your own name, with online access and a cheque book offers the simplest solution.

    Good luck
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