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  • FIRST POST
    • 21spefto58
    • By 21spefto58 10th Nov 18, 9:04 PM
    • 1Posts
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    21spefto58
    Executors Account Question re signing
    • #1
    • 10th Nov 18, 9:04 PM
    Executors Account Question re signing 10th Nov 18 at 9:04 PM
    I hope someone can help me here.

    I am one of three executors in charge of my late Mother's estate.
    We are planning to open an executor's account next week at the HSBC bank.
    Once probate is granted we will arrange a meeting at the bank to handle the
    distribution of my Mother's estate.

    Can someone tell me if when we start to pay debts and distribute the estate:

    1.We all three sign to approve each and every money transfer?
    or
    2.Do we just all sign once at the beginning of the meeting?

    If the answer is 1. Then is the following scenario possible or are there safeguards against it?

    Scenario:
    We first handle any debts my Mother had. After that since we all receive the same ammount of inheritance we devide the remaining money into 3 parts and one by one transfer the money to each of our accounts. However, when we get to the last of the executors the 2 other executors refuse to sign the transfer form. Leaving the money frozen in the executors account.
    Is this possible or does the bank have safeguards in place to prevent this from happening?

    I ask this because I am the youngest of the 3 executors (we are sibblings) and know my inheritance will be transferred last. I sadly have a very bad relationship with my 2 other
    siblings and wonder what they might do.

    Sorry this is long but if anyone can answer my questions I would really appreciate it.
Page 1
    • AnotherJoe
    • By AnotherJoe 10th Nov 18, 9:18 PM
    • 11,462 Posts
    • 13,230 Thanks
    AnotherJoe
    • #2
    • 10th Nov 18, 9:18 PM
    • #2
    • 10th Nov 18, 9:18 PM
    First of all the other two would be breaking the law if they didn't transfer the money.
    Second, why would the money be sent to one sibling at a time??

    Let's say there is 75k left in the bank account, would you not write together three cheques for 25k to each of you, each countersign the cheques, and then go and pu t them in your bank accounts? You write as if you'll all sign / write a cheque to sibling one, wait until it's in their bank, then write a cheque to sibling 2 the next week and so on.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Newcomer1234
    • By Newcomer1234 10th Nov 18, 10:34 PM
    • 10 Posts
    • 8 Thanks
    Newcomer1234
    • #3
    • 10th Nov 18, 10:34 PM
    • #3
    • 10th Nov 18, 10:34 PM
    I am in the process of opening an Executors account with Nat West. There will be three Executors (one is 500 miles away and the other is 250 miles away). The one that is 500 miles away hasn't seen the other two for over 10 years.
    The bank advised that we should have a mandate saying three signatories for ALL payments and that it would be easier to make ALL payments by cheque....at the same time.
    Collect everything and then the share out all done in one go, I suspect paying bills might need to be done sooner personally.

    Can't answer for HSBC but Nat West has an internal mail system, so 500 miles away executor went to his bank, signed the mandate showed his ID and got it certified and its being sent securely to a different branch where the other executor and I will sign the mandate and produce our ID.


    It seems banks are used to this kind of thing.
    • Savvy_Sue
    • By Savvy_Sue 13th Nov 18, 2:13 AM
    • 39,178 Posts
    • 36,086 Thanks
    Savvy_Sue
    • #4
    • 13th Nov 18, 2:13 AM
    • #4
    • 13th Nov 18, 2:13 AM
    I'm not sure why you need to arrange a meeting at the bank to distribute the estate! Once we'd opened our executor's account, my co-executor and I didn't return there together.
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    • Flugelhorn
    • By Flugelhorn 13th Nov 18, 8:34 AM
    • 1,032 Posts
    • 1,249 Thanks
    Flugelhorn
    • #5
    • 13th Nov 18, 8:34 AM
    • #5
    • 13th Nov 18, 8:34 AM
    I'm not sure why you need to arrange a meeting at the bank to distribute the estate! Once we'd opened our executor's account, my co-executor and I didn't return there together.
    Originally posted by Savvy_Sue
    I agree with this - I just went to the bank once, everything else was done electronically or by cheque from home. Obviously more tricky if it is all being signed by 3 people but I can see it would be difficult to be absolutely sure all debts are paid (and nothing has had to be paid already eg tax) on the same day and then all transfers made etc at the same time.

    I don't think banks have systems in place to make sure that the the others don't try to stop the younger sibling from getting their money - they assume that if people have promised to be executors then they will act to carry out the instructions and duties that they have been trusted with (and legally sworn to do!)

    One option would be (having calculated the value of the estate and the debts) would be to transfer to each of you a proportion of the estimated residual amount - say 75%, then pay the bills then transfer the remainder. May mean more charges of course
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