Anyone have experience of setting one of these up?
I am one of 3 executors and have been advised by the deceased's bank that we should set up a new account to keep all assets in the estate separate from any of our own
Just wondering if any particular banks are easier to deal with in this respect and does it make sense to use one of our existing banks or that of the deceased?
We had this question when my mum died last year leaving me and my 3 siblings as executors. Some banks don't do executor bank accounts, Others won't set up an account with multiple executor access. In the end, because we trust each other, I just used a dormant account for all financial matters related to the disposal of the estate.
Are you handling all probate yourself?
My late mother-in-laws account is complicated due to estranged relative (ie essentially cut out off Will), so Solicitor is handling all money through their accounts.
we used Lloyds for a multiple executor account for my dads estate, had no issues with them.
NatWest set one up for my late father's exec account with no problems.
Thanks yes I'm doing all the probate stuff although there are 2 other executors
Have been advised that it might be easier to use HSBC as that's who the deceased banked with (I'm with Lloyds)
I'm fortunate because my brother, sister and I all trust each other. I put all the transactions through my own account and keep a spreadsheet which I regularly share. It has the hilarious title justrestinginmyaccount.xlsx
No issues with trust here but there was a suggestion that either there was a legal requirement to set up a separate account and/or some banks would question some of the sums involved and we might trigger some kind of unusual account activity alert
I had a few cheques made out to "the executor of..." which my bank wouldn't cash without a specific account, the solicitor were able to cash them for me.