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Estate Account

(10 Posts)
MrsBW Mon 04-Nov-13 17:56:01

Hi

I am the executor of a late relative's will. I'd like to set up an estate account to help me administer her will.

Does this estate account have to be with my late relative's bank, or can I set it up with any (i.e. my) bank?

Many thanks for any advice.

MrsBW Wed 06-Nov-13 08:51:37

Hello, anyone have any idea?

Lilymaid Wed 06-Nov-13 09:00:42

I've set up all mine (3 times an executrix) with my own bank.

MrsBW Wed 06-Nov-13 12:52:14

Fab! Thanks very much. Can you remember what you had to take in with you to open the account, i.e. ID, death cert?

Thanks again.

Lilymaid Wed 06-Nov-13 13:10:25

You'll definitely need to provide the grant of probate in your name plus the usual ID requirements (such as recent utility bill in your name/address plus passport).
If you haven't yet got grant of probate, I think that you can still pay cheques into the late relative's account if the cheque is made out in their name (though you can't access any funds until you have grant of probate).

MrsBW Wed 06-Nov-13 14:01:41

Ok that's really helpful, thank you.

Alwayscheerful Sun 10-Nov-13 18:48:29

Bank accounts are frozen when someone passes away, no funds can be paid in and only funeral expenses can be withdrawn. I would try your own bank first. In my experience some banks are just not interested. HSBC were very helpful they opened an executors account as soon as I produced the correct documents. Barclays and co-OP were not interested.

Lilymaid Mon 11-Nov-13 11:34:10

"no funds can be paid in"
Not my experience at all - funds could be paid in but it is true that only funeral expenses can be withdrawn.
Found Barclays very helpful.

Alwayscheerful Tue 12-Nov-13 09:33:19

Cooperative bank froze the deceased persons bank account the minute we advised them of the death, absolutely nothing could be paid in and nothing paid out. All the direct debit type payments in were returned to the sender as account closed, ie rents, pensions, income. I enquired with the deceased persons bank ie cooperative and they were not interested in opening an executors account without probate which would have been 6 months down the line, and Barclays my bank were not at all helpful. HSBC were superb, they opened an account immediately.

Alwayscheerful Tue 12-Nov-13 09:44:07

Sorry payments in were returned "account holder deceased" I have just checked the paperwork. It was the payments in which surprised me and caused the most inconvenience.

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