Estate Account

[MrsBW]

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.

Hello, anyone have any idea?

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

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.

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).

Ok that's really helpful, thank you.

Bank accounts are frozen when someone passes away, no funds can be paid in and only funeral expenses can be withdrawn.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.

"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Not my experience at all - funds could be paid in but it is true that only funeral expenses can be withdrawn.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.

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.

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.