Executor Account

[Monstermuncher]

Not sure whether this should be in Money or Legal but maybe someone here can help? I am a joint executor of my grandad's estate and we will need to open an executor bank account. I have read conflicting things online about whether you can do this before you have the grant of probate or if you have to wait? Also it would appear that some banks aren't willing to open executor accounts unless the deceased had a banking relationship with them. My own bank is online only and don't deal with executor accounts at all so I'm at a bit of a loss as to what I can do and when (if that makes sense) If anyone can shed any light on this for me I'd be very grateful!

Go into the bank and ask. I opened an Executor's Account with my bank prior to obtaining Probate. They were happy for me to be able to use it to pay money in. But before I could do transactions from the account, I needed to obtain the Grant of Probate.

Thanks Pesto, that makes sense

Who is the other executor? Would they accept the money going into an account in your name only? Are the executors also the beneficiaries?

I ask because DB and I were mums executors and beneficiaries last year. DB looked at opening an executors account, but doesn't have any photo ID and was finding it would be hard.

However, DH and I have a secondary current account. Given that all cash from mum was coming from one institution, I asked them if the money could go in any account and was told yes, as long as both executors sign the letter authorising it.

So I emptied our sec CA to just a pound, then we got all funds paid into there and I made all payments from there (primarily to DB account and our primary account). I kept screenshots of all payments and statements when they arrived.

When it came to the house proceeds, the solicitor paid half each direct to DB and I, so no need of an intermediary account.

However I appreciate this only worked as we were joint executors and joint beneficiaries (but with me doing all the work!!)

Barclays (deceased bank) wouldn't open an executor account until grant of probate given (Apr 17).
Santander wouldn't open an executor account unless the deceased banked with them (Apr 17).

Thanks for your replies. The other executor is my brother and we are both beneficiaries of my grandad's will. He held accounts with three different banks, Halifax being the main one. They have advised that we can open an executor account but that we both have to do this together. We live several hundred miles apart which means a very long journey just to sign a bit of paper. Apparently we can't each do this in our respective local branches. None of this is easy is it?

Ok, it was the Halifax who held all of mums money. I actually phoned them and asked 'do we need a specific executor account' (we also live a long way apart, so would have had to do it when we signed probate oath together) and was told no, any account, as long as you both sign the authority letter for money to be paid into the alternative account. Are you dealing with the Halifax bereavement team?

It may be worth looking at you opening a basic account of your own and using that? Would your brother agree to that?