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  #1  
Old 01-07-2008, 07:28 PM
mehico
 
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Default Executors Account

I'm presently attempting to administer a will. I have the Grant of Probate and am recognised as the sole executor. I went into the bank today with two cheques from the estate, both made out to me, but with the word "executor" after my name. The teller told me that I'd have to open a separate executors account and that they couldn't be lodged into my own account. She gave the form to fill out and said I'd have to present the grant of probate, the death certificate and a copy of the will.

Not having done this before, I wanted to be certain of proceedures before leaving the probate office. I specifically asked if I needed to set up a separate executors account. I was told that, provided I kept a strict record of monies in and out, it was not necessary (specially given the small size of the estate). In short, I was told, once financial institutions were satisfied with the certified copy of the grant of probate and released funds in my name, it was no longer their concern.

So, have I not got the right to lodge these cheques into my own account (all photocopied, dated and acknowledged) and simply write the cheques to the beneficiaries? Why more paperwork and the necessity of giving the bank yet more business with a new account, when these cheques are made out to me?!!
Mehico
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  #2  
Old 01-07-2008, 09:47 PM
dewdrop dewdrop is offline
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Default Re: Executors Account

It is usual ;practice for an executor to open a seperate account to deal with the funds/dispersal. I worked in a bank for many years and this was always the practice. It is obvious that there is a clear record of all incomings and payments and i would strongly advise you should open a seperate account.
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  #3  
Old 01-07-2008, 10:31 PM
murphaph murphaph is offline
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Default Re: Executors Account

Our solicitor told us to open a seperate account too as it is more transparent later on (should anyone question your executorship/administration of the estate).
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  #4  
Old 01-07-2008, 10:53 PM
jpd jpd is offline
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Default Re: Executors Account

I opened one when dealing with my mother's estate - which wasn't very big. It was easier to do this than risk getting the estate monies mixed up with my own.
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  #5  
Old 01-07-2008, 10:57 PM
tink tink is offline
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Default Re: Executors Account

I would agree, stops any fights later on about it, you don't want to have to produce your personal bank statements to prove all is above board...
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  #6  
Old 01-07-2008, 11:09 PM
mehico
 
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Default Re: Executors Account

I've no problem with the fact of opening an executors account (will do, but not with that bank!). As you all say it's "practical", "desirable" "transparent", etc. But none of you say it's a legal requirement. My question is this - if you're not "legally obliged" to open one, then had the teller the right to refuse to lodge the checks and tell me that I "had" to open one?
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  #7  
Old 02-07-2008, 08:22 AM
dewdrop dewdrop is offline
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Default Re: Executors Account

I would reckon from a banking point of view you are not entitled to lodge cheques to your personal account if they are payable to say Executor of x deceased. as previous posters say you are inviting possible trouble from beneficiaries if the funds are mixed up in your personal account. from a logical aspect i feel that once you accepted the role of executor you had an obligation to deal with matters in a business like manner and i do think havinga seperate account is something one would expect. I dont know if it is a precise legal requirement and I feel you may have been annoyed with the bank requirement. however when i worked in a bank i would not dream of allowing an account to be opened as you want to. I assume bank also sighted grant of probate/administration to verify your appointment
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  #8  
Old 02-07-2008, 12:33 PM
mehico
 
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Default Re: Executors Account

Problem solved - opened an executors account in a different bank. All they required was proof of who I was. when I asked them if they needed death cert, will, etc, they smiled and said I'd hardly have been granted probate and the other institutions wouldn't have released funds in my name if all that hadn't already been cleared, so there was no need
Thanks for all advice.
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  #9  
Old 02-07-2008, 01:10 PM
bond-007 bond-007 is offline
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Default Re: Executors Account

At last a bank official with some common sense.
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  #10  
Old 05-06-2013, 10:15 AM
SlowSwimmer SlowSwimmer is offline
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I've been told to open an executor's account to hold monies belonging to my father's estate UNTIL his will becomes probate, when monies can then be distributed to beneficiaries in the will (a sole beneficiary: my mother).
Ulster Bank are insisting that they will not allow me to open an Executor's account until a grant of probate is issued, by which time the account becomes immediately unnecessary. In the meantime, I have two cheques that I need to lodge but have no where to lodge them. It could be several months before the grant of probate is issued (I haven't even applied to the courts yet). Does anyone know a way around this conundrum?
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  #11  
Old 05-06-2013, 12:45 PM
murphaph murphaph is offline
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Just open an account with BoI in your own name or perhaps better as a joint account with your mother (only bank offering pay as you go fees) and lodge them there. It's just to keep the money separate.
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  #12  
Old 05-06-2013, 01:18 PM
emeralds emeralds is offline
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Quote:
Originally Posted by SlowSwimmer View Post
I've been told to open an executor's account to hold monies belonging to my father's estate UNTIL his will becomes probate, when monies can then be distributed to beneficiaries in the will (a sole beneficiary: my mother).
Ulster Bank are insisting that they will not allow me to open an Executor's account until a grant of probate is issued, by which time the account becomes immediately unnecessary. In the meantime, I have two cheques that I need to lodge but have no where to lodge them. It could be several months before the grant of probate is issued (I haven't even applied to the courts yet). Does anyone know a way around this conundrum?
When my father in law died some time ago UB were the least co-operative of all the finanacial institutions the executors had to deal with. They required reams of paperwork and seemed devoid of common sense.
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