"off-setting" by banks [executor and a beneficiary of my fathers will]

[wilko1]

My brother and I are executors of my fathers will, which leaves everything to us. How do we go about closing down bank, post office accounts etc, and transferring the money into the estate without going through a solicitor.

 

Any help would be appreciated.

[AndyOrch]

Hi wilko

 

Your first task will be to apply for a Grant of Probate from the Probate Registry, which it will be necessary to produce before any bank or other relevant institution will hand over control of assets.

 

Further reading here :- http://www.thewillexpert.co.uk/WhatDoesBeingAndExecutorWillEntail.html

 

Regards

 

Andy

[honeybee13]

Hello there.

 

When I was involved in sorting out a will, I got some useful information from CAB.

 

Which? also do a guide that you can buy from them online.

 

http://books.which.co.uk/products-page/legal-advice/

 

My best, HB

[assisted blonde]

If the estate isn't large it is a simple enough matter to deal with, importantly you must get a number of copies of the Death certificate as the bank etc will need them to close the accounts you will also need copies of the will. Most banks and post offices are used to dealing with these matters so it shouldn't be too hard, as was mentioned above you will need a grant of probate. There are a number of simple books available which can help and your local library is a good source of information.

[Guest]

is there a surviving spouse? depending on the circumstances, a grant of representation may not be required, but some banks may still require one. here, if land/ppty involved then yes. eg https://www.gov.uk/wills-probate-inheritance/overview

Edited April 18, 2013 by Ford

[wilko1]

I am the executor and a beneficiary of my fathers will. My father has an account with bank X, I have a debt with bank X.

The question I have is this, when probate is granted and I get a grant of representation and in effect take control of the account, can bank X take the money from my fathers old account to set it off against my debt. I have no accounts with bank X

 

Thanks

[Desperate Daniella]

What a very interesting question.

 

If you don't have an account with Bank X, how is the debt classified at the moment? Is it for a closed account, for example?

 

Is this a bank where the manager/staff know you as a family?

 

Usually they install software which triggers and lets them know if you have money coming into your account so they can grab it for any debt but I don't see how they could do that if you don't actually have an account.

 

Would it be possible for you to close his account and get the funds transferred immediately you get the grant of representation?

[zydeco]

Open an account with a bank that is totally separate from you or your fathers bank and after probate transfer the funds to that account.

[Desperate Daniella]

That is definitely the right thing to do.

 

I'm trying to establish whether they would be actively watching the account so they can swipe the funds as soon as they are deposited. And if they can, they will.

[wilko1]

My debt was a CC debt. The branch staff know that I have a debt with them. I am concerned that as soon as my fathers account is closed and it is put in the name of the executors, if that is what happens, then they will take the money.

[steampowered]

Executors are not entitled to the money, they are only responsible for looking after it and paying it to the beneficiaries. The money never "belongs" to the executor. It is beneficiaries who are entitled to the money. I doubt the bank can take the money if you are simply acting as executor, but if you are also the beneficiary then I guess it could.

[Desperate Daniella]

Is there a lawyer acting for the estate? Are there other beneficiaries?

 

I am wondering if you could appoint a lawyer to act on your behalf and he could then contact the bank and say he is dealing with the matter and when the account is closed the bank must transfer the funds to him.

 

If this is Barclays Bank they are very quick at grabbing money for off-setting.

 

How old is the debt? Have you stopped paying it completely? Is it anywhere near the statute barred date.

[Gaston Grimsdyke]

Don't worry. You are wearing two hats - your personal hat, and your hat as the executor. The executor is not entitled to the monies in the deceased's account, the beneficiaries are (although they might ultimately be the same person - but the bank won't know that). The executor merely controls the account, so the bank will not transfer the funds. If you are also a beneficiary, just make sure when you distribute the estate that you pay your share into an account at a different bank.

[Stevlynd]

Don't worry. You are wearing two hats - your personal hat, and your hat as the executor. The executor is not entitled to the monies in the deceased's account, the beneficiaries are (although they might ultimately be the same person - but the bank won't know that). The executor merely controls the account, so the bank will not transfer the funds. If you are also a beneficiary, just make sure when you distribute the estate that you pay your share into an account at a different bank.

 

My mum died in November and I am an executor I had to take in a copy of the will.

[Gaston Grimsdyke]

I would have thought the bank would want a copy of the Grant of Probate rather than the will...as it's the Grant that makes you the executor, not the will.

[wilko1]

My brother is also an executor and a beneficiary.The debt is 18mths from being SBIs that how it works if a solicitor acts for the executors, i.e. the money is paid into his account and then distributed to the beneficiaries?The bank has also asked me to take in a copy of the will. This is because the undertaker has provided an estimate of the funeral costs which the bank are going to guarantee to the undertaker, from the money in the account

[Desperate Daniella]

Yes. If you can get a solicitor to take over the executors' duties for you and your brother then he can give the undertaking to the undertakers to pay them when probate is granted and the money is available. I would keep as far away from the bank as possible. I don't think you want them to see the Will because then they'll get all the information about your inheritance and be waiting to offset as soon as the funds are available. If a solicitor writes to them and says he is handling the estate then they should pay all the funds over to him.

[wilko1]

I’ve made a promise to the undertaker to go to the bank with his estimate so that they will confirm to him that the money is there. The bank has asked to see the will and death certificate among other things. I’m concerned that if we now employ a solicitor that it will take ages before the undertaker is paid.Would it be possible for only one executor, my brother, to take control of this account, thereby stopping them from taking money from me because my name doesn’t appear on an account with them?

[Desperate Daniella]

The undertaker won't mind providing he gets confirmation that he is going to be paid and if a solicitor takes over the handling of the estate the undertaker will actually be more secure because he'll get a solicitor's undertaking, rather than just knowing the money is in the bank. It won't in any way delay the undertaker's payment; the solicitor will pay him as soon as the money is available.

 

The bank are entitled to see the death certificate, but they aren't entitled to see the will. If the bank doesn't see the will then they cannot know you are a beneficiary, so that should prevent them from taking the money. They can't just help themselves to a lump sum because someone who owes them money "might" be a beneficiary. Your brother should from now on be the only person in contact with the bank, and he can say that he is dealing with all matters relating to your late father's estate.

[Desperate Daniella]

Sorry, posted without finishing.

 

If the undertaker wants an undertaking of some kind and you don't want to show the will to the bank - which I don't think you should - you'll have to use a solicitor, in which case you can just tell the bank he is the one dealing with everything and it won't have to be your brother.

[wilko1]

We had an appointment with the bereavement officer at the bank. Because there was less than £25K in the account we didn’t need probate. We had to take the will and death certificate. The bereavement officer sorted everything out there and then, and issued a bankers draft in my brothers name for the full amount. So instead of the bank trying to off-set and take the money, it turned out that they were very helpful with the whole process.

[Desperate Daniella]

So pleased to hear that.