Opening Bank Accounts in Executors Name.

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SoylentGreen

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My mother passed away some years ago. When going through some old envelopes etc I came across an old EBS Building Society passbook for her savings. I noticed that when she died her account was transferred in to the Executors own name. My understanding is that the title on the book should have been "Mr, XXXX executor of the late Mrs.XXXXX deceased", in order to classify this account as an executors account. Am I right or wrong on this?
 
I don't think there is any legal requirement as the Executor is in effect a Trustee and has a very strong fiduciary duty. From the Bank's point of view - they would be paying him but would not have any liability if he then squandered it. He would be under a fiduciary duty to account, and as Solicitors normally act on behalf of the executor, you would see an account of the executorship.

In other words he has a duty to account. What title is actually on the account isn't very relevant.

I hope that helps.
 
Thanks. Just seeing my mother's pass book with this person's name on it was upsetting as I don't like the person. It looked as if it was his money rather than just passing through his hands. Incidentally can a beneficiary ask for closing statements, updated passbooks, etc from the Executor to see that every penny has been accounted for?
 
How many years ago? Did you not ask for the details then? Is it a lot of money, there are costs the executor will have had to pay, it's a thankless job. Even if you don't like them, your mother presumable picked the executor. Might be best not to do anything.
 
WizardDr said:
. From the Bank's point of view - they would be paying him but would not have any liability if he then squandered it.
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It is my understanding that the account of the deceased when being transferred to the executor should not be transferred in to the executor's sole name but as SG pointed out above transferred with the title "Mr. X executor for the late Mrs. ABC deceased". Are they not being transferred to the Mr, X executor rather than Mr. X ?
 
I have been a lay executor twice. The first time, many years ago, I opened an account as "my name> as executor of the will of <deceased's name>". More recently, when I tried to do a similar thing, the bank (in which the deceased's account had been held) refused to oblige, saying that the bank did not allow it. It was one of a number of ways in which that bank was unhelpful to the point of being obstructive.

They were fine about opening an account in my personal name.
 
I would have thought that everyone would prefer the account opened in the name of Mr. X executor of the late Mr.Y deceased.
Are there tax implications for opening it in an individuals name. Who pays the DIRT. Can it be reclaimed? (deposit accounts).
 
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