Executor / Probate

[ExecutorHelp]

Hi , Im just about to start going through probate post the death of my father. And while i await for certain information I just wondered if anyone can assist. on some queries.

- Can I access my father's bank account in the interim to cover any immediate costs , ive just got into debt over the funeral and it may sounds silly but he owes his gardener etc and money toward the funeral id like to recuperate the money as I unfortunately do not have excessive amounts of money
- There is myself and my sister as executors - she is not particuarly financially savvy, so has asked if I would perform the relevant tasks alone. Which im happy to do, but, will i need her to sign items or whatever ? As ahe Is named , but can you just work solely alone on the executing our fathers wishes. (I believe even my nephew is an executot, i nee to check again)
- When it comes to selling his property, I believe thats called probate? I'll be out of the country I believe by the time that all occurs, but for piece of mind how that process works.
a. Who acts as the seller, me the executor? or us 2 or 3 ? We all need to be involved to sign etc or can i alone.
b. If and when i sell is my fathers bank account used to receive the funds and i need some how get access to his old account to perform this? How do the solicitors acting as conveyancers expect to pay the money into on probate? Or is it easier to pay to my account (ie simple ownership and access)
c. Or do I have to pay immediately from sale into the allocated bank accounts of anyone who is a recipient in the will. So advise the conveyancer?
d. Is it easier to use one account ie my fathers, or set up an account in my name to send all the various money into as one pot. and then send out the amounts to each receipient in the will - there are only 4
e Who oversees this to check Ive done if correctly ie its percentages, not that im stupid but so the hmrc check or do i need sign off and proof to a solictor to say YES tick youve done it , completed all correct (only that I read mistakes can mean you get fined? or something And i dont want that!)
f.If I use my dads bank account and to put all funds in, to then make payments to each recipient does the will need to be given to the bank as ref to make the relevant payments.

Thats all i can think of in my head for now! Prob more to come. Just trying to get my ducks all in a row before im out of the country incase my sister does atleast need send things to differing organisations for me.

thanks all!

[atticus]

I have just seen this. If no one else comes along, I will answer in the next day or so.

Frankly, it would be a lot easier to deal with these questions in a face to face chat to explain how these things work, but c'est la vie.

[PallasAthena]

There's a lot of questions there and I don't have time to answer them all, but this is what I did when I was an Executor (I've been executor several times now and never used a solicitor).

First thing, open a separate bank account in your own name + "Executor A/c". With my bank I can open additional current accounts online quickly and easily. Use that for handling all the money from your father's Estate. Keep your late father's money completely separate from your own. When you do eventually sell the house you can pay the money into the Executor A/c. And you pay all the beneficiaries out of it.

Start keeping a list of any expenses you incur as Executor, with receipts if possible. Then when you have access to your father's money you can reimburse yourself.

As for accessing your father's bank accounts most banks will not release all the funds to you until you have Probate but practice varies between banks depending how much is in the account. Banks though will often agree to pay the funeral costs before you have Probate. Assuming there is enough money in the account to pay it you send them the funeral director's invoice and they pay it direct. banks I dealt with also agreed to pay the Probate application fee.

Go to the website of your father's bank and search for "bereavement". Often there is a central department that you deal with when the account holder dies. Deal with them not the local branch. I have found the central departments efficient, sympathetic and knowledgeable.

It's possible (quite common in fact) for one of the joint executors to be the "Acting Executor" with power to act on behalf of all the other executors. Then only your signature is required. The other Executors obviously have to agree to this. Go to gov.uk and find the Probate applications form. You'll see in it that you can apply to get Probate solely in your name with the other agreeing to have "Power Reserved".

[atticus]

Sorry not to get back to this sooner.

Probate is the process by which an executor acquires the legal right and title to deal with the property of a deceased person. Probate is obtained by application to the Probate Registry of the High Court, which issues an official Grant of Probate. The Grant of Probate is the document which gives the executors legal title to deal with the estate. This includes collecting in money from bank accounts and selling property. An executor also has to pay debts of the deceased person out of that deceased person's assets, and finally he has to distribute the estate in accordance with the Will.

- Can I access my father's bank account in the interim to cover any immediate costs , ive just got into debt over the funeral and it may sounds silly but he owes his gardener etc and money toward the funeral id like to recuperate the money as I unfortunately do not have excessive amounts of money

Possibly not, but the bank may advance a loan to be repaid once you have obtained a grant of Probate.

- There is myself and my sister as executors - she is not particuarly financially savvy, so has asked if I would perform the relevant tasks alone. Which im happy to do, but, will i need her to sign items or whatever ? As ahe Is named , but can you just work solely alone on the executing our fathers wishes. (I believe even my nephew is an executot, i nee to check again)

A person named as executor can sign a document to say he/she does not wish to take up that appointment. This can be "with power reserved", i.e. that this person may wish to become an executor at a later point.

- When it comes to selling his property, I believe thats called probate? I'll be out of the country I believe by the time that all occurs, but for piece of mind how that process works.

The Grant of Probate gives the executors the right and power to sell property.

a. Who acts as the seller, me the executor? or us 2 or 3 ? We all need to be involved to sign etc or can i alone.

The executors who are named on the grant of Probate.

b. If and when i sell is my fathers bank account used to receive the funds and i need some how get access to his old account to perform this? How do the solicitors acting as conveyancers expect to pay the money into on probate? Or is it easier to pay to my account (ie simple ownership and access)
c. Or do I have to pay immediately from sale into the allocated bank accounts of anyone who is a recipient in the will. So advise the conveyancer?
d. Is it easier to use one account ie my fathers, or set up an account in my name to send all the various money into as one pot. and then send out the amounts to each receipient in the will - there are only 4

As has been said, you should open an executors account. Do not mix estate money with your own while acting as executor.

e Who oversees this to check Ive done if correctly ie its percentages, not that im stupid but so the hmrc check or do i need sign off and proof to a solictor to say YES tick youve done it , completed all correct (only that I read mistakes can mean you get fined? or something And i dont want that!)

You are not overseen - but you can be held to account if anyone wishes to challenge your actions.

f.If I use my dads bank account and to put all funds in, to then make payments to each recipient does the will need to be given to the bank as ref to make the relevant payments.

Open an executors account!

[Pezza54]

One thing you haven't asked about is inheritance tax. Tax may be due on your father's estate depending on the value of the estate and the total of the nil rate tax band, The calculation was made more complicated in 2017 when the residence nil rate tax band was introduced.
When my mother died years ago, I was the executor and undertook the tax calculation. Although there was no tax to pay,. I still had to attend an appointment at a tax office in London. 5 years later when my father died, I was the executor again but this time I decided to appoint a local solicitor to carry out the tax calculation. I had to provide financial details and attend a second local solicitors office to swear on the bible that the info I had provided was correct.
As the tax calculation is not straight forward and an error on the tax form could mean you over pay tax hundreds or even thousands of pounds, it may be to your benefit to obtain a lump sum quotation from a solicitor for preparing the tax form.

[Pezza54]

I should also have said that if IHT is not paid within 6 months of a person's death HMRC will charge interest.