Executor Bank Accounts
Executor Bank Accounts - Everything you need to know Executing a Will can be time consuming and stressful. Holding an executor bank account is a useful part of the end-of-life admin process. This article explains: What are executor bank accounts? Why is it helpful to open one? Where can you open an executor bank account and what documents do you need? What is an executor? An executor is the person named in a will to carry out the wishes of the will. It can be an individual or a group of people. The responsibility of the executor begins on [...]
Bank Accounts – What happens when someone dies?
Joint bank accounts between spouses are becoming less common. Only one in eight married couples share their funds in a joint account according to The Sun Newspaper in 2019. However, as the population ages, adult children often have joint bank accounts with their elderly parents. This can have the benefit of making life simpler whilst a parent is alive. But might cause issues after they’ve passed away. What happens to the funds in a joint bank account? If you were married or in a civil partnership: If there is a surviving partner or spouse, then the account will be [...]