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Setting up an Executor Bank Account
One of the problems that the DIY Executor may encounter is the attitude of the Bank he or she may use for setting up an Executors account. The Banks, as one might expect, are not overly enthusiastic about assisting someone they see as encroaching on one of their lucrative sideline business operations. The Banks are very keen now on encouraging people to make their wills, and preferably include the bank as Executors. Once nominated in the Will it is not an easy task to replace them.
The Bank’s policy of not issuing cheque books in the future will, if not reversed, lead to even more problems for the DIY Executor. In the past having set up an Executor’s account and been given a cheque book for this account, it was simply a matter of writing a cheque to each beneficiary and posting it to them. (Click here to continue to read this article)
At some stage of your life, it is highly likely that you will be asked to be an executor of the will of someone you know; probably a close friend or relative. If you accept the role of executor, you will be taking responsibility for the affairs of the person after they have died. You will be named in the person’s will as the “Executor”, and it will be your responsibility to ensure that the deceased person’s affairs are closed and that any assets are disposed of, as detailed in the will.
Most people will accept the role and do not think anything more about the subject. It could be many years before the person dies and you are reminded that you are the “executor”. At this point the majority of people panic and decide to hand over the role of “executor” to the nearest solicitor or bank. (To continue reading this artical Click Here)