What happens to rent if it is paid into a personal account and account holder dies?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    What happens to rent if it is paid into a personal account and account holder dies?

    My husband and I own several properties that we let and we currently have the rents paid into our joint account. Never had an issue with it. However, we have recently been dealing with the Estate of a relative (a single person) and when they died the account was frozen and all the direct debits etc stopped. They paid the undertaker but everything else had to wait for the Grant of Probate. So my question is if we died and the account got frozen where would/could the rent go? I assume the bank would not accept it but even if they did the executors would not be allowed access to it. We don't want to form a company so what is the answer?

    #2
    Ask your bank ...................

    BTW I hope you don't mean the joint account you use for day to day spending for yourself

    Comment


      #3
      The joint property owners , each, make a will appointing one or more persons to become executors of their estate.

      Comment


        #4
        My father's bank advised me not to tell them officially (I had authority to use it) until everything was sorted. I would ask your bank if they accept money after death, I don't know. I would then arrange another signatory while you are still fit and well or leave your password somewhere for safe keeping. Wills and probate also can take a long time.

        It would be the same if it was a business account.

        Comment


          #5
          If its a joint account and one of you dies the other will be able to continue to use the account. At that point you might also consider putting someone else (your executor?) on the account so it can continue to be used after the second death.

          Comment


            #6
            Your bank will have a standard process to follow.
            They'll want a copy of the death certificate (so will a lot of people, so buy a few copies) and then they'll grant access to the account to the executor(s).

            Bank accounts don't have to be frozen and death doesn't end a tenancy.
            So the estate of the deceased's tenant probably owes you some rent.
            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

            Comment


              #7
              Thank you everyone.

              Comment


                #8
                This is a banking problem. Executors of an estate are perfectly entitled to manage the estate during probate, and that includes receiving rents and paying for property to be maintained, insured, watered etc.

                Comment

                Latest Activity

                Collapse

                Working...
                X