Probate question

Muscle750

I presume that no money can be transferred into our executors acct that has been set up until probate is granted .The deceased bank accts are frozen

troubleinparadise

No, funds from the frozen accounts can be transferred, cheques payable to the estate can be paid in, transfers in can be made, cash can be paid in. You cannot access anything in the account or make payments from it until probate has been granted (except as below) ,and approved by the institution holding the account. Only Funeral payments and IHT to HMRC can be made from estate funds in the executors account by transfer before probate is granted, I believe.

bylromarha

troubleinparadise wrote: »

No, funds from the frozen accounts can be transferred, cheques payable to the estate can be paid in, transfers in can be made, cash can be paid in. You cannot access anything in the account or make payments from it until probate has been granted (except as below) ,and approved by the institution holding the account. Only Funeral payments and IHT to HMRC can be made from estate funds in the executors account by transfer before probate is granted, I believe.

This is correct. You can pay in, but not out.

The bank don't tell you that though, so I made the mistake of leaving lots of cheques until after mums account closed. Ok to resolve, but dont make the same mistake I did.