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Question on how probate solicitors hold money
Anthear
Posts: 227 Forumite
A solicitor is being used as an Executor/Administration of an estate I am a beneficiary of. The Terms of Engagement state that the firm are not liable should the bank where they have chosen to hold estate funds fail. So if they decide to hold more than £75k in a bank account and that bank fails, the beneficiaries have no come back.
Does this sound reasonable? What's the position on that?
Does this sound reasonable? What's the position on that?
0
Comments
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They are unreasonable. The solicitor should have insurance to cover such an eventuallity.0
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Solicitors will usually hold money in a single client account, but the cover will be up to £1M for inheritances as these are treated as temporary high balances.
http://www.lawsociety.org.uk/support-services/advice/practice-notes/protection-for-client-accounts/0 -
Much appreciated. I thought so; didn't seem right to me!0
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