When does executor claim for probate costs?

Yorkshireman99 · 13 September 2018 at 11:50AM

badger09 wrote: »

Fair enough, but probably just as easy to open a new squeeky clean account, with one of your existing banks.

The problem is that trust accounts are not normally run to the same rules and mixing trust money with your own is not wise.

SevenOfNine · 14 September 2018 at 9:45AM

ANGLICANPAT wrote: »

I have indeed Badger thanks . N.Wide advised me I could just use one of my existing two current accounts with them by emptying and renaming it as the Executor Acc.

Are you sure this action won't convert it into a business account? N/W told me they have no such thing as executor accounts.

Personally, I'd open a totally fresh account, perhaps with the deceased's existing bank, or at the very least with N/W if you're happier with that - in your name, a totally new a/c.

Clearing out & changing the name of one of your own existing accounts, IMO, doesn't really start a good accounting stream. Doing that will show an account that's been in existence for xxx years & had money previously in it.

It's not hard to keep accounts simple but watertight, a simple spreadsheet showing all income/expenditure does the job. Matching up with all receipts/bills of course.

We only really had a bit of trouble with the local authority, resisting refunding an overpayment into an account that was not in the name of the deceased nor "executor of the estate of Fred Bloggs". Everywhere else coughed up on sight of an original probate (& death cert in some cases).

Oliver27 · 14 September 2018 at 11:10AM

Just on your original question, Lloyds at least will release funds for the funeral and the probate fee before you have a grant.

gdrforest · 14 September 2018 at 11:21AM

You don't NEED to open a new account for the estate, though it might help. I just used a very inactive account I had. You just deduct the expenses from the estate after probate is granted and before you distribute it to the beneficiaries. you should send a statement of account ,such as a spreadsheet, to the beneficiaries which shows all the income and expenses and the distribution of the estate.