Best type of bank account for inheritance payment?

bettybluebell

Hi, I am the executor of my late father's estate and have been told by my solicitor to open a bank account for the payments to go into. Once all the payments are in, the money will be split between me and my brother, who lives abroad. I'm just wondering which type of account would be best for this? Any other time I would have called into the bank for a chat, but obviously at the moment I'd rather have one I can either open online or at least know what I'm looking for if I do need to go in. It will be a fairly large amount of money, but I will need to be able to withdraw from it and possibly write cheques so probably more of a current account than savings. Has anyone had a similar experience recently that can advise please? Thanks.

EssexExile

An executor account. We found setting one up with own bank was easiest, may be harder at the moment of course.

Thrugelmir

You'll require an executors account. Will be an appointment at the bank. Besides deposits in, you'll need to settle any outstanding liabilities. Executors aren't offered savings accounts. 
Do you bank with one of the High Street majors? As the account opening has to be performed by a trained member of staff. 

jonesMUFCforever

If you are employing a solicitor why is he/she not doing this through his/her own clients account?  then paying you  what you have inherited.

bettybluebell

Thanks, I hadn't even heard of an executors account! I was hoping to have the account with my current bank so I'll see if I can contact them about it, or make an appointment if necessary. Have to say the solicitors haven't been all that helpful, you would have thought they would have told me this. They are getting a check from my father's bank for the amounts in there which I assume they will pass on to me? Minus their fees of course. But I will check. Thanks again everyone. 

xylophone

You say that you are the executor of your father's estate - did you engage the solicitor to obtain probate?
If you now have probate, it is surely your place to request the transfer of money from your father's bank to the exor account (once this is opened) - why does it have to go via the solicitor?

castle96

pay the solicitors fees after you have received their a/c. Do not let them just deduct from the figure they recive

bettybluebell

Yes, there was no will and quite a lot of money so we thought it best to get a solicitor to do the probate. They say it has now been granted and have sent me forms to sign for the bank accounts. I was going to do this myself but with the current situation I don’t mind them doing it. 
They asked for permission for them to pay an overpayment of carer’s allowance back so I would think they can’t just take their fees out, I should get a bill?