Executors Account

BooJewels

That's what I've done @p00hsticks - I'm joint executor with my sister on my Dad's estate which is almost finalised, but the last dregs of the estate money is in a sole account, as mentioned earlier.  But my sister is also my executor, along with my son and they both have details of the estate account and I do a monthly account balance, so the records are easily available to them both to straighten it out.  So that doesn't concern me - it would take either of them about 5 minutes to get up to speed.

docbobdevon

My advice if you are the Executor of a Will, is to open a separate bank account for it, but DO NOT open it as, or convert it to, an executor account. Why?  Three reasons:
1) Not much of an issue a year or two ago, but very significant now. With an executor account, money from the estate will go into it, but you will have no access to it until Probate is granted which can take several months or longer. Many banks and savings organisations will transfer money from accounts of the deceased - if it less than a figure they set which may be £20k but is sometimes much higher - without Grant of Probate, being satisfied with just the death certificate and maybe also wanting to see the Will. If the deceased had a few such accounts quite a lot of money could be sitting in the executor account gaining no interest - except for the bank holding it of course! - while if it was distributed to the beneficiary(s) and put in a one-year bond it could gain 6%.
2) An Executor will inevitably incur expenses.  Banks will usually pay funeral costs from executor accounts if given the invoice, but there may be solicitor fees, secure/express postage, travel expenses, costs of insuring and maintaining the deceased person's house, estate agent and conveyancing costs to be paid up front which can leave you several thousand pounds out of pocket.  You will only be able to deduct these costs from the estate value, if you have an executor account, after Probate is granted. 
3) Often they will not even let you see the balance of the executor account on-line, only sending you a monthly statement, so it will be difficult to keep track of progress of amounts paid into it and who needs chasing up. When Probate is granted you may find one or more expected payments have not been made, have to chase them up, fill in more forms and wait weeks longer.
In my experience it is very rare for banks, etc, to decline to make payment to an "ordinary" current account.  Unless you are an Executor who is potentially crooked, having an executor account only works to the advantage of the bank holding it.