Lloyds Bank account for paying out late Father’s estate

Bolt1234

I have set up a normal bank account which has a few thousand in there ready to pay out on my Fathers estate which has just had probate granted.  There will be a fair amount coming in. I am the only Executor and also one of three main beneficiaries.

Am I going to have any issues please?

poppystar

Who are you worried about having issues with in particular?

If you are keeping the money separate there should not be a problem. Someone else (your executor?) should know in case anything happens to you. 

If a considerable sum of money is coming in that is not all from a house sale then (another hopefully unlikely event, in this case bank collapse) there may be a point at which you don’t have FSCS full protection on the whole amount so might want to put some elsewhere too. 

As long as you keep good accounts for the estate and the other residual beneficiaries it should be fine. 

The only possible problem I could foresee is if any organisation doesn’t want to send something to an account in your name, rather than you as executor. I don’t think that has been a problem for the many on here but you might need to check with anyone paying out to you. 

Flugelhorn

I did similar and the bank named the account as Ms F Horn, executor of Mrs T Horn - made it clear as to the purpose of the account 

Bolt1234

Thank you.  Lloyds allowed me to set up just a bog standard account and told me not to use the word 'Executors Account'.  The money from shares will come via the solicitor's account.  When the shares redeem and we are talking about 100's of thousands then I will immediately start to distribute so it wont stay very long in this bank account.  

I am the only Executor