Do I need an Executor bank account?

SacredStephan

My F-i-L died last month.

His estate seems quite straightforward.

He left a will - I am the sole Executor, my wife is the sole beneficiary.

There's about £59k in cash in a current account and two savings accounts.

We are also expecting a refund of care home fees which were paid in advance.

Should I open a new Executor account to hold these funds or a new current account or new savings account?

Would there be a problem with using an existing savings account in my wife's name?

MikeJXE

I've looked into this a lot

I'm not dead yet just trying to make it easy for the kids, similar amount of funds

I have advised my kids to open a joint account, 2 executors to channel the funds to then to share with others as per the will

Banks have thresholds that require probate if the funds are above ( I don't think this is set in stone) I have spread my savings about to be below this. 

Talk to the banks is my advice 

greyteam1959

Why not just use your solicitors client account instead ?
That's what I did with both my late parents.

maman

I was joint executor with my brother and used a 'spare' account of my own to administer my mother's will. It isn't necessary to have a special executor account. 

The only issue is can think of is that if any funds need to go in or out of the account (I needed to pay off utilities, council tax etc as a property was involved) then that might be more difficult with a savings account but I suppose you could use transfer.

I wanted to be accountable to all beneficiaries (not that they asked to see anything) but that doesn't really apply in your case. 

Rodders53

As your wife is the sole beneficiary, imho it is unlikely you will need an executor account.  Cross that bridge when forced into it.

My wife was also sole Executrix (her Uncle having predeceased M-i-L)... I did the donkey work, she signed where needed etc.,.  No executor account was required, even for selling the house.

Similarly no need for Gazette notice etc.,. as any debtors will chase you/your wife for monies owed anyaway.

You could renounce executor role and name your wife instead (albeit you still doing the work).

Using Solicitors for straightforward Probate work is money foolish.

Newly_retired

I opened a new account in my name with the same bank as my late husband banked with, and I also already had one with them though it is not my main bank, so I could operate it online immediately.   I also opened an ISA with them using my husband's ISA giving me an additional Personal subscription.

p00hsticks

greyteam1959 said:

Why not just use your solicitors client account instead ?
That's what I did with both my late parents.

As far as I can see, the OP hasn't indicated that they are using a solicitor.
AS the estate appears to be quite straight forward and low-value with a single beneficiary, there is really no need to start paying solicitors to get involved. 

JGB1955

greyteam1959 said:

Why not just use your solicitors client account instead ?
That's what I did with both my late parents.

Why use a solicitor for a simple estate?

badmemory

Unless one of the bank accounts require it you shouldn't even need probate.  Just go in each bank with the will & ID & most of them will just transfer the money straight over.  Even better/easier if you hold accounts with the same bank.  A call to the Bereavement team should clarify.  My mothers banks had one of the bereavement team work in turn at the various local banks.  How is this for weird though.  The 3 local banks she used all had a bereavement team member there on only the Thursday.

Devongardener

My brothers and I did open an executors bank account when dealing with our mother’s estate.  We were advised to do this to avoid the funds deemed to be part of our personal estates should any of us die during probate (given that we are all over 65,  all with various health issues!).  Also the account value was protected above the £85K limit.

Keep_pedalling

You do not need an executors account but you will need probate if all his cash is with the same bank. As your wife is the sole beneficiary you can get the bank to pay directly to her account.