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Executor's Tax on Savings

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  • sheramber
    sheramber Posts: 22,565 Forumite
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    I can see them saying it was implicit in the contract that all proceeds of the estate are to be held by them,

    What contract?

    What does the contract say? It either says all proceeds to be held by them or it doesn't.

    Do the solicitors hold any if the estate money?


    In any case,  the money is not your mother's and should not  be held in her bank account. 

    It should be held  separately, with her as executor.

    it is nothing to do with your mother's tax position or her submitting self assessment return.  

    Any self assessment return she submits for the estate is for estate income only.


    it sounds as if your mother may be out of her depth in managing  the estate affairs and should be getting advice.








  • badmemory
    badmemory Posts: 9,611 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 23 June 2024 at 4:22PM
    A lot of what you do here is dependent on who the executor actually is & how the will is worded.  It sounds like everything is left to all relatives of a certain degree of closeness.  So I would be looking at how many more relatives can turn up & get their share from the amount the solicitor is holding.  I do however appreciate the difficulty in opening an executors account.  You will find many on here saying they haven't been able to.
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