Executor's account - may I move money out of it immediately?

bigandy2

I'm dealing with my late mother's estate.

I'm the sole administrator & beneficiary and have received a Letters Of Administration.

I've already set-up an Executor's bank account and am now acquiring cheques/CHAPs for all her savings accounts and investments, which are all being paid into the Executor's account.

My question: must I accumulate ALL the monies in the account first, or am I free to move money from it to savings accounts in my name as soon as individual payments are received? The Executor's account doesn't pay any interest.

Thanks in advance.

Flugelhorn

interesting thought - when  I was in same position I just left all the money in the exec account until everything sorted but then interests rates were microscopic at the time and not worth the effort. I paid bills from there and gave some bequests etc but the majority stayed

the thing is .. if you are sole exec and beneficiary then nobody turns up to check what you have done so long as there are no bills / debts outstading 

Hoenir

You can move the money whenever you like. Normal practice is to to withhold funds to ensure all debts are settled prior to distribution. As the executors are legally personally liable. 

Keep_pedalling

As you are the only beneficiary you did not even need an executor account, nothing stopping you moving the money to wherever you wish.

H657

I moved money to beneficiaries as soon as it came in with my mother’s estate - just kept a spreadsheet of all the transactions which mirrored the bank statement and showed which beneficiary had received each payment.
sorted the 4 fixed amount gifts to grandchildren first and then as remainder was split 50/50 between me & sister, paid out to each of us equally as moneys received.

RAS

What provision did you make for additional debt like DWP or care payments?