Executors Account

Clairec69

My sister and I are joint executors to our late Mothers estate. Probate was granted and the family home was sold, and the sale completed on 06.12.2024.
We didn't have any inheritance tax to pay . We did have an equity release of £43,000. The equity release was paid by our Solicitors, as was the Estate Agent fees, and the solicitors invoice.
The remaining money was to be divided equally between myself and my sister.
 We have been told that we need to open an Executors account before the estate agents will release our money, even though we have both provided our bank details. Is this normal? 

Keep_pedalling

Surely the money is sitting with the solicitors rather than the EA. If the solicitors are just handling the sale of the property they are likely to want to cover their backsides by paying it to an executor account rather than individuals.

Clairec69

Fair Point, however the Solicitors have represented our family through the years so we are not strangers.

kipsterno1

It has been brought up on here before that a solicitor would only release the money from the house sale into an executor account. For this reason I opened one with Nat West. It opens as a normal account and you then request to convert it to an executor account. Lucky our solicitor was happy to release the funds without it being converted.