Opening a Separate Bank Account Before Probate – Executor Question

DandelionBlue

Hi all,
I’m acting as one of the executors for my late grandfather’s estate and trying to get things set up properly from the start.
Before probate is granted, is it possible (or sensible) to open a separate bank account purely to keep estate income and expenses separate from personal funds — even if it’s not a formal executor account?
I’m not intending to mix funds, just looking for a clean way to track any payments while we’re notifying banks and dealing with small costs.
Has anyone done this?
Do banks generally allow an executor account to be opened before the Grant of Probate, or do you have to wait?

Savvy_Sue

Yes, it's sensible, and should be possible.

My experience with NatWest - which has been replicated by another poster more recently - is that you can open the account and 'name' it as an Executor account, but it's not really 'special'. You won't be able to pay money out until probate is granted, and I had to show the Grant of Probate to them to release funds.

And that was a joint account with my co-executor.

What the position is with other banks I can't say.

fwor

We had a similar experience with HSBC - they opened an Executor's account for us (joint a/c for two of us) very early in the process. As above, money can be paid in, but only paid out for a very limited set of legitimate circumstance (e.g. specific funeral expenses, paid directly to the funeral directors).

p00hsticks

To start with I just made use of an unused account in my own name. That way there are no restrictions on what you can receive in or pay out, but it kept everything separate from your own funds.

With Natwest, if you want an executor account you start with just an ordinary personal account and they can then convert it to an executor one if you need it after you get probate.