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Where Taxpayers and Advisers Meet

do I need executor account?

piper777
Posts:41
Joined:Mon Jan 28, 2013 4:53 pm
do I need executor account?

Postby piper777 » Fri May 13, 2022 8:41 pm

Hi there seeking advice please.

I have recently completed Iht 400 forms prior to applying for probate. I am joint executor with my brother of my fathers will. I wish to know do i need to apply for an executors bank account to pay in/out money, or is an ordinary account sufficient? Also is it ok if the account is in my name only or does it need be in joint names.?

thank you ..most grateful for any replies.

maths
Posts:8430
Joined:Wed Aug 06, 2008 3:25 pm

Re: do I need executor account?

Postby maths » Sun May 15, 2022 4:52 pm

An executor account is preferable which is in both executor names.

The monies from the estate are not those of the beneficiaries until the estate has been administered. It is important that your or your brother's own monies do not get mixed up with the estate income.


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