This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

do I need executor account?

piper777
Posts:42
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:8507
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.


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”