Anyone been an executor of a Will before?

[Funkyslippers]

Quick question - is it necessary to open an executor's bank account for the money from the estate to be paid into or can I just get it paid into my account (I'm the joint executor)

Thanks

I didn't have to when my mum died. But I was the executor and sole beneficiary. A couple of places I had to deal with didn't want to make cheques out to me, but my solicitor just told me to insist. I would ask your solicitor what they recommend.

Would generally recommend an executors account, especially if there are other beneficiaries or other executors - stops anyone accusing you of running away with money / interest etc....

I didn’t, but one firm was a pain in the arse (a small business that my father had shares in). They insisted that they could only make a cheque for a dividend payment out to an executor account. My solicitor had to write a letter.

We had a few cheques that were made out to 'the executors of xxx estate' so I think it would be much less hassle for you to have an executor account especially as you are not the sole executor.

You will have to have a certificate of confirmation before you can get any funds out of the account, I'm in Scotland it will be something else in England and Wales, possibly another cost involved with the solicitor too

I opened a joint bank account with my brother where all monies went until everything was finalised. He was a joint executor and no way would he have let me use my own account and reimburse him.
Your co - executor may be more reasonable but it's probably best to keep the estate things separate and above board to avoid conflict whilst money goes in and out.

No, I didn’t with multiple beneficiaries...but I did use a completely separate account (in my name) and I was sole executor.

Thanks everyone. We're not using a solicitor so that's why I wasnt sure about the account. It seems sensible to open one

Just done this for my late father's estate - paid into my step mother's account and then monies transferred out to the benefactors. It was a fairly simple affair (6 sources of money) and we knew it was coming so anything confusing was sorted before he died.