Bank account for administering estate when someone dies

[gonebutnotforgotten]

Backround: Mum died recently. My brother and I are executors, but he's leaving the finance side to me. She had some savings with 3 different banks, some shares in a demutualised building society, and her house. The total estate is less than the inhetitence tax threshold. I don't think we'll need probate for administering the savings, but I expect we will need it to sell the house.

Question: To release the funds, do we really need an 'Executors Account' or just an ordinary account in both our names? And what's the difference? I tried to ask this question of Barclays (mum's main bank) today, but gave up waiting for an answer after being on hold for 45 minutes. Not a great start!

I don’t suppose it’s compulsory - just makes it simpler when the funds are kept separate. Dh has had one more than once.

Sorry for your loss OP. I lost my Parents in 2020 and struggled to find a bank that would set up an Executor Account. Even a Joint account with my Brother was difficult as my Brother and I do not live near each other (and it was during lockdown). I finally found First Direct who set up a joint account online. DDad had several bank accounts who were all fine paying into this ordinary joint account. Hope this helps.

I have just set up an executors account with Lloyds. It had to be a joint account with my fellow executors as the house that my grandmother and dad owned jointly will be put on the market next year. My Nan passed away just before Covid caused mayhem so it’s been hanging over us for a year.
Even though Nan didn’t have a vast amount of holding we were advised to get a probate certificate as it made selling the house much simpler.
We also decided to get an executors account as one beneficiary, my younger brother lives in a different country so it gives us somewhere to ‘hold’ the money from the sale while he sorts out the best way to get it.

We used Lloyds as we were already customers there so it was dead easy. I tried to do it ok the phone but it was a nightmare so went into branch and did it that way. They made it pretty simple given our situation is complicated in many different ways!

I didn't know this was even a thing; I was joint executor with my two siblings but I already had access to my dad's bank account (with his permission) when we tied his affairs up. I just set up a savings pot with my own bank account and then managed the account that way. After the house sale, the proceeds were split 3 ways and sent directly to each of us even though the will had other beneficiaries - luckily the cash part I was holding covered that 25%.
I had to declare interest on the account but it was a pitiful amount.