Executor investing estate funds

[Hivishero26]

I’m Executor for a relatives estate and have probate. Their property is unlikely to sell for many months, if not years and in the meantime there is a hefty maintenance charge. As the bank accounts are healthy, I’d like to invest the estate funds so they can generate an income to offset the maintenance costs . However, I can only see Executor current accounts with zero interest.

Does anyone know of Executor investment accounts ? .. the bank suggested I invest it in my own name, but that doesn’t feel right as it’s not my money even if kept separately.

Just out of interest is the 15k the asking price or the amount you think the flat might realise after costs? After 20 months of service charge at 750 a month there will be nothing left of the value of the flat if 15k is the asking price.

It's such a shame housing is in such short supply at the moment. There should be rules that stop companies effectively keeping them empty like this.

@MBL Its the sale value ,. It could be £15k, £20k or £40k .. who knows . My point is that the key factor is how long it will take to get any buyer so if we can earn interest we can flex the price, wait etc The flat won’t make money, but at least we won’t be eating into any money made from the sale and won’t lose money on the maintenance fee.

You’re right the ‘scare’ has got completely out of hand. If fees were limited to 6months or a year , then people wouldn’t be scared of buying them (obviously if they are happy to pay the monthly fee). They were a great solution , but the financial penalty to the estate far outweighs the actual risk.

Can’t you get an interim payout to the beneficiaries?

I know it's off topic but some of the maintenance charges are associated with occupancy and so it is pretty low to continue to charge this when empty. I think the govt could legislate against that.

I'm sorry for your loss and the subsequent difficulties and hope you find a buyer asap.

@295bkq Yes we can, but we need to ensure that there is sufficient to pay any charges left, plus the family aren’t in desperate need of the money so its better to use it (if we can) to balance out maintenance costs.