Probate question

[NeedToKnow101]

My sibling and I have inherited money and a property from our parent. We are both executers and I have received the Grant of Probate. He wants to ask the banks etc to split the inheritance e.g. put it into two accounts.
I don't want to do this as 1; I don't think banks will agree, and 2; sibling is living in the inherited property, so I don't want to split the cash until we have split the property, and 3; it will complicate any payments we have to make on behalf of the estate.
Any ideas on how to deal with this without too much stress?

We had an account along their lines of : estate of X. When all the payment to creditors/funeral/other disbursements were made we closed it. If there are payments relating to the sale of the house then its smart to keep all the money together that requires both signatures until it is all finished. Sounds like your sibling would like some cash now - that should be possible if it goes on record that they have had a partial 'early' distribution of their share.

I just used a dormant bank account and transferred half the money to the other executor, my brother. We are very close and he knows where I live so he was happy to trust me on this. I guess if we had a more difficult relationship we would have opened a special account we both had access to.

You need to open an executor account
If you go to your deceased parents bank with a copy of the death certificate and the grant of probate they will be able to open an account for you

Thanks for the replies. I suppose I'm worried that he will stall on selling the property (quite likely), and I'm wondering if I can say we can't take our own share (or most of it) until the property is sold? Why? In worst case scenario he refuses to move, I could have his share of the savings (to go towards my own deposit).
Would this be reasonable and legal of me? He doesn't need the money until he buys a new property.

Agree with him a sensible proportion to be retained from the cash you hold, and do an interim distribution of the remainder.

Also, get a lawyer involved in administering the estate. Neither of you know what you're doing (hence you are on here asking) and there is potential for conflict. Take a step back.

As above dedicated bank account and have a solicitor or someone removed be there to advise

Thanks collaborate. I do know what I'm doing financially tbh, but was wondering if legally I can hold most of the money until the property sale.

I didn't want to use a solicitor as it's a very straightforward estate, but maybe to avoid conflict we will have to, just for the transfer and distributing of it all.