Probate - closing of bank accounts.

[system2319]

Hi all,

In the middle of processing all required paperwork at the moment but got to NS &I.

NS&I have advised via their cash in form and confirmed on a call, that funds go to 1 person only. There are 2 executors so I have been advised by them that I just go in at a later date and transfer funds from my bank account to the 2nd executor?

Bit concerned over this as it is a fair amount of money, would I get issues from tax man, bank etc if I do it as per given instructions?

Thanks

Why don’t you have an executors account?

When I received payment of an insurance policy on my DM, it came into my account (I am sole executor) as the executor account hadn’t yet been set up. I then paid out the beneficiaries a small interim sum with the intention of transferring the balance into the executor account once it was up and running. I had 4 phone calls from the fraud team for each of the transactions questioning what was going on - they did release the funds promptly though.