Probate property and sale monies.

[galliton]

I am about to sell a property that is a probate property and the funds will be distributed among quite a few people. I wish to show total independence from the funds other than, potentially, using an account where two signatures are needed etc. to show that everything is being done above board. I would rather not put the funds in a solicitor’s accounts as I have heard of quite a few firms going busts and clients struggling to get their money back. Could you please let me know what you did in this circumstance? Maybe i am worrying too much. Thanks.

There are plenty of solicitors around who will not be going bust (and I am not sure quite a few have!) Indeed solicitors would keep client money in a separate client account which they can't use for their own use anyway.

If you distribute in accordance with the Will and have carried out appropriate measures re creditors there should be no issue for personal liability anyway. Or just use a decent established larger firm of solicitors rather than a dodgy one man band.

Solicitors firms have to comply with strict requirements with regards to client monies. There are very rare instances of client account fraud, in which case the clients are compensated by insurers or the SRA’s compensation fund. It is not like another kind of business going bust.