My parent passed away a few weeks ago. They were a landlord/freeholder with two main rental properties. Myself and my sibling are the executors of my parent's estate. We went to see their solicitor this week to discuss the estate, grant of probate etc. and when we said we were setting up an executor account in order to continue to collect the rents etc. and for paying bills related to the properties, he was very resistant and didn't see why we would think we needed to do this. When pressed further, he said that the rents should be directed to the solicitor's client account and that my sibling and I would need to bankroll the business, if repairs were needed until there is a grant of probate. My sibling and I have very little money and financially cannot bankroll the business for the next 6+ months. The solicitor suggested that if a large bill needed to be paid such as roofing work (which is a possibility), they would not pay this out of the monies they are holding and we may have to get a loan.
For context the estate has enough 'cash' in it to pay all inheritance taxes due.
Q. Are they correct? Do the executors have to bankroll a company in this situation whilst the estate is going through probate?