Excecutor Of Will

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denis567 | 22:54 Thu 24th Apr 2014 | Personal Finance
8 Answers
I wonder any of our legal ABers can help with a bit of advice.
I am the Executor of my Mother-in-Law's will, she is 99 years old and has just had a nasty fall, which she is not likely to survive.
She has sal small insurance policies due, so there will be a few amounts of monies coming in.
What I wold like to know is, should I open a seperate bank account to recieve these monies and pay expenses out of it?
Thank you


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I would say no.
If you are an executor, it means you are a trusted person, who will do what is right, and receive any money due and pay any bills. You can have any money coming in paid to an existing account of your choice. I don't think you would have to open a separate bank account just to carry out the duties expected of you.

p.s. just to add, I have no legal experience, and await for others to comment.
When the time comes to claim on her life policy I assume you will either have to fill in a claim form or give details over the phone, and you'll probably need to provide a death certificate and evidence that you have been given probate (if appropriate)
factor fiction is correct, but I still don't think you would have to open a separate bank account just to receive the money.
You don't have to open a separate account - in a case I handled I did so at the recommendation of the bank - it does give a separate paper account trail of all monies. But it's really only an administrative decision and entirely up to you.
Question Author
Thanks a lot everyone. I do have a dormant account so I think I will use that
the other thing to consider is who the other beneficiaries are and whether any of them will be difficult. if they are then a separate account might be wise.
It is prudent to open an Executor Account. I have been Executor for 7 Estates, and you need to be able to provide a final statement of all transactions, viz money received and expended, to the beneficiaries when you distribute the nett proceeds. It would be difficult to do this if the income and expenditure were intermingled with one of your own accounts.

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