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what is a holding account?

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jmck66 | 19:19 Tue 22nd Sep 2009 | Civil
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As a beneficiary of an estate which is due to be distributed ,the solicitor has mentioned an amount of over 20k in a holding account,can someone tell me what this acct is please?
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Sounds like an account where the money is being held pending its distribution. It has to be held somewhere.
Quite so. It is sometimes called an Executor's Account. The executor (solicitor in your case) draws in the monies from the various sources that the deceased had (house sale, property/chattels sale/bank and building society accounts), pays them into a single account, then pays out the beneficaries by cheque from that account. Not forgetting to leave enough money to pay his own fees, of course.

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