deceased's funds

[Elena123]

HI, hope some one can confirm to me the following, after probate is granted can the Executor transfer any money held in the deceased bank account's into his/her own, or do they have to open a new account in their name as Executor and transfer any of the deceased's funds into this bank account, many thanks for any replies

[dslippy]

An executor would be very well advised to keep a separate account for the deceased estate, but I heard recently that some banks were restricting the opening of executor accounts (Seems very strange).

[Sam101]

The accounting as far as Executors are concerned should be kept as Executor Accounts. If this is not possible, then do make sure that the account can show all transactions clearly as the beneficiaries may request sight of the accounts in detail. If the assets were then in the executors own accounts, then all of his/her matters may also be shown..

[twohoots]

I was told by Barclay’s that it was not necessary to open an Executor’s account so I didn’t.

[Sam101]

OK, but be prepared to show your on accounts if requested to show that all the funds of the deceased have been accounted for. Nothing to worry about.

[Elena123]

The accounting as far as Executors are concerned should be kept as Executor Accounts. If this is not possible, then do make sure that the account can show all transactions clearly as the beneficiaries may request sight of the accounts in detail. If the assets were then in the executors own accounts, then all of his/her matters may also be shown..

could an Executor who is up to no good if using his/her own account to hold estate funds potentially use it to manipulate and obtain say a mortgage for themselves? The reason for asking is I have extremely strong suspicions this has happened, could this be possible?

[dslippy]

Of course it is possible.

[Elena123]

Of course it is possible.

thank you for your above response, If the above in my post has taken place would this be construed as fraud? would it be grounds to take legal action to remove the Executor?

[dslippy]

Suspicions are one thing. Reasons and evidence are what is required.

As you have seen, using a private account to manage an estate is not going to be that unusual on its own.

[Elena123]

Suspicions are one thing. Reasons and evidence are what is required.

As you have seen, using a private account to manage an estate is not going to be that unusual on its own.

yes I get what you mean! I am aware of a chain of events re potential evidence, I don't want to say to much on an open forum!, many thanks for your reply