Probate & Executor Bank Accounts

What is a probate and executor escrow account?

Our probate and executor escrow accounts are independent escrow accounts opened in the name of the deceased's estate and held securely at the Bank of England while the executors carry out their duties.  They can generally be opened faster than high-street bank accounts and they offer superior protection without any concerns about the solvency of the bank.

Who can open a probate and executor account?

Our probate and executor accounts can be opened by executors or administrators acting on their behalf.  The accounts can then be used to gather the deceased's estate assets (such as funds from other bank accounts, or the proceeds of sale from assets) in anticipation of being distributed to the beneficiaries.

What steps do I need to take to open an executor account?

In order to open a probate and executor account, you will need to provide a grant of representation that confirms that you have the legal right to handle the deceased's assets.  This might be a grant of probate (where the deceased had a will) or a grant of letters of administration (where they didn't).

What is needed to open an executor bank account?

In addition to the grant of representation, we will generally ask you to provide the following in order to open the probate and executor account:

• The date and circumstances of death
• Identifying information for the deceased (this could be in the form of their passport or driving licence)
• An official copy of the Register or an original of their death certificate if they died overseas
• Confirmation of the status of the solicitor or practitioner, if one is involved, or of the executor status if not
• The approximate value of the estate

Who can see the probate and executor account?

Our accounts are all available online 24/7 to the solicitor/administrator collecting the assets on behalf of the estate.  In addition, we recognise that executors will often need (or at least wish) to be able to keep an eye on the account and its transactions, so we afford all executors read-only access as well.

If the executors / administrators decide that this would be useful, we can also grant read-only access to the accounts for beneficiaries or other interested parties, but we will only do so on the executors' direct authority.

Who can be paid out from the probate and executor account?

Given the nature of the accounts, we only allow for very limited classes of payee to be paid out.  These include the solicitors/administrators who have been carrying out their duties and the beneficiaries under the will or grant of letters of representation.

Solicitor/Administrator Fees

We will pay solicitor/administrator fees against invoices properly rendered against a client care letter or quotation issued and approved by the executors.

Beneficiaries

We will, subject to the usual compliance requirements, pay gifts to beneficiaries, including individuals and charities or causes.

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