Is it advisable to set up executors bank account if using solicitor?

[Positively]

I am the executor of a will and using a solicitor to apply for probate. The decesased's bank account has now been frozen. Is there any benefit to me of setting up an executors bank account for any receipts to the estate or will I let the solicitor receive any incoming funds? Thank you

 

[DannyBoyD]

Let Solicitor take care of it, less cross checking required.

 

[Positively]

Thank you. If I don't set up an executors account how will I see what money is being deposited to the estate? I'll just be relying on the solicitor to inform me. Would it be better to have an account where I can keep track myself?

 

[Zobeda]

I may well be wrong (IANAL) but if you've engaged a solicitor to administer the estate it's my belief that monies due would need to be paid directly to the solicitor and held in their client account until the time for distribution comes.

How could they accept responsibility, or be held accountable otherwise?

 

[MOB]

I may well be wrong (IANAL) but if you've engaged a solicitor to administer the estate it's my belief that monies due would need to be paid directly to the solicitor and held in their client account until the time for distribution comes.

How could they accept responsibility, or be held accountable otherwise?

It depends on the scope of the solicitor's engagement. Any experienced probate solicitor will happily arrange for all funds to be lodged direct to an executors bank account**. Overall it's less convenient for clients, but there can be cases where it is appropriate. Usually just a matter of personal preference - probably 95% of estates manage without a dedicated executors bank account.

** I have also had files where we have obtained the grant of probate and that was pretty much the end of our work: the client executors were happy to gather in the funds themselves.

 

[Zobeda]

Many thanks @MOB .

As the old saying goes, "every day's a school day".