ChatterBank0 min ago
Excecutor Of Will
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
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
Answers
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No best answer has yet been selected by denis567. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.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.
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.
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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