what is a holding account?

[jmck66]

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?

[factor-fiction]

Sounds like an account where the money is being held pending its distribution. It has to be held somewhere.

[buildersmate]

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.