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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 9680
Experience:  I have been practising for 30 years.
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My dads estate has gone through probate by brother and

Resolved Question:

my dads estate has gone through probate by brother and sister are co executors can the money be paid into a single account or does it have to be a joint executors account.The sale of the house proceeds is being dealt by a solicitor do the funds need to go into an executor account (single or joint) or can the solicitor divide the funds between the executors.The troule we have is my sister and brother don't get on I try and mediate but stuggling
Submitted: 1 year ago.
Category: Law
Expert:  Jo C. replied 1 year ago.

Thanks for requesting me but this isn't really my area.

I will opt out for others.

Expert:  F E Smith replied 1 year ago.

From a legal point of view, the money should be kept separate from any other money of the executors as it becomes mixed money if it goes into an account which has money in for any other purpose.

That’s only becomes problematical if there comes an argument over the money. This concept of mixed money is very difficult for some people to understand. If someone puts £100 into an account which contains £50 and then, they take £100 out, there is no guarantee that the £100 which comes out is the same £100 that goes in. The mathematics are the same but it’s not the same physical money. It may seem rather academic but that’s the way the law works.

The solicitor would normally put any proceeds into a client account because there is no argument as far as the solicitors concerned and if it’s going to be held for any period, it would put it into a designated client account for that one client.

There is nothing to stop the solicitor distributing any funds directly between the beneficiaries following the executors instructions in accordance with the terms of the will.

Can I clarify anything else for you?

Customer: replied 1 year ago.
That clears the sale of the house in terms of the rest of the money can it be paid into a single executer account if the other executer agrees
Expert:  F E Smith replied 1 year ago.

Let me answer it a different way. There is nothing illegal in it going to any account in anyone’s name, it is just better practice to keep it separate.

Please don’t forget to rate positive. It’s an important part of the process by which experts get paid. It doesn’t cost you anything but helps me greatly.

We can still exchange emails.

Best wishes.

FES.

F E Smith, Advocate
Category: Law
Satisfied Customers: 9680
Experience: I have been practising for 30 years.
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