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Executor account
Why you may need an Executor account and how to get started.
What is an Executor account?
An Executor account is an account set up by one or more of the executors of an estate to manage the financial affairs of a deceased person's estate. The account is for collecting incoming funds, such as income from investments or the sale of estate assets. It can also be used for paying any ongoing bills, debts, and expenses related to the estate.
As the executor, you will be responsible for keeping detailed records of all transactions. These records are important for the final accounting and distribution of the estate's assets to the beneficiaries. It helps keep things clear, preventing disputes.
Do I need an Executor account?
You may need an executor account for several reasons:
- Collecting and holding funds before 'confirmation' is granted. It allows you to be ready to distribute funds when the 'Grant of Confirmation' is completed.
- Efficient management. It allows you to collect incoming funds (like income from investments or the sale of assets) and pay any bills, debts, and expenses related to the estate efficiently.
- Record keeping. It helps you keep detailed records of all transactions.
- Legal compliance. It helps you comply with legal requirements for managing an estate.
What do I need to know?
Confirmation
The UK probate process in Scotland is called 'confirmation'. This may be required to deal with a deceased person's estate, including their property, money, and possessions. It's a legal authority and only certain people can apply.
There's more information about probate and confirmation on our bereavement support page.
You can also visit these government support websites:
- Applying for probate - What is probate, GOV.UK.
- Dealing with a deceased's estate in Scotland.
Tax
Any interest paid to an executor who is resident in the UK, will be reported to HMRC, despite you as executors not necessarily being the beneficial owner.
HMRC may use this information to determine tax liability and as such you are advised to review your tax code in case of any query.
Getting started online
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If you're not registered for Internet Banking, you can call us. If you prefer to bank in person, there’s a range of services in your local area.
Where can I find more support?
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Our Estate Administration Service is provided by Lloyds.
If you think our service is right for you, or if we are named as the executor of a will, contact us on 0800 056 0171. If you’re calling from outside the UK, dial +44 (0)1733 286 482.Our specialist team is available Monday to Friday, 9am to 5pm.
Alternatively, we can call at a time to suit you.
Request a call back -
When someone passes away, there are several government departments that need to be notified. To simplify this process, the government provides the 'Tell Us Once' service. This service allows you to inform multiple departments at once, including:
- Department for Work and Pensions (DWP)
- Passport Office
- HM Revenue and Customs (HMRC)
- Local Authority
- Driver Vehicle Licencing Agency (DVLA).
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