Why executors must keep estate money separate from personal funds, which banks offer executor accounts, what documents you need, and how the account feeds into the final estate accounts.
This guide is part of ProbateHelp's Probate Process guide cluster. Estimated reading time: 12 min.
This guide explains why executors usually keep estate money separate from their own money and how an executor or estate bank account can help with collecting funds, paying debts, keeping records and preparing estate accounts.
It covers the practical documents banks may ask for, why provider requirements vary, and how to keep a clear audit trail for beneficiaries, expenses, distributions and final estate accounts.
There is no general rule that every estate must use a product called an executor account. Personal representatives must be able to account for estate money and should not use it as their own. A separate estate account is often the clearest way to keep a reliable record, but availability and requirements are set by the bank.
Many UK banks have a bereavement or estate-administration process, but account names, branch rules, signatory requirements, and online access differ. Ask the bank's bereavement team whether they offer an executor account, estate account, or trustee account, and check whether all executors must attend or sign.
Requirements vary. A bank may ask for the grant of representation, a certified death certificate, the will, identity and address evidence, and information about every acting personal representative. Ask for the bank's current checklist before sending originals or travelling to a branch.
A bank may require the grant before it will open an estate account or release money. Some banks may pay a funeral invoice directly from the deceased's account under their bereavement policy, and participating providers can pay Inheritance Tax through HMRC's Direct Payment Scheme. Ask the provider what it permits and what evidence it needs.
Some executor or estate accounts pay interest; others do not. Check the bank's current bereavement terms before choosing an account. Interest earned belongs to the estate and may need to be reported to HMRC as estate income. Keep records of all interest received.
An executor account is used while the estate is being administered. A trustee account is used when assets must continue to be held under trust terms after administration — for example, for a child until the age specified by the will. The trustees should check the will, tax position, and bank requirements rather than simply continuing to use the executor account.