Executor Account

An executor account is a type of financial account used exclusively for the administration of a deceased person's estate. It allows executors or estate administrators to receive, manage, and distribute estate funds securely and transparently, ensuring that assets remain separate from personal finances and in full compliance with legal and fiduciary obligations.

Why Executor Accounts Matter

When someone passes away, their estate (comprising bank accounts, property, investments, and personal possessions) must be collected and distributed according to their will (or, if no will exists, under intestacy rules). Executors, who are named in the will, or administrators, who are appointed by the court in the absence of a will, take on this responsibility. The executor account provides a structured and secure way to manage these assets.

Using a dedicated executor account is considered best practice. It avoids co-mingling estate funds with personal or business accounts, simplifies record-keeping, and offers clear evidence of how estate assets have been handled. For solicitors, it also assists in meeting regulatory duties under the Solicitors Regulation Authority (SRA) rules.

How Executor Accounts Work

To open an executor account, most banks or third-party providers require:

• Proof of identity for the executor(s)
• A Grant of Probate (or Letters of Administration)
• The deceased's death certificate

Once opened, the account is used to:

• Receive funds such as proceeds from the sale of property or investments
• Pay outstanding debts, taxes, and funeral expenses
• Distribute remaining funds to beneficiaries in line with the will or legal entitlements

Examples and Use Cases

• A solicitor acting as a professional executor opens an account to handle a high-value estate with multiple beneficiaries across the UK.
• Two siblings named as executors use a joint executor account to manage the sale of their late parent’s home and divide proceeds.
• A probate service firm uses a third-party managed executor account (such as dospay) for speed and compliance across multiple estates.

Mini-FAQ

Can I use my personal account instead?
No, it is strongly discouraged. Co-mingling estate and personal funds can breach legal duties and create confusion or liability.

Do all banks offer executor accounts?
No. While many high-street banks do, availability and ease of opening vary significantly. Some require in-person visits by all executors.

See our article on Which Banks Offer Executor Accounts in the UK?

Are third-party executor accounts regulated?
Yes. Providers like dospay operate under UK regulatory frameworks, and funds are often safeguarded with institutions such as the Bank of England.

Executor accounts are a cornerstone of responsible estate administration. Whether managed through a bank or a third-party provider, they protect both executors and beneficiaries by ensuring that the financial aspects of probate are handled with clarity and integrity.