To ask the Secretary of State for Justice, what steps he is taking to enable the executors of an estate to access the funds held in an executor's bank account prior to obtaining grant of probate to allow them to better manage that estate.
Answered on
5 December 2014
A bank may permit an executor to withdraw money from the deceased’s bank account before probate is granted. However, the bank in question will be liable to the deceased’s estate if it releases funds to the wrong person. The bank may therefore insist on production of proof of the executor’s right to administer the deceased’s estate, namely the grant of probate, before releasing the money.
The Government considers that this strikes a fair balance between the parties and has no plans to change the law at present.
Information about the role of executors and the significance of the grant of probate is available from various sources including https://www.gov.uk/wills-probate-inheritance/overview and http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm05101.htm.