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Paying money from inheritance from a buying solicitor's account to a selling solicitor's account

  • 19-09-2021 12:09pm
    #1
    Registered Users Posts: 8 longmeadowwall


    If a solicitor is handling an inheritance of money from a parent's will by an individual and is also handling the buying of a house by that individual, can the money from the inheritance be paid directly from the account of the solicitor handling the inheritance, and the buying of the house, to the account of the solicitor handling the selling of the house?



Comments

  • Registered Users Posts: 23,323 ✭✭✭✭ Peregrinus


    Can't see any reason why not, though the solicitor making the payment will likely want the unambiguous irrevocable written instruction of the beneficiary before making th payment at the beneficiary's direction. So might be a bit of a production.

    I can't see that it offers any advantage to anyone, so why bother to set it up.



  • Registered Users Posts: 5,490 ✭✭✭ Claw Hammer


    It is the executor who is responsible for distribution. Solicitors have onerous accounting obligations and won't want to have to explain things to their accountant afterwards.



  • Registered Users Posts: 8 longmeadowwall


    So is the beneficiary paid from the bank account of the deceased person, the solicitor or the executor?



  • Registered Users Posts: 23,323 ✭✭✭✭ Peregrinus


    Usually the executors open an estate account. Money due to the estate is paid into that account; money owed by the estate is paid out of it.

    But if the estate is small, and/or involves little or no cash, this may not be done. The executor can use his own bank account, provided he keeps proper records to distinguish between his money and estate money, or the solicitor can handle the payments through the client account. (The latter would be unusual, though.)



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