Executor Accounts and 85000 Guarantee

Hi all

My understanding is that there is now a guarantee on savings for each "institution" to cover 85000 in savings for an individual. As an executor of my late father's accounts, do the savings I am holding in an account for future dispersal count as part of my own savings allocation?

Also, if the total of my father's savings exceed 85000 can I split this between 2 institutions to avoid exposure should the bank fail?

The solicitor advised against setting up an account that the bank sees specifically as an executor account, advising that I simply set up a joint account with my sister (the other executor). I can't remember the reasoning - something to do with additional bank charges for executors I think.

TIA

Phil

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TheScullster
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