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    zap100's Avatar
    zap100 Posts: 10, Reputation: 1
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    #1

    Feb 7, 2008, 09:10 AM
    Estate Bank Account investing?
    My spouse passed away and received some of the checks came to "Estate of my spouse name"

    I opened the estate account in a local bank near by and it is only 0.10 % interest earning.
    Can I invest any other institution to earn more money?

    Also my spouse had a brokerage bank account(ChxScx)
    Unfortunately no beneficially and not joint account.
    I need to transfer the money to estate account.
    The brokerage firm offer their estate account to open with.

    Is this good idea to open one with the same brokerage firm?
    Or I should just put in the regular bank?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Feb 7, 2008, 01:59 PM
    I believe the brokerage account will be OK as long as there is no speculation or risk involved. To the extent you are handling 'estate' funds, you are a fiduciary. "The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiduciary's actions are performed for the advantage of the beneficiary." You can be liable for any losses, in other words. See: fiduciary legal definition of fiduciary. fiduciary synonyms by the Free Online Law Dictionary.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Feb 7, 2008, 05:10 PM
    The estate account is only used till the estate is settled, to pay debts from and the such, Unless there are serious issues, most estates can be settled very quickly, then the money would be free for you to move and invest since it becomes your money.

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