Ask Experts Questions for FREE Help !
Ask
    zap100's Avatar
    zap100 Posts: 10, Reputation: 1
    New Member
    		  
    #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
    Ultra Member
    		  
    #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
    Expert
    		  
    #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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Opening an estate bank account [ 2 Answers ]

My 23 yr old son was killed recently and his insurance company sent me a check for $10000. It is made payable to the "estate of ..." how do I open a bank account for this check ?

Opening an estate bank account [ 2 Answers ]

Ok here's my situation. I need to open an estate bank account so that I can start paying off my deceased dads accounts. The problem? My credit stinks royally and no bank will let me open an account because I can't pass a credit check. SOOOOO now what? Is there a loop hole somewhere? Can I have...

Estate Bank Account [ 1 Answers ]

In New York state how long must the estate bank account be kept open for? Paul

Estate Bank Account Access [ 2 Answers ]

My brother and I are the administrators of my mothers estate. We had to probate the estate and opened a bank account. Instead of paying every bill out of the estate with a check, we withdrew the money and made the payments ourselves. Also, I got out money to keep aside to pay bills in case my...

Real Estate Investing [ 3 Answers ]

Can a real estate investment, LLC be established without having an associates or brokers license. If there is no desire to represent the general public as an agent in buying or selling real estate and the only goal is to buy and sell real estate as an investment business for oneself. My question...

View more questions Search