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Opening an estate account
We are expecting 2 checks from the State of New Jersey for our deceased father. How do we cash these checks (about $2000) without opening an estate account? We were told by someone it may open up a can of worms if we open an estate account. Is that true? All funeral expenses were paid off. We plan to use the cash to pay property tax in August. According to the State, if we do not have an estate account, we must send the checks back with a death certificate and a proof of executorship. What happens then? This we were not told.
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Let me see what the fear of an estate account? There has to be an estate, esp if there is property involved ( you said pay property taxes) In the US, you get a EIN number ( free from IRS) and take that along with proof from the court who the executor of the estate is. And open the account. All money, from the sale of the property latter, and any bill of the estate ( that would be the funeral bill also) should go though it. What money was used to pay the funeral bill, how was that money transferred. All of their checking or savings account, if not joint accounts would have to go into the estate account to be disposed of. |
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