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    jimwall4's Avatar
    jimwall4 Posts: 1, Reputation: 1
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    #1

    Jan 20, 2012, 06:53 AM
    Estate bank accts?
    I have an estate which consists of a check for 2900. From a nursing home. It is a reimbusement. The check is made payable to the estate of. There is a will. How can I process this simply
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Jan 20, 2012, 06:56 AM
    It is deposited into the account of the deceased person; that is why it is Made out to "the estate of". The bank holds all funds until the estate is settled according to the will.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jan 20, 2012, 07:00 AM
    If you are the executior of the estate then you should establish a bank acount that is titled "The estate of ..." with you as signatory. To do this you will need to take a copy of the probate court paperwork to the bank that names you as executor. This estate account then gives you (the executor) the ability to pay bills out of the estate's assets, or accept income on behalf of the estate.

    Once the estate is settled (all bills paid, final year income tax filed, will probated) this account can be liquidated and the assets distributed to the heirs, in accordance with the will's provisions.
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