Right! I could not open an estate account until I had an EIN number and Letters of Testamentary…which is 90 days after I started the probate process. So for the first 90 days I had no choice but to use my own funds from my own account to manage bills. But I have been keeping detailed records and plan to reimburse myself at the closing of probate. However, I never hear anyone talk about this in-between time period. And not to mention...there were not enough funds available to pay the utilities and mortgage on the house.
@@Rachelsjourney I had the same experience. The "in-between" period before I could open the estate account. Also, make sure to get the "official" confirmed copy of the Letters Testamentary stamped by the court. One bank was OK with what the attorney had supplied me, but another bank withheld my access to the accounts until I got the "stamped" official copy from the court.
@@Bluebird-wj4nj agreed! Since I was dealing with an out of state court, this took some extra time. Then once I went to the bank they also had an approval process that took ~5 business days. So in the end, I didn’t have an estate account until 115 days after my father’s death. It might be a shorter or longer time frame depending upon various factors.
Hi, I am not a financial professional, so I would check with the bank you choose to open an account with to be sure this is accurate. However, I believe that the estate account would fall under the same umbrella that any other checking or savings account at the institution you choose to open the account with would. That is to say an estate account is simple a checking account that has been opened under the estate instead of an individual person. Again, please verify with the institution you choose to open the account with.
Hi I’m just finding out my 6 yr old daughters social was used to open an estate account but it’s under someone else’s name who has deceased before she was even born (over 6 yrs ago) I tried going to the bank to settle the issue but since I didn’t have my daughter’s social security psychical card with me they are “sure” it’s a mistake on my end. However, I am 100% sure it’s not. Should I be concerned. I’m so confused
Well that is concerning. I am not an attorney, so I do not give legal advice. If I were in that situation I would start at identitytheft.gov and see what the suggestions are from there. Good luck.
Great information! Question, do estate accounts provide bank statements? I am a mortgage loan processor and working with a client who has large deposits from the estate account into her checking account. Is this something i would ask the representative of the account for?
Ginelli, Yes, an estate bank account is no different than a regular bank account. Meaning monthly statements would be provided. Now, in regards to your client having large deposits from the estate account into her checking account, hopefully the probate or trust administration process has been completed and she is entitled to the large deposits. If you are needing proof of where the large deposits originated, you could request that she provide statements from the estate bank account. If she is not the trustee, executor or administrator (personal representative or PR), she would need to request a copy of the statements be provided by the PR. Hope this helps!
Does an estate account need to be a interest bearing account my attorney says it should be. I've had mine for 3 months and never occurred any interest.
Troy, As the personal representative of an estate you have a fiduciary responsibility to the estate. That said, many of our clients open an estate account with companies like BofA. Your probably fine with BofA (even though they pay very little interest on their accounts). You should ask you attorney if the BofA account it acceptable.
I'm not getting any information from the Executor. She has not contacted me in years. There's also the issue that she is not a relative. I'm referring to her impersonating a relative. That's a different issue but what do I do when have none of the information from the dead relative? Is the FBI an alternative?
If the executor isn't responsive and it has been years I would seek professional expertise. Hire an attorney to represent you, or speak with the attorney who is responsible for the estate currently. good luck to you.
Hiya Kim! Can you tell me what accounting documents the Executor will be required to submit to the court? My aunt has finally provided a loose handwritten accounting but it does not seem complete and she has definately comingled funds. Will she be required to submit actual bank statements to close probate or are handwritten really acceptable? Cheers, Aimee
Aimee, Actually, I’m not certain what the probate court requires. If she wants to be reimbursed for her expenses, she will need to provide proof. The commingling of funds is a HUGE issue and you might want to consult an attorney.
@@ProbateandTrustHelp Thanks Kim...my sister and I have a Zoom meeting with the probate attorney my aunt hired on the 20th. I have a load of questions regarding the accounting and comingling of funds and will insist that the monies she has spent on non related Estate items be paid back to the Estate before probate is closed. I find it crazy to think that the court would not at least require bank statements to back up the accounting, otherwise an Executor could literally invent their own. Luckily my sister and I are together on this and are still prepared to seek council. As always, your advice is greatly appreciated 😊.
My brother emptied the estate bank account as the Personal Representative. We served him with an Illegal Detainer/FL because lived there for 10 months without paying house insurance, property tax, or the Reverse Mortgage.. What information do I need to provide regarding the rent amount owed on our court date?
Hi Lavette, Sorry to read that your brother emptied the estate bank account. Since your brother lived in the home for 10 months, and may owe the estate rent, my recommendation is that you research comparable properties in the area that are being rented. You can contact a property management company or research Zillow or possibly craigslist to get some data to present to the court. Hope this helps and good luck.
