Tuesday, February 5, 2013

New Bank Account

As the official executor of his mother's estate appointed by the probate court, Jack needs to open a new checking account for the estate. 

He should transfer all of his mother's cash funds he can find to the new estate account. So Jack will close all of his mother's bank accounts and consolidate them in the one estate account. 

Jack should be careful to wait to close the original accounts and transfer them to the new one only after all the outstanding checks have cleared and the automatic withdrawals and deposits are cleared up. 

He should quickly notify the utilities and Social Security, who were set up for automatic withdrawals and deposits, about his mother's death and asked them to make the necessary adjustments and cancellations. 

The new estate account will serve to keep all estate money separate from Jack's own funds as required by probate law.  Used properly, it will also simplify keeping track of all estate expenses and deposits by having all financial comings and goings happening in one account. 

For help following probate procedures in your situation or to plan your estate to minimize or even eliminate probate, call our office at (815) 436-1996 to schedule an appointment.  © 2013 Gruber Law Office, Ltd.


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