Opening a New Checking Account for Estate Administration
One of the first tasks you must carry out as the executor or administrator of an estate, before you pay any bills of the estate, is to open a new checking account for the estate. Depending on the bank you choose, the account name will be “The Estate of [the deceased]” and may also include your name as the executor or administrator.
Do I have to use the decedent's bank?
You may choose any federally insured bank that is convenient to you. To expedite the process before estate funds are available, you can use your own money for the initial deposit and be reimbursed by the estate later. If there is a large amount of money to be managed, you should consider a money market account or other interest bearing account.
You will deposit all checks payable to the estate or to the deceased to the estate account. When it's time to pay claims against the estate, you will make payments from the estate account. Be sure to keep complete records showing what each payment was for and the source of all deposits.
Can I pay estate bills as soon as they come in?
If there is a chance that rightful claims against the estate will be greater than the funds available to pay them, be sure to wait until the time to file claims has expired, then follow Texas guidelines for which claims have priority. An experienced Texas probate attorney can guide you through the administration process and explain how probate law applies to your situation.
At Peterson Law Group, we understand how intimidating the probate process can be, so we take the time to discuss your circumstances in detail and answer all your questions. Make an appointment with an experienced Bryan, Texas probate litigation lawyer at the Peterson Law Group. Call 979-703-7014 or 936-337-4681 to schedule a consultation today, or visit us online.