How to open a checking account for an estate

You can easily open an estate account if you know how to properly administer one.

An estate account is a bank account held in the name of the estate of a deceased person.The final distribution of funds to the estate's beneficiaries can be done with the funds held in the account.

Adding a beneficiary, usually an adult child, to an existing bank account as a joint account holder can seem like an attractive option during the estate planning process.In such a situation, the funds in a joint account would transfer over to your child, who can distribute them according to their wishes.

While an estate account is not required by law, it's a better option for both your estate and your executor.

It is easy to open an estate account.The basic steps need to be followed by the executor of the estate.

Any payments made to the estate can be deposited into the account.After the final distribution of the estate funds is completed, the account can be closed and the last payments made to the beneficiaries.

An estate account can't be closed until the probate is closed.The final accounting that shows all the transactions that have affected the estate's funds is the most important part of the closing process.After all the estate's debts and taxes are paid, the final accounting is made.

After the account is closed, the final distributions from the estate account can be made to the beneficiaries.The process may be as simple as filling out forms for the bank.

Belle Wong is a writer specializing in small business, personal finance, and marketing topics.Read more

One that isn't always as complex as you might think will help ease your fears about the process.

You can use an estate account to administer your estate.

Whether you're an administrator or heir to a probate estate, you want to know how long this will take.Read on.

If you draft a living trust, designating beneficiaries, and hold property together, you may be able to avoid probate.

It is possible to save time and money by determining if an estate has assets that are not subject to probate.Non-probate assets include several types of assets.

It can sometimes be avoided with careful planning.It doesn't have to be frightening.

There are a lot of responsibilities and duties for the executor of a will.You'll know what to expect from the basics.

In order to fulfill your duties as the executor of an estate, you must first be granted the authority through a letter of testamentary.

If you're acting as the administrator of an estate, you need to get a letter testamentary.There are some points you should know about the process.

Saving your estate and your loved ones could be achieved by taking a few steps now.

While not every estate needs a probate lawyer, having an experienced attorney as an ally can be a big help to an administrator, but how much will it cost and who is paying?