QUESTION
What do we need to do to set-up a proper estate account?
Asked on Nov 09th, 2011 on Estate Planning - Arizona
More details to this question:
A relative volunteered to be executor of family estate. The estate bank account is registered under this person's SSN. The bank statements indicate that this is a 'personal' account. The other heirs would like to have the account set up differently. The executor is not court appointed. What has to be done in order to setup a 'proper' estate account?
8 ANSWERS
Glen Edward Ashman
See a lawyer! There is no way to probate an estate without going to court and there is no way to be an executor without a court order. The person claiming to be an executor is likely acting illegally and you probably need to sue the person.
Answered on Nov 10th, 2011 at 9:26 AM
Tax Attorney serving Portland, OR
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Bullivant Houser Bailey PC
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Actions done by a self-appointed executor have no legal effect unless that person is appointed by the court. If there is a will, the named personal representative should file a probate or small estate affidavit. If there is no will, the closest relative (the order of priority is spouse, parent, children, grandchildren) willing to serve should file. You then could obtain an employer identification number and open a proper estate account.
Answered on Nov 10th, 2011 at 9:06 AM
The answer to your question depends on the all of the facts of your specific situation. No attorney can give you specific advice to your situation without knowing the entire situation. I can comment generally based on the information that you provided in your question. However, you should understand that the information contained in your question does not contain essential information needed to provide you with legal advice. This message is not intended to be legal advice for you and you should not consider that we have formed an attorney/client relationship. I am assuming that you are in Oregon and that Oregon law applies, The only way for an executor to be appointed is through a court order in probate. The only way to set up a proper estate bank account is with an executor appointed by the court.
Answered on Nov 09th, 2011 at 4:52 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You have to petition to be named personal representative by the probate court. Then you can get a taxpayer identification number for the estate, and set up the account properly. In the case of very small estates, which own no real property, sometimes this can be avoided, but probate is not an awful or expensive process in Oregon, and results in the cleanest final resolution of all the issues that arise in settling the decedent's estate.
Answered on Nov 09th, 2011 at 3:15 PM
Ancillary Probate Attorney serving Dallas, TX
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Burdette & Rice, PLLC
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Volunteering to act as the executor and actually being appointed to do the job are two very different things. One is real and the other isn't. A person cannot claim the status as executor without being appointed by the Court. Period. The reason that an estate account could not be opened in the name of the estate is due to the fact that this person has no authority (typically found in Letters Testamentary) to act on behalf of the estate. If you and the other beneficiaries wish to have this person serve as the executor, and thus be able to open a "proper" estate account, the Court would need to appoint them to that position.
Answered on Nov 09th, 2011 at 3:15 PM
1 Award
The executor needs a letters testamentary from the probate court in order to create an estate account.
Answered on Nov 09th, 2011 at 3:13 PM
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In order for an estate to be properly administered, the executor needs to be court appointed. The accounts and other assets should not be in the executor's personal name or social security number. It sounds like either the executor needs to hire counsel to appropriately administer the estate, or you may need to retain counsel to get the Estate on the right path.
Answered on Nov 09th, 2011 at 2:37 PM
If the executor is not court-appointed, then this is not an "estate" account. Only a court-appointed "executor" (also known as a "Personal Representative") can represent an estate and set up an estate bank account.
Answered on Nov 09th, 2011 at 2:34 PM