A relative passed and had a checking account with no beneficiary. We obtained letters of administration, paid off creditors (though two have stated they were owed small amounts, and would write them off) prepared tax returns (however we still have to prepare returns for 2017). We did get a blank Receipt and Release form to send to the bond company. We had estimated a value that as higher than what was in the account. Will the bond company accept that the figure we came up with as it was just an estimate? Are there any other things we need to do? The bank stated that we can keep the estate account open, but someone stated we should close it even though we have more taxes to prepare. The bond does not renew for a few more months, but should we file now in case of any potential problems? Also, after all of this, we found a will hidden deep inside a closet -- does that change anything? The distribution was the same as what the court stated.
You have a lot of questions on basic points. You might want a lawyer. Terminating the bond requires a petition in the court. It is a form. But you need an order. Keep the estate account open until all matters are settled. You can ignore the will if you want.
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