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Daniel P.
Daniel P., Attorney
Category: Estate Law
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Experience:  I have my own practice in Sarasota, FL- Estate Planning, Medicaid & VA law, Probate & Family Law
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What does it mean to open an estate account In my mothers

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What does it mean to open an estate account?
In my mother's will, I was appointed the personal representative of her estate. It states in the will "with respect to my estate, in extension and not by way of limitation of the powers, authority, and discretion vested by law, all of which may be exercised without authorzation by any court".

My mother lived in the state of Arkansas. She barely had enough money for the funeral. She had no money left. She had two small bills. The family will pay those bills. She did leave a small house to her six children. We would like to keep the house as a family house.

Do we need to open an estate account? If so why?
Submitted: 4 years ago.
Category: Estate Law
Expert:  Daniel P. replied 4 years ago.

Thank you for entrusting me with your legal issue. I will work diligently and quickly to answer your questions. I look forward to assisting you. After I have answered your question, I would appreciate if you would click Accept so that I receive credit for my time.

 

An estate account is a bank account that is set up in the name of the estate. Basically, you would liquidate and close all of your mother's personal bank accounts and deposit those funds into the estate account. From the estate account, you would pay off creditors and give the rest to the heirs. Since there are no funds to deposit into this account, you do not have to worry about doing any of that.

 

Instead you would just have to file a petition to probate the estate and then you will be able to transfer the home to the heirs.

 

http://courts.state.ar.us/forms/form3.html

and

http://courts.state.ar.us/aoc/forms.cfm#pilot

 

Daniel P., Attorney
Category: Estate Law
Satisfied Customers: 2740
Experience: I have my own practice in Sarasota, FL- Estate Planning, Medicaid & VA law, Probate & Family Law
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I have my own practice in Sarasota, FL- Estate Planning, Medicaid & VA law, Probate & Family Law