Estate Law Questions? Ask an Estate Lawyer.
Payable to the estate
So since you were appointed administrator of the estate you would or need to apply for an EIN number from IRS.Once you have the number here you set up an Estate Account.The funds get deposited in the account.This would be part of the gathering of assets you are required to do.You would or need to post a notice to creditors, pay any creditor claims that come in, file final tax return, liquidate any other assets with court approval , and then again with court approval funds are disbursed to legal heirs as found by the Surrogate Court.Here the court should make a finding as to the heirs and their shares so that again with court approval the funds can be disbursed to them as part of closing the estate. Apply for an EIN number here.http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-OnlineThe bank will want the EIN number and your letters to set up an Estate account.It has been my pleasure to assist you today.Please let me know if you have more follow up.Thanks again.Laws of Intestacy that set out who the heirs at law are and are applied by the Surrogate Court.
The Irs, has issued a # XXXXX a bank account has been established.
So the funds go into the account here and once the inventory has been filed, any creditors and expenses filed you would have a final accounting and distribution hearing in front of the court with a proposed division of the remaining assets to be divided among the siblings the laws of intestacy.You notice everybody and the court approves it and you would then be able to cut the checks to them and close out the estate.
Here is a great A-Z reference that would walk you through all of this with forms along the way.Thanks for letting me help and being patient.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).