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.