how long can a lawyer keep an estate account open

You must keep the estate open until you have collected all estate assets. Please have your attorney file an petition to extend the time for filing a final accounting and petition for discharge. 0 found this answer helpful

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How long does an account stay open during probate?

Oct 31, 2011 · Answer: Questions regarding state law are best posted in the state forums; it's only luck when a Guru happens to know a state specific answer. Generally, an estate remains open until the decedent's affairs have been settled. Heirs may pressure a personal representative to close an estate so they can get "their" money.

How long do I have to keep the estate open?

Nov 03, 2015 · You must keep the estate open until you have collected all estate assets. Please have your attorney file an petition to extend the time …

Should the executor of an estate have an estate account?

How long can I keep my Mom's Estate account open? I opened my Mom's Estate account, as I am the Executor of Her Estate, my Estate Attorney says I need to close the Estate, Probate will be over and I am to pay my Attorney, and then my Brother and Myself. However, there will be a refund coming from the Calif State Tax Board of at least 19 thou. I ...

Can I keep my bank account open if I'm an administrator?

Nov 22, 2019 · A: As your probate lawyer should have advised you, as executor you are responsible for filing the final income tax return. Creditors also have two years to file a claim.

What happens after an estate is distributed?

Closing an estate account. After distributions have been made to heirs and beneficiaries, you will file a final accounting of the estate with your probate court. This includes records of disbursements, receipts, and costs attributed to the executor of the estate. Then it’s time to close your estate account.

Is it free to open a checking account?

In many cases, opening a checking account is free. Opening a brokerage account may incur some initial fees. You may also have to transfer some of your own personal funds into the estate account to fund it, which may include associated fees. If you’re working with a probate lawyer, they will handle all the fees and funds needed.

Can you open an estate account with a lawyer?

An estate account for probate is typically opened with the assistance of your probate lawyer. However, any executor appointed by a probate court is authorized to do so, as well. If you’re doing it yourself, it’s often most convenient to open the estate account at the same bank as the decedent.

Do executors have to open an estate account?

It is highly recommended that the executor open an estate account to properly track and account for payments made to estate creditors. This is especially true in cases wherein an estate’s probate process lasts over a year, wherein estate taxes will be paid only once during the probate process.

How to handle disputes over an estate?

To handle disputes over the estate account, the executor must always refer back to the estate plan or other written evidence that can support their actions. This will help show that the actions were in line with the decedent’s intent.

What are the legal challenges of being an executor of an estate?

While executors have discretion with estate management, they are obligated to follow the intent of the will (if one exists) and handle the decedent’s estate in a reasonable and prudent manner.

What is a joint account?

The account holder claiming rights to all the money in the account; Disputes about managing the estate when the surviving account holder and executor are two different people; and. The bank or government refusing to treat the funds in a joint account as belonging to the decedent (for distribution or tax purposes).

What happens if you fail to follow an estate plan?

If you fail to do so, other people with an interest in the estate could challenge your actions. Some instances where legal dispute could arise with an estate account is if the executor uses the money for personal use or failure to follow the estate plan’s directives.

What is the job of an executor of an estate?

It will be the job of the estate’s executor to set up and monitor the account. The executor will also need to handle deposits, distributions, and debt payoffs from the account’s funds. Say someone dies with a will in place that appoints a specific person to handle their estate. This person will be the executor of the estate.

What happens to assets after someone dies?

After someone passes away, their assets and debts will need to be accounted for and managed. One way to handle this is to have a separate bank account opened after the person’s death, which is referred to as an estate account. It will be the job of the estate’s executor to set up and monitor the account. The executor will also need ...

Is there a surviving account holder on a bank account?

Oftentimes, there will be a surviving account holder on the decedent’s bank account. Common examples are the person’s spouse or child. This can prevent several issues, including: Disputes about managing the estate when the surviving account holder and executor are two different people; and.

Executor Duties and Deadlines

An executor's responsibilities include petitioning the court to open probate, inventorying the estate assets, notifying any creditors and settling debts, paying taxes, and distributing assets to the will's beneficiaries. In many cases, the executor may need to consult with attorneys, accountants, and appraisers.

Income and Estate Taxes

An executor cannot settle the estate until all taxes are paid. Often, this step requires consultation with accountants and attorneys. First, the executor must file the deceased's final income tax return and pay any final income taxes.