The personal representative needs to open an estate account, transfer the funds then issue the checks that will close the account so he or she can actually account for the receipts and disbursements.
Deceased Customer/Estate Account Disbursements
We have a customer that has brought in a decree approving first and final accounting and closing of an estate. The administrator has asked us to cut 3 separate checks to the heirs listed in the document. Our issue is the administrator never moved the money into an estate account. It is still in the name of the deceased. Should we ask them to open an estate account just for the disbursements or would it be ok to do it directly from the deceased account?
First published on 11/04/2018