Do I Have to Open an Estate Account When I am in Charge of a New York Estate?
Most executors are required to open an estate account. An estate account is where the decedent’s assets are liquidated before those assets are distributed to the beneficiaries of the estate. Even if the estate is small, opening an estate account is a good idea. An executor or administrator of an estate is not allowed to commingle their own assets with those of the estate, and an estate account is the surest way to prevent commingling. An estate account also makes it easier to account to the beneficiaries and makes for a faster closing of an estate.
If you need a New York estate attorney, call the Law Offices of Albert Goodwin at (212) 233-1233.
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
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