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.