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Escrow account

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bodybabe

Junior Member
What is the name of your state? nc Escrow account is set up to deposit monthly payment in bank account of estate. Escrow account is in name of estate and executrix. Does this account have to be put in the name of the executrix for final accounting ? The executrix is the only heir. Is there any reason to ask for commission if I am the only heir and I am administering the estate?
 


anteater

Senior Member
What is the name of your state? nc Escrow account is set up to deposit monthly payment in bank account of estate. Escrow account is in name of estate and executrix. Does this account have to be put in the name of the executrix for final accounting ? The executrix is the only heir.
Huh?

Is there any reason to ask for commission if I am the only heir and I am administering the estate
If the estate has no estate/inheritance tax liabilities, probably not. Compensation to the estate personal rep is taxable income. If the estate is subject to estate/inheritance tax, then there might be a trade-off that would depend upon the estate/inheritance tax rates and the income tax rates.
 

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