What is the name of your state?Colorado
I have some general questions about managing my deceased brother's estate:
1. I am setting up an estate bank account (I have an EIN). What is the proper wording to use on the account? Should the account and checks read "The estate of -------" and where does my name appear as Personal Representative?
2. What happens if the estate does not have enough assets to cover all the debts? My brother left quite a bit of debt and I haven't seen his last medical bills yet. How do I decide who gets paid and who doesn't?
3. If the estate runs out of money, how do I close the estate?
I have some general questions about managing my deceased brother's estate:
1. I am setting up an estate bank account (I have an EIN). What is the proper wording to use on the account? Should the account and checks read "The estate of -------" and where does my name appear as Personal Representative?
2. What happens if the estate does not have enough assets to cover all the debts? My brother left quite a bit of debt and I haven't seen his last medical bills yet. How do I decide who gets paid and who doesn't?
3. If the estate runs out of money, how do I close the estate?