Setting up an estate of--------bank acct

[charlbert]

new york---my mother passed away on nov 1st 2001. i am starting to get checks in made out to the estate of my mothers name. what do i need to set up a bank acct and deposit these checks? she didnt have a will since i divested all her assets a number of years ago.

 

[ALawyer]

NY and most other states have a simplified procedure for handling small estates. She obviously had some assets in her own name as otherwise she would not be receiving checks payable to her or her estate.

Go to the Surrogate's Court in the county of her residence and ask for some help from the clerks regarding small estates. They'll likely give you the forms you need. Then the bank will open an account.

If there are virtrually no assets and you are the some heir at law, or alll other geirs are agreeable and consent, sometimes the survuvor just signs the checks over to themselves and tries to deposit them into his or her own account; that sometimes works. But if there are assets in the deceased's name, then the formal process is needed to transfer the assets.

 

[advisor10]

12-26-2001

DEAR CHARLBERT:

You or some other family member or a probate attorney should file papers at the courthouse to be official administrator of your mother's estate. If no one has already filed to do this, someone will eventually have to do it in the future to pay any outstanding debts (funeral bills, creditors, taxes) that have not yet been paid. The official administrator will receive official legal papers that authorizes him/her to claim any and all assets (cash, personal property, etc.) belonging to your mother.


Yes, it would be advisable to put any monies received (in the name of the estate) in a separate bank account, so there is no chance that it would be mixed up with your personal funds. You will have to provide the probate court with an accounting of how the funds were spent (to pay estate expenses), and then dividing up what is left over among the legal heirs (do you have any brothers and sisters, is your father still living?).

SINCERELY,

advisor