Does The Personal Representative Need To Set Up A Separate Estate Bank Account?

A personal representative owes a duty to the estate, its beneficiaries and creditors to properly manage the assets and funds of the estate. Technically, there is no rule requiring a personal representative to set up an estate bank account, but doing so is a good idea.

Setting up an estate bank account helps prevent co-mingling estate funds with personal or business funds, it provides a place to deposit funds payable to the decedent, and it provides a method to keep track of estate funds. At some point the personal representative will need to provide an accounting, which is easier if the estate funds are kept in their own account.

Douglas N. KigerAttorney at Law

Blado Kiger Bolan, Tacoma, Wash.

Related Posts
  • My Wife’s Mother Passed Away With a Will, but It Wasn’t Notarized. (We Do Have Her Power of Attorney.) The Bank Has Frozen Her Account of $1,500. What Are Our Options? Read More
  • Are Estate Companies Responsible for the Security of a House That Is Part of the Estate? We Experienced Damage to the Home and Don’t Want to Pay. Read More
  • How Long Do Creditors Have To Make Claims Against The Estate Of Washington State Residences? Read More