Summary:

In this episode, we dive into the world of handling financial matters as an executor, specifically dealing with banks and financial institutions. From opening estate accounts to navigating the complexities of frozen assets, we'll provide tips and insights for executors to manage this crucial aspect of estate administration.

Executors play a pivotal role in managing the financial affairs of the deceased, a process that involves dealing with banks and financial institutions. Opening an estate account is a crucial step, allowing executors to collect assets, pay expenses, and handle income flow. In this episode, we discuss practical tips and set expectations for executors dealing with financial institutions.

Key points:

• Executors often need to open estate accounts promptly to handle financial matters efficiently.
• Executors should be prepared to provide necessary documents, including the death certificate and legal paperwork, during the account opening process.
• Executors should inquire about the bank's policies regarding the need for probate and explore possibilities of waiving this requirement in certain circumstances.
• Consider consolidating accounts from the deceased into the estate account, excluding investment accounts that may be better left unchanged.
• Banks often freeze accounts upon learning of a person's death to prevent unauthorized access.
• Executors can negotiate with the bank for interim payments for essential expenses while waiting for the grant of probate.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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