Summary:

In this episode, Gordon and Jenna discuss the practical aspects of estate administration, focusing on what happens between the time someone dies and when probate is obtained.

They address the common concern that banks freeze accounts after someone's death and explore the expenses that need to be paid during this period. Gordon and Jenna emphasize that although accounts are generally frozen, banks often allow certain transactions to cover necessary expenses. They also touch upon the importance of planning to ensure smooth estate administration and provide insights on negotiating with banks and creditors.

Key points:

• Banks freeze accounts upon an account holder's death to protect the estate and prevent improper transactions.
• Common non-contentious expenses that banks typically approve include funeral costs, utility bills, and insurance payments.
• Negotiation and cooperation with banks can often lead to the payment of necessary expenses before obtaining probate.
• Preplanning and prepaying funeral expenses can alleviate financial burdens and ensure smoother estate administration.
• Borrowing against estate assets may be a viable option for covering immediate expenses while awaiting probate.
• Executors should be precise and meticulous when completing probate applications to avoid unnecessary delays.

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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