Q: Do you need to open a new bank account for the 'estate/trust' once you are out of probate in order to distribute funds?
I am the executor of my mothers estate. We are in probate and I am working with an attorney. I am through with paying all the bills/taxes and liquidating all of the assets. My attorney has directed me get a new EIN and to transfer all of the funds from the current 'estate' account to 'trust' account in order to get out of probate and distribute the funds to the heirs. The bank is resistant to this and requested that I consult with the court or another attorney.
A: It sounds to me like you should consult with another attorney. In order for the probate estate to be closed, the executor/administrator must submit a final account to the probate court. That final account indicates that all of the assets have been gathered, bills paid, and distributions made to the beneficiaries. The estate account should have a "zero" balance because everything has been taken care of. If you still have estate assets/funds, then the estate should not have been closed.
A:
Addendum to my prior answer:
You need to make sure you understand the terms of the Will. It is possible that the Will created a trust, which is where the remaining assets are to be deposited. Ask your attorney to explain in detail, preferably written, what needs to be done.
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