Q: Spouse was killed in a crash. I settled with the offender's insurance company & will be receiving a check.
1. Does this need to be reported to "probate" court. I am the executrix.
2. Does this money need to go into an "estate" account as it will be addressed to my name, with "executrix" after my name. This is in Huron Co Ohio
A: You need to consult with an attorney! Based on the information you have provided, it sounds like the settlement funds are assets of the decedent's estate. Keep in mind that a will has no power unless it is admitted and approved by the probate court. The executor named in the will has no power until the probate court grants them power. If you have not opened the probate estate, you are not the executor and you will not be able to do anything with the settlement check. The executor, with powers granted by the probate court, is the fiduciary of the decedent's estate, meaning you are managing the estate. If the settlement check is payable to "Jane Doe as the executor of the estate", or to the "estate of the decedent" it is an estate asset. You really should consult with your attorney. If you don't have an attorney please consult with with one.
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