Q: Is executor required to open estate account in order to distribute quarterly music royalty income less then $1,000?
If a person passes with a small estate of less then $50k, all creditors have been paid, but will have ongoing income less then $1,000 quarterly; is the executor required to open an estate account in order to distribute the income to the heirs in accordance with the will? Or would a separate personal account with heirs listed as beneficiaries be sufficient?
A:
It may depend on the laws of the state where the deceased person resided and the specific terms of the will. In general, an executor is responsible for managing and distributing the assets of the estate according to the terms of the will. If the will specifies that the income from music royalties should be distributed to the heirs, then the executor may need to open an estate account in order to manage and distribute those funds.
However, if the amount of income is relatively small and the estate has already been settled, it may be possible to distribute the funds directly to the heirs without opening an estate account. In this case, a separate personal account with the heirs listed as beneficiaries could be sufficient.
It's important to consult with an attorney who specializes in estate planning and probate law to ensure that all legal requirements are met and that the distribution of assets is handled properly. They can help you understand the specific requirements in your state and advise you on the best course of action.
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