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Does all money taken out of estate account have to be tracked with a check or money order?
Wiki User
∙ 11y ago
Briefly and generally: At the commencement of the probate process the court appointed estate representative must file an inventory with the court, listing all the property of the decedent. The debts of the decedent must be paid first then the costs of administering the estate. The remaining estate is then distributed to the heirs. The estate representative must file a final account that documents the disposition of the assets that were listed in the inventory.
Once a probate has been filed with the court the file is a public record. Anyone who is interested in the estate can visit the court and request the file. This allows heirs to track the process and review the filings. Since the process is all open to the public the estate representative would be wise to carefully document with check copies and receipts all the expenditures and distributions since any waste caused to the estate is their personal responsibility.
Wiki User
∙ 11y ago
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When can you close your fathers estate account and keep the money as an heir?
when can you close my fathers estate account and keep the money.
Who puts money into an estate account?
Whoever is the trustee(s) of the trust for the estate is responsible for the account, including putting money in it.
Can cashiers checks be tracked from the account they're drawn on to another account in which it's deposited?
In order to get a cashiers check, the money had to be withdrawn from an account, this account could be traced. You could withdraw cash, then use it to get a cashier's check, but someone might be able to match the date of a large withdrawal.
Does a check made to beneficiary of life insurance need to be deposited into estate account?
No. That money belongs to the beneficiary of the policy.
Can a co-owner on a checking account be liable for using money from an estate not settled?
Yes, the co-owner would be legally liable for using money in the account from an estate that was not settled.
Is a joint savings account considered taxable as part of an estate?
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate
Can your probate attorney collect his money through a probate account if you don't have money to pay him?
The estate is responsible for the fees. So, yes, he can collect his money from the estate.
Who gets the money from a personal account when that person dies?
If the account was in the name of the decedent only, the money in the account becomes part of the decedent's estate which is then distributed according to the will.
If someone designates a beneficiary does the money have to go to the estate or does it go directly to the beneficiary?
In relation to an IRA account or some similar trust account, the money goes DIRECTLY to the beneficiary and is not a part of the estate at all
Can you overdraft account with no money?
Yes, any check you write on an account with no money is a overdraft.
What is it called when banks record which account gives up money and which account receives money when a customer writes a check?
Check Clearing
Do i need to have money in my account to pay with check?
Yes you do or theres nothing for you to have a check and every check requires money.
