Legal Question in Wills and Trusts in Massachusetts

estate accounts

I am executor of an estate. When attempting to close out one of the decedant's bank accounts, I was informed by the bank that I have to open an account for the estate at that bank, transfer the funds to the estate account, and then I can close out the estate account. Is this legal? None of the other banks I have dealt with in connection with the estate have required this.


Asked on 10/10/08, 3:46 pm

2 Answers from Attorneys
Christopher Vaughn-Martel Charles River Law Partners, LLC

Re: estate accounts

That doesn't sound right to me. Without more, it certainly seems like the bank is simply trying to keep the money from going to a different bank.

I'll be interested if any other probate attorneys have encountered this. Please feel free to contact me if the bank continues to refuse to turn over the money.

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Answered on 10/10/08, 4:38 pm
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: estate accounts

It seems peculiar. Speak to the manager. If the manager refuses, then just do it, transfer the funds, and then take the funds out, and place them in the estate's fund.

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Answered on 10/10/08, 6:00 pm


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