Legal Question in Wills and Trusts in New Jersey

Re: estate

You need an estate account after probating the estate. Please call if you want further help.

Re: estate

Generally, it makes sense to open an estate account to segregate assets and to keep track of income and estate expenses (and for estate income tax purposes).

Re: estate

The account traditionally goes into an estate account first. There may be requirements to verify that any death taxes (estate or inheritance) have been paid or declared exempt from such taxes. Debts of the estate must be paid and the assets may be needed to pay them. There may be inventory reporting to the state probate court, which is best done using an estate account, and getting a Release and Refunding Bond from the recipients before the distribution is finalized. You might need professional help from an attorney or an accountant to see that all of your responsibilities have been met before the distribution occurs. Interim distributions may be allowed, but I suggest you not finalize until all of your requirements are met.