Legal Question in Wills and Trusts in New York
Setting up on estate account
My mother-in-law recently passed away without a will and a small estate (under $100K.) She lived in the Bronx. She is survied by her two daughters who submitted Petition for co-Administration. One of the daughters lives in the Bronx (New York) and one lives in Edison, New Jersey. We recently received the Petitions and would like to know if we could set up the estate account in New Jersey to begin paying her bills or do we need to set it up in New York because this is where we received the decree. Also, do we need an EIN to set up this small estate account? Thank you.
3 Answers from Attorneys
Re: Setting up on estate account
oNCE THE APPOINTMENT IS ISSUED, THE ADMINISTRATORS CAN OPEN AN ESTATE ACCOUNT ANYWHERE. ALL THEY NEED TO DO IS GIVE THE BANK AN ORIGINAL CERTIFICATE EVIDENCING THEIR APPOINTMENT. THE ESTATE DOES NEED ITS OWN ID NUMBER WHICH YOU CAN GET FROM IRS BY FILING FORM SS4 WHICH IS AVAILABLE AT THE IRS WEBSTE. FAX IT TO IRS AND IN ABOUT 2-3 DAYS THEY WILL FAX BACK THE ID NUMBER. IF YOU NEED HELP, CALL ME AT 973-377-3313 AND I CAN FAX YOU A FORM AND THE INFORMATION WHERE TO FAX IT TO IRS.
Re: Setting up on estate account
Yes, you need an IRS Id #. Use an SS-4 form to obtain it.
As long as the funds are held by the Administrators, the accounts must be in New York.
Re: Setting up on estate account
The 'Surrogates Court' retains jurisdiction (oversight) of the estate until the estate has passed probate and the Executor has completed his/her duties. Therefore, the funds must be kept in an account which is within the jurisdiction of the Surrogates Court (NY State). However, the Court can be petitioned to approve an account in another state. But the benefits of the convenience of the local account (a bank near your home) is more than offset by the inconvenience of the legal procedure to establish the account. you are welcome to a consultation at my office for no charge at 42 west 44th st, ny,ny. please call for an appointment first - 646-591-5786.
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