Legal Question in Wills and Trusts in Ohio

I am the executor of an estate that will be going through probate. Am I required by law to open a separate banking account for the Estate or is it sufficient to keep meticulous track of all disbursements and income and provide thorough documentation of all transactions?


Asked on 4/10/17, 12:45 pm

1 Answer from Attorneys
Thomas Sacerich Thomas J. Sacerich, Attorney at Law

You need a separate account. You can not commingle your funds with estate funds. Most banks do not charge fees for estate accounts.

Before you go to open an estate account you will need to obtain a tax ID for the estate from the IRS. Bring the tax ID along with your letters from the court appointing you as executor to the bank and they will open an account for you.

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Answered on 4/12/17, 6:36 pm


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