Executor bank account

Discussion in 'Legal Issues' started by Fernfurn, 6th Jul, 2016.

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  1. Fernfurn

    Fernfurn Well-Known Member

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    by a Bellarine beach
    My old aunty has died leaving me her estate and me as executor. Would the bank just close off her bank account if I dont notify them. I would prefer to keep her account open and use it for all the transactions of getting the house ready for sale and depositing the sale money in too. Are there any checks on how long these deceased accounts stay open?
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Adelaide, SA
    When I lost my dad, the bank renamed the account to Estate of ...

    I had to take in my Letters Of Administration to prove I had authority.
     
  3. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

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    If they know the account owner has died they will freeze the account.

    If there is real property then you would need probate granted to open an account (or letters of administration if no will) or operate the existing accounts.
     
  4. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Member

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    Sometimes its dangerous to be sole executor and beneficiary. If others could have a claim on estate independent advice could avoid a concern. See a solicitor and at least have probate completed under instruction or by them