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Executor bank account

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

  1. Fernfurn

    Fernfurn Active Member

    Joined:
    24th Jun, 2015
    Posts:
    36
    Location:
    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. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,596
    Location:
    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 Solicitor, Finance Broker, CTA Business Member

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    18th Jun, 2015
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    9,033
    Location:
    Sydney
    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

    Paul@PFI Tax Accounting + SMSF Business Member

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    18th Jun, 2015
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    2,400
    Location:
    Sydney
    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