Should executor open an estate bank account?
An executor should open an estate bank account as soon as he/she receives letters of administration and the estate received a Fed ID number.
Attorney Tom Olsen: Kevin you're on news 96.5, go ahead.
Kevin: Hi, Mr. Olsen, thanks for taking my call. I have a question regarding probate also, my father passed away in November and my wife, we're going through a formal probate now.
She's received her letters of administration as personal representative. My question is should we go ahead and try to set-up an estate account through our bank now? Or do we have to wait until the formal probate is completed to do that?
Attorney Tom Olsen: No no no no no, you open up an estate account now, and by the way you're going to have to get a Fed id number for that probate estate as well. So she would go to whatever bank is convenient to her, take with her, her letters of administration and the estate tax id number.
Open up an account and name of the estate and all checks that come rolling in, as part of this estate need to go to that checking account.
Kevin: Okay, I have my second question is she's going to have to file her taxes form for 2017 should she do that now before the probate is completed or wait until after the probate- [cross talk]
Attorney Tom Olsen: No no no, she need to get that done ASAP. Now when you talk to the -- And, by the way, she has every right to hire professionals to assist her with this. She should be talking to a CPA about getting his 2017 taxes done.
Kevin: Okay, Mr. Olsen, thank you so much for your time.
Attorney Tom Olsen: You're very welcome. Hey folks, my name is Tom Olsen, the name of the show is Olsen on Law, by the way, you want to reach our law firm The Olsen Law Group in Orlando.
You're welcome to call us Monday through Friday and we'll give you some free legal advice where the phone at 407-423-5561.