Most personal representatives will need to open an estate bank account after filing the probate. The personal representative can transfer and close monies in the decedent’s savings and checking accounts, and deposit these funds into the estate’s account. The bank requires a certified copy of the Letters issued by the court to open an estate bank account. These Letters of authority are given to the personal representative after the hearing when the court grants the Order for Probate.
The personal representative should deposit all uncashed checks and cash in possession of the decedent at the time of his death, and subsequent receipts of monies, into the estate checking account. The personal representative should pay all estate creditors by check from the estate account. Keep in mind, the personal representatives should never commingle their own funds with estate funds. The personal representative should not keep substantial amounts of estate funds in the estate checking account for long periods of time. Instead, the personal representative should keep funds not required for current expenditures and distributions in an interest-bearing estate savings account.