Most representatives will need to open an estate bank account after probate has been filed. Once you open an estate bank account, decedent’s savings and checking accounts, if any, are typically transferred into the estate’s name. In order to open an estate bank account, you will need to present a certified copy of the Letters to the bank. Letters will be issued to you after the initial hearing when the court issues the Order for Probate.
Cash and uncashed checks in the possession of the decedent at the time of his death, and subsequent receipts should be deposited in the estate checking account. Any estate creditor payment should be made by check. Personal representatives should not commingle their own funds with estate funds. Substantial amounts of estate funds should not be kept for any appreciable period in the estate checking account. Instead, funds not required for current expenditures and distributions should be kept in an interest-bearing estate savings account.