Functioning as the executor of an estate in Pennsylvania isn’t always easy. There are a great many things to be held personally responsible for. There are many moving parts in an estate and a lot of people watching your every move. Each and every requirement that you can make use of will prove handy. One essential step is opening a probate bank account.
How can you open the account?
One of the most common steps in successful probate and estate administration will be to open up a probate bank account.
The process is straightforward:
- Procure the death certificate of the individual whose estate you are representing
- Make an official filing to begin the process of probate
- Apply for a taxpayer ID number to represent the estate
- Open up the account
What is the account useful for?
There are many issues connected with the probate process in Pennsylvania that you will need to get familiar with. The first may well be having a clear grasp of why you require this type of account in the first place.
A probate bank account thus enables you to perform all of the required duties of an estate executor without incurring any personal financial or legal worries. It is also the means by which you can keep a full record of every transaction. This will keep future disputes to a minimum.
An estate bank account serves as the means by which all of the debts of the deceased person that you represent are paid off. The account itself is the legal barrier that keeps the finances of the estate separate from your own. The protection that this arrangement affords you is well worth the effort it takes to initiate it.