Do I have to open new accounts?

by Bob
(Indiana)

Hi Mo, thanks for doing this. I'm named executor in my parents will -- so, one of these days, I'll be doing the stuff you are doing now. I'm looking forward to following your series about it.


One question: can I keep the money in their bank accounts until distribution to me and my brother or will I need to open new ones?

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Oct 02, 2013
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you'll need a new bank account
by: Mo

Hi Bob, thanks for the kind words and no problem, I enjoy doing this.

So, the answer is you'll need a new estate bank account to move all estate assets into as you liquidate and consolidate. In my case, the will is a "pour-over." So, I first move probate assets into the estate bank account I have and then "pour it over" into the trust account and then distribute it from the trust.

I talk about all aspects of how to do all this, in detail, on other pages and videos -- all linked to from

How to Probate an Estate

and

How to Settle a Living Trust.

Apr 01, 2017
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Bank account
by: John

Mo, In my case my living trust is fully funded with all the various asset accounts, (credit union, brokerage account, annuities I own).
My will states the beneficiary is my living trust, period.
I was of the belief that therefore as my successor trustee presents a death certificate and a certificate proving she is named as the successor trustee, the credit union account title will be changed showing her as the Trustee rather than me since I'm deceased at that point.
Why then would there be any need for an additional account?

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Marquette, Michigan
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