What is an Estate Bank Account? Why do I Need One? And How to Open it.

What is an estate bank account? Why do I need one? And how to open it? Once the probate petitioner has received the Letters of Testamentary or Letters of Administration, it's time to open an estate account. An Estate account is a "temporary" bank account established solely to manage the estate's affairs; such as settling debt, paying taxes, and distributing the remaining assets to the beneficiaries or heirs.
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