[WSBAPT] Another Estate Bank Account Question

[Inge Fordham]

Same.  The question you need to ask is: “What does the investment account require for distribution?”  Administrator should be able to call and find out.


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Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Fax: (253) 276-0280
www.fordhamlegal.com<http://www.fordhamlegal.com>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Marcus Fry <MFry at hawleytroxell.com>
Date: Thursday, May 8, 2025 at 10:53 AM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Another Estate Bank Account Question
Depends on the financial institution.  You may be able to get a PR appointed and obtain an EIN and the financial institution may distribute checks at the direction of the PR, which could be to your trust account for future distributions, without requiring anything further.  On the other hand, some institutions require that the funds/investments be transferred to an estate account first prior to disbursement.

Seen it both ways.

-Marcus

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jordan Kostelyk
Sent: Thursday, May 8, 2025 10:50 AM
To: WSBAPT at lists.wsbarppt.com
Subject: [WSBAPT] Another Estate Bank Account Question

* NOTICE: EXTERNAL EMAIL *
________________________________
If an Administrator is the only heir, the decedent died approx 3 years ago, and there are no known creditors, and the only asset is an investment account (worth around $144K), must the administrator open an estate account under law? If not under law, what are the important reasons to open an estate bank account in this scenario?

I think that, even if everything checked out above and it was okay, a check made payable to an estate would not be able to even be deposited in a personal account, but I'd like to know more about people's experience with this.

Thank you,
Jordan


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