Related Definitions
What is an Estate Bank Account?
An account used by an executor or court-appointed administrator to manage the assets of a deceased individual.
A dedicated bank account established for managing the financial affairs of a deceased individual’s estate during probate. This account is used to collect estate assets, pay debts, and settle expenses before distributing remaining funds to beneficiaries. Establishing an estate bank account simplifies financial management during the probate process and helps ensure transparency and proper record-keeping for all transactions related to the estate.
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