Planning For A Secure Future

Estate accounts in California

On Behalf of | Jun 12, 2023 | Estate Administration & Probate

If this is the first time that you’ve been an executor of the estate of someone who has recently passed, you likely have some questions about how you’re supposed to settle some of the financial aspects of the process. And if you’re a loved one of the deceased and a beneficiary of the estate, you might want to know more about the process. An estate account is an essential part of ensuring that the executor can settle debts and that beneficiaries know how the finances are being handled.

Why is an estate account necessary?

For an executor to complete the estate administration and probate duties, they need an estate account so that they can take care of debts and pay for expenses related to court fees. Since the expenses need to be paid, but the executor shouldn’t have to pay for them with their own money, an estate account is created to keep the executor’s finances separate from those of the deceased. Having an estate account also helps the beneficiaries see where money is being spent so they don’t wonder if the executor is using the funds for something other than what is necessary.

How to choose an executor

If you’re currently in the process of planning your estate, choosing an executor should be at the top of your list of priorities, and there are certain qualities that you should look for in an executor. For instance, choosing someone who you can trust to make ethical decisions is a top priority. Still, you should also look for someone with experience in managing money, and you need someone who has good communication skills and is available.

Many people don’t understand the financial loose ends that need to be tied up when someone dies. Finding the right executor will help ease the probate process considerably.