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When someone passes away, does the executor of the estate have to open a separate bank account - Portland, Oregon.

October 08, 2010

In a probate estate, the executor will open a separate estate account. He or she transfers everything out of the deceased’s name into the name of the estate.

These transfers do not require the liquidation of assets. For example, the executor can transfer stock in a company without selling it.

Frequently there is money available in a joint account that is not going through the probate estate.  A parent, for example, may have her checking account in joint ownership with one or more children, so when she dies they can use this money to pay bills that are due.

Dealing with a loved one’s estate can be a difficult time. An experienced probate attorney can help. Contact the Probate attorneys with the Law Offices of Nay & Friedenberg in Portland, Oregon at (503) 245-0894 to set an appointment.