If I am executor ofmy father’sestate, can I put the money from the sale of his things intoa bank account that only he and I were on?

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If I am executor ofmy father’sestate, can I put the money from the sale of his things intoa bank account that only he and I were on?

His Will leaves everything to my sister and I. I was on my dad’s account and have POA. Should I set up a trust account or is it legal for me to put this money into this account even though my sister may not get anything from the bank account?

Asked on October 6, 2011 under Estate Planning, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I am so sorry for your loss.  Being the executor of a Last Will and Testament is a very important position.  It is a fiduciary position and although it gives you great power and responsibility, it also leaves you open to great scrutiny by the courts and beneficiaries.  When you are appointed and begin to sell your Father's assets you need t open an estate account that lists you as the executor.  All the funds that are proceeds from the estate should be deposited in to that account and you should keep very good records.  Now, you should also know that the POA died with your Father. It is no longer in effect.  Please seek some legal guidance on this all in your area.  Good luck. 


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