Is it true that a Florida executor can close a bank account and transfer funds to the estate bank account?

Answer by  bassmaster76 (62)

I think So. When someone who has an individual account dies, and the institution has recieved the appropriate Documentation, the individual account is converted to and estate account and the executor has the authority to transfer funds, write checks, or what ever else needs to be done with the account. So yes, they do have that authourity.

Answer by  Chaneygirl (1755)

An executor is expected to move all personal assets into the estate. So, yes they can and should. Once in the estate they are disbursed to pay debts or heirs.

Answer by  Gabriel (2146)

Yes. The point of the executor is to consolidate, as much as reasonably possible, the outstanding assets of the deceased. This aids in ensuring the proper estate taxes are paid and the funds are properly distributed to the heirs. The executor must account for all funds, including whatever fees and taxes are paid from those funds.

Answer by  John (9008)

An executor can take any steps that he deems necessary to best manage and protect the assets over which he has supervision. This commonly includes opening or closing accounts and transferring money. While he is obligated to manage the estate prudently, moves such as this are commonly viewed as being within that obligation.

Answer by  misterhrcpins (455)

This is one of the most important roles of an executor. When an individual dies, the executor will close all accounts, and open a new account in the name of the estate. This is done to ease all payments and account for any taxes due.

Answer by  TheAnswerFairy (2345)

Of course. That is one of their primary duties. The executor maintains an estate bank account and uses it to pay any estate expenses.