What is an Estate Account?

The executor’s job is to collect the assets left behind by the decedent.  Assets held at banks and other financial institutions must be collected and placed in an estate account.  That is the account that holds all of the estate money that is going to be used to pay the estate expenses, taxes and beneficiaries.  The estate account will only hold the probate assets. Probate assets must be moved into an estate account before they can be paid out to anyone.