What type of Bank account should I open to handle my Grandfather Estate?
I was named executor of my grandfathers estate and he has several bank accounts , some in other estate. I want to consolidate all his accounts into one local account. How do I go about doing this. Should I open up a personal account in my name?
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A current Account.
if the money is to be disbursed to many you should open an account in trust… that way your personal money and the estate money is kept seperately.
grandfather estate in trust.
well you might want to put the money into a CD. this way you get more intrest that increases your money. however you need to put a time limit on it like until when you can withdraw the money. depending on your age you might want to withdraw it like in 10 to 20 years not a time when you will blow it all like in college. oh and it costs money to take it before the 10 or 20 years are up
In India, we have a system, called HUF account, where in only one person who is called ” kartha ” can only take decision on all financial matters, others are only members. Members are not supposed to with draw money from any Bank account, but can ask ” kartha ” for their personal financial needs. Here ” kartha ” is an executor. Have full freedom, to handle accounts, in one or many Banks.
A similar accounting system may be available in your Country also. Enquire. Sorry could not give exact answer.