Hoping the good folks here have some insight how to break through bank bureaucracy when managing an estate. Our challenge is coming from banks seeming to be able to open an estate checking account without having a Letter of Testamentary (LoT) from a probate count.
Do some risk of incapacity we guided DW's father to set up a living trust for his real estate and a pour over will. FIL passed away last March, and his bank has refused to allow access to the one bank account that was not in the trust or had a beneficiary until we present a LoT. Since we were successful in getting 90+% of his assets into the trust or covered with TOD beneficiaries. we were able to keep his assets requiring probate under 100K when probate is required.
No probate means no LoT from a probate court, We have completed the WA
Small Estate Affidavit but banks seem to be reluctant to accept it.
On a related note, can anyone verify that an estate ein and checking account needs to be established to administer funds flowing to beneficiaries and pay for expenses? Since we have the pour-over will, should we be just be opening a trust checking account and administering funds through it and ignore the estate ein?
The banks and their demand for probate is driving us nuts and the estate attorney has proved to be of limited help in dealing with the administrivia of the estate admin.
Thanks in advance
Do some risk of incapacity we guided DW's father to set up a living trust for his real estate and a pour over will. FIL passed away last March, and his bank has refused to allow access to the one bank account that was not in the trust or had a beneficiary until we present a LoT. Since we were successful in getting 90+% of his assets into the trust or covered with TOD beneficiaries. we were able to keep his assets requiring probate under 100K when probate is required.
No probate means no LoT from a probate court, We have completed the WA
Small Estate Affidavit but banks seem to be reluctant to accept it.
On a related note, can anyone verify that an estate ein and checking account needs to be established to administer funds flowing to beneficiaries and pay for expenses? Since we have the pour-over will, should we be just be opening a trust checking account and administering funds through it and ignore the estate ein?
The banks and their demand for probate is driving us nuts and the estate attorney has proved to be of limited help in dealing with the administrivia of the estate admin.
Thanks in advance