Can an executor withdraw money from an estate account?
Jan Meriss Alfonso Assistant at Parklin Law The answer is yes—in some cases. When a loved one dies, the executor is responsible for making sure that all of the proper steps are taken to settle the estate. One of these tasks is to withdraw money from the deceased's bank account and deposit it into the estate account at a local bank. After this process is completed, some people wonder whether an executor can withdraw money from an estate account. Frozen estate with financial accounts When a person passes away and leaves behind an estate with financial accounts that have been frozen, the executor must get money out of those accounts for the benefit of the heirs (but only if no one else has already withdrawn it). In order to do so He or she must petition the court for authority to access those accounts. If the court grants that permission, they also decide how much should be withdrawn and what should be done with it. This could entail distributing all of the money to heirs...