The probate process in Mount Laurel serves to ensure that a decedent’s wishes concerning their property become a reality. Some of probate’s most essential steps include taking temporary control of assets and distributing them to named heirs in a timely manner.

One major power that executors of estates have in Mount Laurel is the exclusive ability to open estate accounts in banks for the purpose of safeguarding a decedent’s assets. They obtain this power through testamentary letters that they receive from the probate court.

The process of opening an estate account for probate in Mount Laurel can become complicated without legal guidance, but an experienced probate lawyer could provide valuable assistance.

Why is Opening an Estate Account so Important?

Banks serve as secure locations to hold assets. For instance, people can store cash in a bank account or place physical items in safe deposit boxes. This security is vital when considering the legal obligations that executors have to a decedent.

For example, New Jersey Revised Statute § 3B:10-23 establishes that all executors must settle and distribute the deceased person’s assets according to the terms listed in a will. In addition, executors must behave like any reasonable person would under the circumstances. Creating a bank account or procuring a safe deposit box is often the best choice to protect one’s personal assets. Therefore, it is also ideal for preserving the property of the estate.

The actions of executors are subject to judicial examination, and these representatives are potentially liable for any reduction in the value of an estate while that inheritance is under their care.

A knowledgeable attorney in Mount Laurel could further explain the many benefits of opening an estate account during the probate process.

Obtaining Legal Authority to Open Estate Accounts

Under normal circumstances, people can only open bank accounts in their own names, for their children, or as the owner of a business. However, when they begin administering an estate, executors often get permission open bank accounts on behalf of the decedent.

The legal basis for this power comes from testamentary letters. These documents are issued by a court. They give an executor the power to take control over assets and act as the legal representative of the estate. Presenting a testamentary letter to a bank should be sufficient proof of the executor’s legal authority to open an account.

A tenacious lawyer in Mount Laurel could help someone present their testamentary documents to a bank and open an estate account.

Speak with an Attorney about Opening an Estate Account for Probate in Mount Laurel

Local executors have a binding duty, under the law, to properly fulfill their obligations to the estate. This includes taking temporary control of assets and protecting them while waiting to redistribute property.

After receiving testamentary documents from a probate court, executors have the sole authority to open estate accounts at local banks. If you were nominated as an executor and need help understanding your obligations, a skilled lawyer could explain the importance of opening an estate account for probate in Mount Laurel. Contact the office today to talk with a team member.