Trust/Estate
My long time friend passed away in. July 2021. She had a trust set up for her house and a will in which she named me as her Trustee and executor. I have been paying all of her bills and am overseeing the sale of the house. However, as I am cancelling out services I am receiving refunds addressed to her estate. She had a savings account and a checking account which I was beneficiary only. I closed the accounts because I needed to pay her bills. Now that I’m receiving these refunds the bank won’t let me cash or deposit them in her Trust account. In order to pay for her funeral I ad to set up a Trust account which i did. These refunds belong in my bank account because I have been using my money to continue to pay the bills. I want to record these in my list of assets it should not come out of the estate. Any suggestions of what I can do? I am not alone in the house trust there are 3 other individuals.
Thank you for your help
Terry Says
There should be a provision in her will allowing for the trust to pay the executor for expenses incurred on behalf of the estate. I assume you have been dealing with an attorney for probate of the will. Ask the attorney to give you the proper documentation and then prepare a claim against the estate — which will be paid before the assets are distributed. I’m just hoping the will had the proper wording included in it.
As for the actual moneys you receive, there should be a bank account for the “estate” — and that’s where the money gets deposited, including for the sale of the house. And it’s against that money you can post a claim. Be sure to keep careful track of expenditures. And don’t spend another penny until you have written confirmation from the attorney that you will be repaid.
