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Pros And Cons Of Estate Beneficiaries

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Estate beneficiaries are simply not allowed to cash or deposit checks made out to the deceased or their estate. As a beneficiary, you receive any assets to which you are entitled during or after probate. During the probate process, the decedent's assets are gathered, their final expenses paid and the requests made in their will are carried out. It is the estate executor who has the legal authority to manage the estate's assets and affairs, not the beneficiary. It is possible, however, for a single individual to be both an executor and a beneficiary.
Choosing an Executor

Bills and income don't stop coming when a person dies. It takes time for the news of their passing to spread and for the survivors to close bank accounts, transfer or sell assets and take care of the person's final expenses. Usually, one person is chosen for this task and given the power to handle the decedent's affairs. This person becomes the executor of the estate. In some cases, the decedent specifies in their will who they want to do this job. If not, you can go the probate court and request that they make you the executor. …show more content…
In order to do so, the executor must first apply for an employer identification number (EIN) number from the IRS. The executor can open an estate bank account as soon as this number is received. This bank account becomes the place where the decedent's cash assets are collected and managed. The executor can write checks from this account to pay outstanding bills and can deposit checks into the account. If a check has been made out to the estate or the deceased, the executor may deposit or cash this check according to the bank's rules.
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