Detailed Answer
As a personal representative in Connecticut, you must separate estate assets from your personal funds. Opening a dedicated estate account prevents commingling, simplifies accounting, and fulfills probate requirements.
Under Connecticut General Statutes §45a-290, a personal representative must manage estate assets responsibly and file periodic accountings with the probate court. Failing to keep funds separate can lead to liability for breach of fiduciary duty. See §45a-290: cga.ct.gov/current/pub/chap_909.htm#sec_45a-290 and §45a-92 on inventory and custody of property: cga.ct.gov/current/pub/chap_909.htm#sec_45a-92.
Connecticut Probate Court Practice Book Section 23-1 instructs fiduciaries to maintain separate accounts and detailed records before filing a final settlement. The probate court reviews clear statements of all receipts and disbursements when approving administration of the estate.
To open an estate account, follow these steps:
- Obtain certified letters of appointment from the probate court.
- Apply for an Employer Identification Number (EIN) from the IRS.
- Visit a bank and request a fiduciary or estate account titled “Estate of [Decedent Name], c/o [Your Name], Personal Representative.”
- Use the EIN for the account, not your Social Security number.
- Deposit all estate funds—such as sale proceeds, rental income, and dividends—into this account.
Helpful Hints
- Keep all estate transactions in the estate account; never use personal accounts.
- Retain bank statements, deposit slips, and canceled checks for your final accounting.
- Reconcile the estate account regularly to catch errors early.
- File interim accountings if the probate court requests status updates.
- Consult probate court staff or reference the Connecticut Probate Court Practice Book for procedural details.
Disclaimer: This article provides general information only and does not constitute legal advice. Consult a qualified attorney for guidance tailored to your situation.