Disclaimer: This article is educational and does not constitute legal advice.
Detailed Answer
Yes. Under Ohio law, a personal representative must open a separate estate account to hold estate funds. A dedicated account prevents commingling, simplifies accounting, and protects the representative from personal liability.
Ohio Revised Code Section 2113.21 requires a representative to deposit all estate money and negotiable assets into an estate bank account or trust institution within 30 days of appointment. Section 2113.36 further describes how to manage and disburse those funds. The probate court issues Letters of Authority, which the bank will require to open the account. The account title should clearly identify the estate and the representative (for example, “Estate of Jane Doe, by John Doe, Personal Representative”).
Maintaining a dedicated estate account helps your final accounting, protects beneficiary interests, and ensures transparency during probate. It also fulfills fiduciary duties under 2109.30, reducing the risk of personal liability for mismanagement.
Helpful Hints
- Obtain certified Letters of Authority from the probate court before approaching a bank.
- Choose an FDIC-insured bank or credit union.
- Use clear account titling to identify the estate and representative.
- Keep detailed records: bank statements, ledgers, and receipts.
- Avoid using the estate account for personal expenses.
- Review local probate court rules; some counties impose specific requirements.
- Consult an attorney or a certified public accountant if the estate involves complex assets.