Detailed Answer
In Wyoming, a personal representative—also known as an executor—must collect, preserve and distribute estate assets under court supervision. A core fiduciary duty is to keep estate funds separate from your personal finances. Opening a dedicated estate account at a bank or credit union early in the administration process helps you:
- Prevent commingling of personal and estate assets
- Maintain transparent, accurate financial records
- Simplify payments to creditors, beneficiaries and tax authorities
Wyoming Statute § 2-6-101 grants and limits a personal representative’s powers, including depositing estate money in a separate account and investing prudently. See W.S. 2-6-101(a): https://wyoleg.gov/statutes/compress/title2.pdf#page=25. By using a dedicated account, you reduce the risk of breaching your fiduciary duty and ensure your accounting to the court and heirs is clear.
If you fail to open a separate account, beneficiaries or creditors may challenge your administration, potentially leading to court-ordered surcharges or removal. Always notify the court clerk of the account details and use the estate account exclusively for estate-related transactions.
Helpful Hints
- Select a bank offering fiduciary or trust accounts with minimal fees.
- Title the account clearly: “Estate of [Decedent Name], Case No. [####].”
- Retain all bank statements, canceled checks and deposit slips for the court accounting.
- Never deposit personal funds or write personal checks from the estate account.
- Consult an attorney if you encounter creditor disputes, tax complexities or large asset sales.
Disclaimer: This article is for educational purposes and does not constitute legal advice. Consult a qualified attorney to address your specific situation.