Do estate monies have to be placed in an Estate account?
Not necessarily; if the monies are going to be received from the realisation of assets and paid out within a short period-a few months only-they can be paid to the credit of the estate in a solicitors trust account. However, if there is any significant delay in investment of monies not required to be distributed, those monies should be invested prudently by the executor as provided in section 53 Trustee Act 1925, as amended from 13 March 1998.
Related Questions
- I have invested my CPF monies before 1 Jul 2010 and my balances in my Ordinary Account and Special Account are below $20,000 and $40,000 respectively. Do I have to sell my existing CPF holdings?
- I have cheques made payable to the Estate. Can I still deposit them into the account in the deceaseds name?
- What type of account needs to be opened for the estate?
