pawan choudhary (propreitor) 27 February 2010

Can legal heir operate bank A/c"Executor of estate of late".

If a fresh A/c is opened in the name of " The Executor to the estate of late .................... " by the legal heir :-

1) How the salaries and other essential expenses be made and from which A/C i.e. can the legal representative make the payments from the A/Cs of "The executor to the Estate of late ..... " to fulfill the utterly nacessary obligation?

2) Can the funds in such newly opened A/c be invested in FDRs and/or in any MF and/or can the funds be given as loan to any family members for earning interest (with the consent of all the family members), so that the funds may not lie idle in the bank.

3) It can be understood that money can be deposited in such account for n number of times but can the same way money can also be paid and/or proprely utilised for n number of times by the legal heir ?

Please help / suggest. Thanks & Regards

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2 Replies

Parthasarathi Loganathan (Advocate) 16 March 2010

Please clarify the constitution of the account. Whether it is a Trust Account or HUF?

D.V.RamaKrishna (Advocate) 19 March 2010

Pawan Choudhary,

1) Who appointed the "Executor to the estate of .........", whether by any competent court of law or by anyother mode.

2) If the executor has been appointed by order of any competent court of law by an order in any proceedings of a case, then court itself is competent to issue directions in regard to working of executor in management of estate of the deceased.