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Estate Account Not a Match with Bank Account

I am the executor of an estate account which was opened by the estate lawyer. He recently did the accounting and the bank acount is less than the payouts. I just discovered this and have a meeting with the bank next week. If I find that the lawyer transfered money from the estate account to cover his fees, is the bank in the wrong to allow that without my consent?

Untitled

Whether the bank was wrong in allowing this will depend on the deposit contract and the signing authority on the account. On what basis did the attorney open the account? Does the estate's agreement for representation by the attorney give the attorney the authority to open and manage a deposit account in the name of the estate? If so, your complaint is with the attorney, not the bank.

An attorney may facilitate the opening of an estate account, but usually the account is opened by the executor, and the attorney doesn't have signing authority. It appears that your situation is a bit different.

If for some reason the account was established with both you and the attorney as signers, your complaint again is with the attorney, not the bank, and in no event will your complaint be worth much if the fees were properly due and payable and your agreement for representation provided they could be deducted from the estate prior to paying out bequests, etc.

Published on BankingQuestions.com 11/25/08