Given the current state of the marketplace, would be it legal and adviseable to have more than one estateaccount, so that no one account is over $100,000?
Coverage of estate accounts is limited to $100,000 per financial institution. The personal representative of an estate (the executor or administrator) has a fiduciary responsibility to preserve the estate's assets until they are distributed to heirs and others; therefore, it would be prudent for the representative to maximize the insurance coverage of any deposit accounts by splitting estate funds up as needed to have them all insured. That could require setting up accounts with more than one bank. If substantial deposit amounts are involved, it would be wise to look into the CDARS program, which can provide FDIC insurance coverage for up to $50 million dollars. You'll find several podcasts -- short audio recordings you can play on your PC or download to an iPod -- describing the CDARS program, in the Podcasts section of our special Bank Failures information page.
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Coverage of estate accounts is limited to $100,000 per financial institution. The personal representative of an estate (the executor or administrator) has a fiduciary responsibility to preserve the estate's assets until they are distributed to heirs and others; therefore, it would be prudent for the representative to maximize the insurance coverage of any 