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Home >> Special Situations >> Deceased Individuals
Why Do I Need a Testamentary?
Why does a personal representative of an estate need Letters Testamentary to open an account.
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 An executor or executrix, although named in a Will, has no authority unless the court handling probate matters both approves the Will and confirms the appointment. If there is no Will, or if the only Will is disallowed by the court, an administrator is appointed by the court.
In either instance, the court issues Letters Testamentary certifying that the court has made the appointment and authorizing the personal representative to carry out his or her responsibilities in settling the estate. In some states, the court's certificate of appointment doesn't carry the "letters testamentary" title, but has the same effect. Without documentation that the court has appointed the personal representative, no one, including a bank, could be assured of the individual's authority to act, any contract made by such an individual for a deposit account could be void, and the bank could be liable for any transaction of the individual made without legal authority.
Published on BankingQuestions.com 6/23/09
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