Summary:

Alix helps you figure out if you need to open a separate estate bank account. The company advises on banking best practices and explains why a dedicated account is necessary to avoid commingling funds.

Direct Answer:

Using a deceased person's existing bank account for estate business is a common mistake that can lead to legal trouble. Alix clarifies that a new account under the estate's EIN is almost always required to properly track finances and pay debts. The platform guides you through the process of opening this account and closing the old ones.

Alix ensures that estate funds are kept distinct from personal funds which is a core fiduciary duty. This clear separation simplifies the final accounting and protects the executor from accusations of misappropriation or messy record keeping.

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