A blocked account in probate refers to cash or securities that are placed in a bank subject to withdrawal upon court order. A blocked account is a bank or other account created by court order, requiring a court order to deposit or withdraw funds.
A blocked account in probate isn’t an account freeze
An account freeze refers to a legal injunction an account where assets are frozen and not able to be accessed. A blocked account occurs when someone is not deemed to be able to handle finances in the eyes of the court, for instance, if they are a minor.
When does an account get blocked?
Blocked accounts are frequently created to protect judgments awarded to minors and conserved adults who cannot manage their own finances on their own. A common reason for petitioning the courts would be when somebody needs access because they’re in another’s name (e.g., grandparents). Blocked accounts frequently occur during probate or guardianship cases.For More information you can visit our guides: Probate Guides Inheritance Guides Inheriting Real Estate