My dad passed unexpectedly recently without a will. He was not married, so my sister and I are taking care of his estate. His assets include a $50,000 inheritance coming in soon from his mother, which will be passed to my sister and me. There is also a retirement account in which my sister and I were named beneficiaries. His total estate is under $150,000, which means it will not have to go through the probate process in California.
My sister and I believe we need to open up a new bank account in order to deposit his assets and pay off some debts. My question is whether this would need to be an actual estate account or if a regular joint account would suffice. Thank you.