How to Set Up an Estate or Trust Bank Account

Estate bank accounts must be opened during a traumatic time in a family's life. Getting the account opened does not take much time but will need to be done quickly after death. Estate accounts are best opened if there is going to be more than one payment to the estate or if the deceased's will requires multiple payments over time to beneficiaries.

Things You'll Need

• Employer identification number
• Certified copy of the death certificate
• Court orders with executors listed
• Personal identification for executors

Instructions

1. Request an employer identification number (EIN) for the estate from the Internal Revenue Service (IRS). You can request this number online at the IRS website (see Resources) and print out the EIN immediately in most cases.

2. Obtain a certified copy of the death certificate of the deceased. This can be purchased from the county records office where your family member passed away. This form can be picked up immediately from the records office after the original has been filed.

3. Request a certified copy of the court paperwork naming you as an executor of the estate. Banks will not accept your family member's will. This will be easier if you make the request while you are filing the court paperwork versus coming back at a later date.

4. Request an estate account application from your deceased family member's bank. All the executors of the will must be present when opening the estate account.

5. Provide the application, all paperwork and valid forms of identification for the executors to the bank and discuss with the bank associate the type or types of accounts to set up under the trust account. These will vary depending on what the estate's requirements are, such as a savings account, checking account or money-market accounts.

Tips & Warnings

• Keep copies of all forms in a fireproof safe or safe deposit box. You may need these forms for more than just opening the estate account.

• If at any time you are worried about what type of account you should open or about how the money from the account should be spent, contact your family lawyer or the lawyer that has overseen the will.

References

• Banking Questions: How to Open an Estate Account
• Navy Federal Credit Union: Estate Accounts

Resources

• Internal Revenue Service (IRS)