Definition of "Estate Account"
by John Burnett, BOL Guru Guru BIOS
Question: What is an estate account?
Answer: It's a generic term used to describe an account in the name of an estate of a deceased person. The account can be opened by the representative of the estate, usually referred to as an executor/trix or administrator/trix. This individual -- sometimes referred to as a personal representative of the estate -- will have court documents of appointment. To establish an estate account, the personal representative must provide copies of the decedent's death certificate and the court appointment, in addition to whatever personal ID the bank requires. He or she will also have to obtain and provide an IRS-issued EIN for the estate.
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
