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Definition of "Estate Account"
by John Burnett, BOL Guru

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.

For CIP purposes, the estate is the customer.

First published on 2/7/05

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