We have a CTR reportable transaction for a deposit made to an estate account. We will be listing the estate as beneficiary in Section A with the transactor in section B.
When a CTR reportable deposit is made to a joint account, both owners are reported as beneficiaries. The estate has 2 executors, and we also have a copy of the estate and will documents. My understanding is that in general executors of an estate do not have any ownership of the funds. Are we required to read through the estate and will paperwork to identify who else other than the estate benefits from the transaction?
Correct, the account is for the estate, and the estate has it's own TIN. 2 people are designated as Executors. On our system executors are set up similar to signers on a business account, but I am unsure how the executors affect CTR filing.
I say you treat the executors of an estate just like you treat authorized signers on a business account. You only list the individual conducting the transaction.
What would you use for ID type on the Estate? Number / Issuing Country / State? I would believe it would be listed as 'Other" - Estate Docs. There would not be an ID number, would you list Country and State?