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#1065938 - 10/16/08 07:42 PM CTR on Estate Account
Rancher Offline
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Joined: Nov 2006
Posts: 75
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?

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#1065959 - 10/16/08 07:53 PM Re: CTR on Estate Account Rancher
Maytagman Offline
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South
Your account is with the estate, not the estate and the possibly-non-existent mystery parties, right?
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#1065993 - 10/16/08 08:06 PM Re: CTR on Estate Account Maytagman
Rancher Offline
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Joined: Nov 2006
Posts: 75
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.

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#1066069 - 10/16/08 08:47 PM Re: CTR on Estate Account Rancher
Maytagman Offline
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Maytagman
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South
I can't see how they would affect CTR filing regarding a deposit to the estate. Anyone else have an opinion?
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#1066078 - 10/16/08 08:54 PM Re: CTR on Estate Account Maytagman
nemsi Offline
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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.

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#1066176 - 10/16/08 11:35 PM Re: CTR on Estate Account nemsi
John Burnett Offline
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Cape Cod
Ditto from Cape Cod. One Section A entry, for the Estate. Occupation, BTW, = "Decedent's estate."
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#1066410 - 10/17/08 02:45 PM Re: CTR on Estate Account John Burnett
Rancher Offline
Member
Joined: Nov 2006
Posts: 75
Thank you all for the clarification. I appreciate the help.

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#2275949 - 09/22/22 07:35 PM Re: CTR on Estate Account Rancher
in the dawg pound Offline
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Joined: May 2022
Posts: 1
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?

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