Estate Checking Account Requirements

Why You Need a Separate Estate Account

When a decedent leaves solely owned bank accounts without joint owners or designated beneficiaries, the court-appointed personal representative generally administers those funds through a dedicated estate account and obtains an EIN for tax reporting.

Every dollar that flows through the estate — frozen account funds, refund checks, property sale proceeds, dividends — must go through this dedicated account. And every expense — debts, funeral costs, attorney fees, court filings — must be paid from it. Co-mingling estate money with your personal funds is a fiduciary breach that can expose you to personal liability.

Step 1: Get Appointed by the Probate Court

Before a bank will open an estate account, you need proof of legal authority. File the deceased's will and death certificate with the county probate court to get formally appointed. The court issues:

• Letters Testamentary if there's a will naming you as executor
• Letters of Administration if there's no will and the court appoints you

The timing depends on the court and the case. Some courts require a hearing; others handle straightforward appointments administratively.

Step 2: Apply for an EIN

An Employer Identification Number is the estate's tax ID. You cannot open the account using the deceased person's Social Security number — banks will reject it.

The fastest path is the IRS online application at IRS.gov:

• Available Monday through Friday, 7 a.m. to 10 p.m. Eastern Time
• Select "Estate" as the entity type (not "Trust")
• Enter your own name and SSN as the "Responsible Party"
• Enter the deceased's full legal name, SSN, date of death, and county of probate
• Takes about 15 minutes — the system times out after 15 minutes of inactivity, so have your information ready
• The EIN is issued immediately on completion as Form CP 575

Download and print Form CP 575 right away. The bank needs it.

If you miss the online window, mail or fax IRS Form SS-4. This takes up to four weeks.

Step 3: Gather Your Document Package

For the in-person bank appointment, bring:

• Original or court-certified Letters Testamentary/Administration (dated within 60-90 days)
• Form CP 575 showing the estate's EIN
• Certified death certificate
• Two forms of ID: a primary photo ID (passport or license) and a secondary (credit card or utility bill in your name)

Step 4: Open the Account

Schedule an appointment with a business banker — don't try to do this at a regular teller window. The bank opens the account under the name "Estate of [Decedent's Full Legal Name]."

You'll sign account agreements and signature cards. Then direct the bank to transfer funds from the deceased's frozen personal accounts into the new estate account.

What to Expect: Fees and Maintenance

Estate checking accounts follow standard commercial banking rules. Typical costs:

• Monthly maintenance fees: $10-$25 (often waived for balances above $1,500-$5,000)
• Wire transfer fees: $15-$35
• Certified check fees: $8-$15
• Early closing fees: $25-$50 if closed within 90-180 days

Keep the account open until all debts are paid, all distributions are made, and the estate is formally closed by the court. Prematurely closing the account while creditor claims are still outstanding creates administrative chaos.

Common Mistakes

Using the SSN instead of an EIN. Some executors try to open an account under the deceased's Social Security number. Banks will either reject this or create compliance problems with IRS reporting.

Forgetting to deposit all estate income. After the date of death, any income the estate earns — interest, dividends, rent, refunds — must flow through the estate account and be reported to the IRS on Form 1041.

Not tracking every transaction. The probate court and beneficiaries can demand a full accounting of every dollar in and out. Keep meticulous records from day one.

The Bank Accounts & Financial Claims After Death toolkit includes an estate accounting ledger template and step-by-step EIN application walkthrough.