Open an estate checking account
It's best to keep all of the estate finances separate from your personal finances while going through the probate process. This can be accomplished by opening a checking account in the name of the estate.
The executor should apply for an EIN online to register the estate as its own financial entity. There is an “estate” option presented in the online form. Select it and fill out the required information. You should then receive an on approval.
Using the EIN, you can open an account known as an estate checking account that is specifically for handling estate expenses like taxes, bills, or any fees incurred during the probate process. Any money generated by the estate through the sale of assets, along with any money owed to your loved one, should also be deposited directly into this estate account. Once all creditors have had a chance to come forward, this account will be used to pay your loved one's debts, and to distribute what remains to their beneficiaries or heirs.
Required info and documents for opening an estate account:
The executor should apply for an EIN online to register the estate as its own financial entity. There is an “estate” option presented in the online form. Select it and fill out the required information. You should then receive an on approval.
Using the EIN, you can open an account known as an estate checking account that is specifically for handling estate expenses like taxes, bills, or any fees incurred during the probate process. Any money generated by the estate through the sale of assets, along with any money owed to your loved one, should also be deposited directly into this estate account. Once all creditors have had a chance to come forward, this account will be used to pay your loved one's debts, and to distribute what remains to their beneficiaries or heirs.
Required info and documents for opening an estate account:
- Letters testamentary
- Courtney's SSN and bank account details
- Certified copy of the death certificate