Estate Finances with a Separate Account

Probate involves writing plenty of check: for bills, taxes, court costs, and the actual disbursement of estate funds to beneficiaries when probate is all said and done.

A simple way to keep track of these funds and to secure any proceeds from selling assets is to open up a separate bank account in the name of the estate itself.

Required Documents

• Your loved one’s bank account details
• Your loved one’s Social Security number
• Certified copy of the death certificate
• Letters testamentary or letters of administration
• The estate taxpayer ID number (EIN )from the IRS (how to obtain EIN)
• Open a dedicated bank account in the estate’s name to facilitate financial transactions and asset proceeds management during the probate process.