In order to manage the finances of the Estate during Probate, a temporary bank account needs to be opened, known as the Estate Account.

This account should be opened in the name of the Estate of the deceased, and by law, can only managed by the Executor or Administrator, giving them the ability to manage any needed financial transaction without having to use a personal account.

The account will be used for following types of transactions:

• Pay final debts


• Collect credits


• Distribute remaining Assets to Beneficiaries


• Pay ongoing expenses of the Estate

Typical expenses include but are not limited to:

• Utilities


• Mortgage


• Condo fees


• Storage fees

To begin, follow the steps below:

• The Executor or Administrator must obtain an Employer Identification Number (EIN) from the IRS; this is necessary because the Estate is not a taxable person and thus a Social Security Number cannot be used


• Use the EIN to open the account at any bank deemed appropriate; a typical checking account should suffice, but additional accounts may be helpful to handle cash and investments


• Once open, transfer all of the deceased's liquid assets from savings and checking accounts into the Estate Account


• Order checks to more easily make payments; list "Estate of Deceased's Name" as the account holder, and above the signature line, have the following printed to be able to sign each check personally: "by [First Name, Last Name], as [Administrator] or [Executor]"

Once Probate is complete, all debts have been paid, and all assets have been distributed, the Estate Account will be closed.

See more in the Finalize Probate & Close the Estate section of the checklist for further instructions.

And review links below for where to obtain an EIN and common banks to create an Estate Account.