Quality estate planning will require an understanding of the premise laid out in Federal and state estate laws, and also a general knowledge of estate administration processes and income tax regulations. Because of these requirements, an attorney, tax adviser, or financial planner can be helpful in creating an estate plan. Opening an estate account requires a knowledge of the circumstances and financial needs of the deceased.
- Skill level:
- Moderately Easy
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Make a request from the IRS for an employer identification number (EIN) for the estate. In most cases this can be done through the IRS website and printed out. NOTE: Most of the time this type of account is established before the person dies. When the person dies and they leave a will naming an individual to settle his/her estate the court approved person will be the Executor/Administrator of the estate. Once the Executor is approved the Letters of Testament are then issued by the courts.
Obtain from the county courthouse a copy of the death certificate of the deceased person(s).
Request a notarised copy of the paperwork that named you as the Executor of the estate. As a rule a bank will not accept a copy of the deceased's will nor will they convert an existing account to an estate account.
Bring a valid ID of the Executor/Administrator, and the Social Security card of the person(s) named on the Estate Account.
Discuss with the bank associate the different types of accounts available to set up under the trust account. These could vary according to the requirements of the estate.
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