Money & accounts
Open an estate bank account
You'll need a dedicated account in the estate's name to receive incoming funds and pay debts. Don't commingle with personal money.
- When to do it
- After Letters Testamentary issue.
- Estimated time
- 1–2 hours once you have Letters
What you’ll need
- Letters Testamentary (or Letters of Administration)
- Estate's EIN from the IRS (Form SS-4)
- Certified death certificate
Steps
- Apply for an EIN online at IRS.gov — the estate is its own taxpayer.
- Go to the bank with Letters and the EIN; they'll open a checking account titled in the estate's name.
- Deposit incoming funds (refunds, final paychecks, bond proceeds) here. Pay estate expenses from here.
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Related tasks
- Notify the Social Security AdministrationIf the decedent was receiving Social Security, the funeral home usually reports the death. Confirm — and stop benefits to avoid clawbacks.
- Notify banks, brokerages, and retirement accountsEach financial institution has its own death notification process. Some assets pass to a beneficiary directly; others must go through probate.
- File the decedent's final income tax returnThe final 1040 covers January 1 through the date of death. The estate may also need its own tax return (Form 1041) if it has income during administration.