IRS Tax ID (EIN) Application

How to Open a Bank Account for an Estate

An estate is likely to need its own bank account, whether it’s the estate of a deceased or otherwise. The estate’s bank account will be used to pay the debts for the estate and to collect income for the estate, such as a mortgage for an estate property, and rent for the same property. The person in charge of the estate, usually a trustee or an executor, will be responsible for opening the bank account.

To open the bank account for an estate, it’s usually necessary to have an Estate Tax ID / EIN Number. The estate will be identified by this EIN rather than by the originating individual’s SSN or ITIN. Other than that, opening the bank account will be similar to opening a business bank account. The principle individual on the account, such as the trustee, will need to provide their own information. They will also need to provide documents to the bank regarding their control over the estate and the formation of the estate.