How to Open a Bank Account for Estate Funds

Frequently Asked Questions | FAQs

If you are the executor of the estate, the first step is to open a separate bank account in the same state where the deceased person lived. Open the bank account in the name of the estate to distinguish the estate account from other accounts. Inform the bank’s representative that you are opening an estate account. Make sure the FDIC insurance at the bank is sufficient to cover the assets in the estate. You will use the estate bank account to pay any outstanding bills that the deceased person did not pay and to disperse assets to the beneficiaries.


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