Opening an Estate Bank Account, What You'll Need and Where To Open It

Horizon Real Estate & Probate and Trust Help

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619.741.0111 KimWard@ProbateAndTrustHelp.com DRE#01218310
One of the necessary steps to managing an estate in probate or a trust is opening an estate bank account. You’ll need to go through all the steps that I cover in this video to complete this process and know where to open the account so that you’ll be ready to handle the financial responsibilities of the probate estate in San Diego California.
00:00 Intro
00:35 How to open an estate account steps
01:12 Quick story
01:32 EIN/TaX ID # Video:
• What is a Tax Identifi...
02:47 What you’ll need
03:56 Administrator without a will
04:33 EIN or TAX ID# review
05:00 Opening the account
06:15 Outro
Here at Horizon Real Estate we care about helping you, as the estate executor, administrator or trustee. We want you to feel comfortable throughout the probate process, and to help you get the most money quickly from your estate house or trust property.
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Have a probate house or house in a trust and need guidance on how to prepare and sell? Think of this channel as your real estate resource.
If you’re an executor or administrator and want a free copy of my book "What To Do When You’re Responsible For Real Estate A Loved One Leaves Behind" Or, if you’re a trustee and want a free copy of "Exactly What To Expect As Trustee For Real Estate A Loved One Leaves Behind" simply call my office at 619-741-0111.
I’m a full time REALTOR in San Diego, California with Horizon Real Estate. I’m an expert at helping executors, administrators and trustees with probate houses and houses in a trust. A wife, mom to three grown sons and a daughter, plus She-she (that’s my grandma name) to the two cutest, smartest and busiest kids.
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I am NOT a lawyer or tax professional. The presentations reflect my own understanding of the underlying subjects. However, the presentation is based on my professional experience in the field of real estate. The information contained herein should NOT be used as a substitute for the advice of an appropriately qualified and licensed attorney, tax professional or contracted real estate agent/broker. The information provided here is for informational purposes only. You should consult with a professional to seek legal advice regarding your exact circumstances.
If you want to talk with me about San Diego real estate, fell comfortable calling me at 619-741-0111 or email me at KimWard@ProbateAndTrustHelp.com
California DRE license #01218310

Опубликовано:

6 июл 2024

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Комментарии : 36

@kineticpsi 9 месяцев назад

This was so helpful and full of information. I appreciate that you didn't add confusing information to get us to watch another video. Thank you!

@ProbateandTrustHelp 9 месяцев назад

Glad it was helpful! Thank you for watching.

@ozzstars_cars Год назад

Nice job with the video, thanks for the info!

@ProbateandTrustHelp Год назад

Glad it was helpful, thank you for watching and commenting.

@naturallivingwithella3619 9 месяцев назад

Hello and thank you so much for providing this information. I'd like to ask what one should expect to provide personally when going to a financial institution to open the estate account. Also, is there a financial institution that you recommend other than the big banks? Thank you!

@ProbateandTrustHelp 9 месяцев назад

Hi, to begin the probate process with the courts must already be started to open an estate bank account. Once the personal representative has received their letters of administration they will need to obtain an EIN# from the IRS, and gather the necessary documents to show proof that they’re handling the estate. If you would like to use a specific bank I suggest calling your local branch to find out if they offer estate bank accounts and what documents they would require. Thank you for watching and commenting.

@robinm.taylor2647 10 месяцев назад

As court appointed administrator of estate, when closing bank accounts of deceased, that don't have listed beneficiary, are you allowed to ask the bank for monthly statements for accounts before closing and putting funds in estate account? Thank you!

@ProbateandTrustHelp 10 месяцев назад

You would have to ask the bank or your attorney this question. I don't see why not if you're the administrator of the estate with letters of admin, and you have a death certificate. Typically those are the items needed to show proof that all assets of the decedent are your responsibility. Good luck to you.

@johnn8388 Год назад

Is it wise to have the requirement of multiple signers on the account. What keeps the PR from taking the money out of country?

@ProbateandTrustHelp Год назад

Naranjo, It’s typical for there to be one person/signer in charge of the estate and the estate bank accounts. In 20 years I’ve never heard of anyone taking the estate funds out of the country. That said, sometimes the probate courts will require the administrator/executor to have a bond, This is an insurance against the executor/administrator doing something that is not in the best interest of the estate. Hope this helps!

@markpedroza7294 Год назад

For those PR's who are filing as "In Pro Per" how knowledgeable is the PR aware of this? In a future video could you explain the Law of Consanguinity that CA recognizes..or the degrees of relationship ..

@ProbateandTrustHelp Год назад

Mark, Great question! I’ll add this to my list of future videos. In the meantime for those that are reading the comments, In pro per is a short form for the term in propria persona. In pro per is Latin, meaning “in their own person,” and it refers to a situation where a litigant represents themselves, without a lawyer. The term consanguinity comes from latin “con” (with) and sanguis (blood) meaning your blood family relations. No spouses, or step-relatives are included. Not that adoption does legally move someone into your legal family tree and gives them full rights to inherit.

@rozzie1569 6 месяцев назад

My uncle is the Administrator of my Moms Estate, he went to open an estate account. He was told they had to pull his credit report (hard pull) which could drop his score down 0-100 points. Is this true? You have to get a credit check before you can open up an estate account? please advise.

@ProbateandTrustHelp 6 месяцев назад

I’ve never hear of a bank pulling the credit report of an administrator. Did your uncle have your mom’s death certificate, letters of administration and an EIN from the franchise tax board (this is a number for the estate that basically replaces your mom’s social security number).

@Jojolynn_ 4 дня назад

Hi my mom passed away 11 years ago. As her executrix I opened an estate account at that time. The estate account was closed and all monies dispersed. I recently had to reopen the estate as my mother was included in a payout settlement. My question is do I use the same ein number as I’ve read it’s never canceled and it’s the same account just reopened? Also this settlement will be paid in several installments. This time around there will be no outstanding possible debts as she’s been deceased for many years. I know the first time I had to wait a year to see if any debtors came forward. Do I still need to open an estate bank account as I have no idea over how many years this payout will take place? I know the payout will be made to her estate account as well. I didn’t know since there would be no debt this time how I would go about cashing the payouts. Thank you any light you may be able to shed on this situation. Sorry for being so lengthy.

@ProbateandTrustHelp 4 дня назад

Hi, this is a better question for your legal council, as I cannot be sure of your exact circumstances. Sorry I cannot be of more help, thank you you for watching and commenting.

@Jojolynn_ 4 дня назад

@@ProbateandTrustHelp thank you just the same.

@jloo9380 4 месяца назад

what information goes on the checks for an Estate account by the executor

@ProbateandTrustHelp 4 месяца назад

Good question, and this is a new question for me. I think you’d be better served to ask an attorney or the bank where you’re getting the checks from. But, generally, I would think that the Name of the trust, date the trust was established and the trustees name. In the case of a probate, I would think the name of the decedent, and the name of the executor or administrator. Again, I would recommend you confirm this with the bank and/or an attorney.

@laurice8056 7 месяцев назад

Is an estate bank account necessary if the deceased has assets in an LLC before death? Or is a bank account for the LLC all that is required prior to death?

@ProbateandTrustHelp 7 месяцев назад

Hi @laurice8056, The estate bank account is to protect you, as the personal representative of the estate. It is for clear transfer back and forth of funds between any transactions related to the estate, and will give you access the the funds as needed for any financial transactions. I would speak with your attorney/tax advisor regarding if the LLC can be used in place of a tax ID, but I would guess it doesn't play the same role.

@jeremyscloset Год назад

Ay yi yi! So somehow i ended up being an Executor for the estate because I amnin a Will along with a relative of grandpa's. I was his "domestic partners" grandson and os he is like my gpop to me. I read something about this estate account thing somewhere weeks back. I have an attorney working on this for me since I am long distance. But I have a check from the funeral home for refund of prepaid services . I believe he was financially sound without debts or loans. MY QUESTION?? Is thatnreally all that I may need an estate account for?

@ProbateandTrustHelp Год назад

Jeremy, An estate bank account would be necessary for any and all assets from the decedents estate. Opening an estate bank account may be a bit of a hurdle, but if you bring all the documentation ie. Letters of Administration, death certificate, etc. along with the refund check from the funeral home, it should only take an hour of your time. That said, be sure to verify that the person you have an appointment with at the bank is the proper representative for helping you establish an estate bank account. Oh, and you’ll need at Federal tax id or EIN number that will replace the decedent’s social security number, linked here: www.irs.gov/businesses/small-businesses-self-employed/how-to-apply-for-an-ein Hope this helps!

@jeremyscloset Год назад

@@ProbateandTrustHelp thank you. Your awesome 👌

@jeremyscloset Год назад

@@ProbateandTrustHelp I'm subscribing to see what else ya have knowledge of that i may be encountering in the future

@ProbateandTrustHelp 11 месяцев назад

Thank you Jeremy!

@Bassingal 4 месяца назад

Here's a fun fact, YOU CAN"T SPEND ANY estate proceeds to pay the bills! We sold Mom's car, and was told I needed to produce an accounting of all the money I've already spent, MY OWN MONEY, before I can use estate money. I've been paying the mortgage, electric and trash pick up for over a year, but I can't be reimbursed from the proceeds from the sale of the car UNTIL the court reviews and approves my expenditures. So just keep that in mind. Another fun fact, my little brother tried to fight me on Administrator and that CAUSED ME TO HAVE TO BE BONDED, which slowed down everything and tied my hands. The thing is, he lives in another State, is wheelchair bound, is unemployed and lives on government money, no income from working. If he had become the Administrator, the house would have gone into foreclosure and been lost.

@ProbateandTrustHelp 4 месяца назад

I'm so sorry that you've had such a rough experience being the administrator. Yes, many personal representatives end up funding the reoccurring expenses until they obtain access to the bank accounts. And, having an additional expense with the bonding is another negative...and, it looks like you're on your way to getting the probate handled! Hang in there.

@bobharrison9420 Месяц назад

Listen you need to learn to indorse your bills and look up remittance coupon! And HJR 192

@oilsands69 4 месяца назад

No need of a will!! Private trust is what you need If you want keep all your stuff for your familly.. 0$ to goverment.. all for your estate….with a WILL…. You got share some of your stuff with a judge and other administration minions…. Private trust you keep 100% of your estate… keep goverment and other entity getting any percentage of your estates…. Oh and also. Reclame your security.. it should of been done when you turn 18yo…