Estate Account Set Up

Question 1

What is an Estate Account?

Answer 1

An account that may be required when a client passes away and leaves a will naming an individual or institution to settle his/her affairs.

Question 2

What is an Administrator Account?

Answer 2

An account that may be required when a client passes away and DOES NOT leave a will naming an individual or institution to settle his/her affairs. An Administrator is COURT APPOINTED.

Question 3

What is a Personal Representative/Executor/Executrix/Administrator?

Answer 3

An individual named to execute transactions for the deceased estate.

Question 4

What are the required documents needed to open an ESTATE ACCOUNT?

Answer 4

1) Letters of Testamentary (or letters of administration) certified and issued by the count clerk’s office
- Photocopy letters & note on copy “Certified Copy Viewed by:” (staff member) and date. File with account signature card
2) Death Certificate, original or certified
- Photocopy Death Certificate & note on copy “Certified Copy Viewed by: (staff member) and date. File with account signature card

Question 5

What are you looking for in the Letters of Testamentary/Letters of Administration?

Answer 5

• Court Date Stamp
• Certified Copy Stamp
• Name of Executor/Personal Rep/ Executrix
• Signature by Deputy Clerk

Question 6

What are you looking for in the Death Certificate?

Answer 6

• Verify the name of the deceased
• Date of Death
• Verify SSN

Question 7

Will you need to create a CIF for the Estate and/or personal representatives if no CIF exists in system?

Answer 7

Yes, the Estate will require it’s own CIF, along with any person(s) listed as personal reps, executors, ect.