An executor account (also called an estate account) is a special bank account opened by the executor after the court issues Letters Testamentary or Letters of Administration. It is used exclusively to manage the deceased person’s money, collecting assets, paying debts, receiving sale proceeds, and distributing inheritances, while keeping all estate finances separate from the executor’s personal funds.
You cannot use the deceased's Social Security Number for estate transactions. You must apply for a free Employer Identification Number (EIN) from the IRS website.
“Provide Letters Testamentary” means giving banks, title companies, insurers, or other institutions an official certified copy of the court-issued document that proves you are the authorized executor. This is what gives you legal power to access accounts, sell property, and manage the estate.
“Provide EIN” means giving the bank or financial institution the Estate’s Employer Identification Number, which is the IRS-issued tax ID required to open an estate bank account and handle all estate-related financial transactions.
publish notice means placing a legally required announcement in a local newspaper to inform unknown creditors that the estate is in probate, giving them a deadline to file any claims.
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creditor claim period means the legally required timeline begins during which creditors must submit any claims for money owed by the deceased, typically triggered after notices are mailed or published.
