Estate Bank Account Management in Montgomery County, PA

Probate is the process of “proving” a decedent’s Last Will and Testament at the appropriate Pennsylvania county Register of Wills office. The named executor or personal representative of the estate must swear an oath to carry out the wishes in the decedent’s Will. The Pennsylvania probate process can be simple or complex, depending upon the nature of the estate. The executor or administrator should follow the probate laws carefully and exercise good judgment for settling an estate in PA. One responsibility of the executor or administrator is to establish an estate bank account.


Opening an Estate Bank Account in PA

One preliminary step often undertaken by an executor in PA is to close any bank accounts belonging to the decedent and to establish a new checking account for administering estate money and paying estate expenses. This account is called an estate bank account. An interest bearing account is generally advisable unless the estate has only minimal funds. Other accounts, such as savings accounts or money market accounts, may be recommended by bank officers. Comparisons of services and charges of several banks should be obtained before officially opening an estate bank account.

In order to set up an estate bank account, a tax identification number must be obtained for the estate. The bank will also request a copy of the Letters Testamentary or an original Short Certificate for the estate.


Probate Lawyers | Montgomery County, PA

The Martin Law Firm is an experienced probate and estate administration law firm located in Montgomery County, PA. Our skilled probate lawyers assist executors and administrators in Montgomery County as well as the surrounding areas of Bucks County, Philadelphia County, Chester County and Delaware County. The probate lawyers at The Martin Law Firm provide comprehensive guidance throughout the probate and estate administration process, including establishment of an estate bank account. Our probate lawyers offer a free estate administration evaluation. Contact an experienced PA probate lawyer at The Martin Law Firm at 215-646-3980.