Small Estate

MarshallS | Apr 12, 2019 | 1 posts since 2019

As the executor of my brother's estate, I obtained an EIN for the purpose of opening an account to pay bills that he left due. From what I have read, this can be a checking account or savings account/moneymarket. The estate is small (less tan $5,000) and I don't anticipate having a need beyond 1 year to clear up any claims.

Obviously, I don't want the estate money to be depleted by bank fees and I won't have much of a balance at any one time.

So what is the best banking solution for my situation? I can't be alone on this; i.e. there must be many thousands of people who face this situation every year.

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Answers

AnnO | Apr 12, 2019 | 129 posts since 2018

Looks like Ally supports estate accounts. They don't require a minimum balance to avoid fees, so that should be a good match for your needs. Go with the checking account so you don't have to worry about the 6-withdrawals/checks-per-month limit on savings/MMAs.
https://www.ally.com/resources/pdf/bank/ally-estate-account-application.pdf

decades | Apr 14, 2019 | 124 posts since 2010

I am the executor of my parents estate. I opened an estate account, green checking at Farmers Bank , haven't encountered any fees yet . The trouble for me was none of the local banks offered estate accounts that payed any interest . I then opened accounts at both Ally and Fidelity Investments .You can't increase fdic protection by naming additional beneficiaries on these type accounts because it would override the will. I've learned that when people die with any kind of estate the snakes really come out . Probate lawyers want 4% of everything , the state pa. gets 4.5% inheritance tax , local bankers etc.Its unreal .

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