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Establishing estate account
How do I set up an estate account? I am co-executor of a will and I have @ $400 worth of checks made out to our mother that need to be cashed. These were balances from insurance, utilities, etc that I cancelled.My brother and I are sole beneficiaries in the will. There are no other assets, accounts, etc. that need attention. John
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You have to get an EIN (employee id number) from the IRS (IRS.GOV) .
Then go to the bank with that number & the death certificate to open the bank estate account. You may have to file an Estate account tax return if the account receives interest or dividend income. That IRS form is form 1041 which may issue a K-1 form that has an amount that will have to reported on your 1040 return. |
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