Estate Accounts

Parameters 

• An account that is opened specifically for the purposes of administering a person's estate after they have passed away. 
• The person named the estate Executor will usually be in charge of opening and managing the estate account.
• Taxpayer ID number is required.
• Legal appointment paperwork (Letters of Testamentary):
  • Letters of Administration
  • Small Estate Affidavit
  • Any funds from the deceased person’s accounts can be transferred into the account
  • Proceeds from cash accounts
  • Liquidation of investment accounts or assets
  • Refund from canceled services
  • Cash or checks found at the estate
  • Final paychecks, except:
    • POD accounts, which go directly to the named POD beneficiary and are not part of the estate.
    • Joint tenancy accounts, which belong to the surviving joint owner.
• An estate account must be open when there is joint owner with the right of survivorship.

Checks

Check payable to the Estate or Decedent and being deposited into an established Estate account or the decedent account (without the right of survivorship):

• The check can be endorsed by the head of the estate (known as Executor, Executrix, Administrator or Administratrix) or stamped for “Deposit Only”
  • Example: The Estate of John Smith, Jane Smith, Executrix
• Exceptions:
  • Cashier’s Checks, Government Checks and Insurance checks.  
  • These items will need to be endorsed by the head of the estate.
• If the Executor, Executrix, Administrator or Administratrix wishes to access the funds being deposited on behalf of the decedent, funds may be withdrawn from the decedent’s account and signed in the fiduciary’s capacity.

If no one has qualified to be Executor/Administrator for the Estate, we will accept the Virginia Small Estate Act Affidavit presented by the claimant.

• The check may be deposited into the decedent’s account or presented into the designated successor’s account for deposit using the following endorsement:
  • Example: John Smith, Deceased, by Jane Smith, Claimant Virginia Small Estate Affidavit

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