Do you have an estate in need of opening up a bank account for the first time? If so, what is the process you must go through to open up the account, get it in good standing, etc? Opening up an estate’s bank account requires you to do some pre-work as well as some detail gathering before signing on with any bank.
You need to get your estate in order before you can go and open up a bank account for the entity. You will need to start by obtaining an employer identification number (EIN) or Federal Tax ID number for your estate in order to present it to the bank while opening any business bank account for an estate (individual). You can work with a Tax ID service professional to get your Tax ID in under an hour. You also then need to research to figure out which financial institution is going to be right for you as your bank of choice. Once you have the EIN and other pertinent estate formation info, you know the bank you would like to work with, it is a matter of registering or opening up the bank account online or in-person at a local branch. Start the process now and obtain your estate tax ID number today.