Definition

An estate is a legal entity that assumes all assets, property and liabilities of a deceased individual. The deceased individual is referred to as the ward or beneficiary of the estate. 

Letters of Administration are administered by the clerk of courts and appoint a personal representative for an estate.

The personal representative handles the final distribution of the estate of a deceased individual. The personal representative is also referred to as the executor or administrator of the estate and is the authorized signer on the account. 

Required Documentation to Open Account

ALL legal documents for estate accounts MUST be reviewed by Call Me Direct (CMD) for approval before proceeding with opening or revising an account. 

Obtain the following documentation for CMD review:

• Certified copy of the deceased's death certificate
• Letters of Administration 
  • Letters of Administration are administered by the clerk of courts and appoint a personal representative of an estate

Once documents are obtained, do the following:

1. Scan and email all estate documents to _Call Me Direct to review.
2. Call Me Direct reviews the documents and takes one of the following actions:
   • Approves the account opening or change
     • If the documents are approved, CMD completes a Document Review Coversheet and emails the associate opening/revising the account.  
     • The Document Review Coversheet from CMD MUST be imaged with account documents.
   • Denies the account opening or change

Tax Identification Number (TIN)

The estate must apply for an employer identification number (EIN) that is used for IRS reporting. If the client does not have an EIN for the estate, direct him/her to irs.gov. 

Do not use the social security number of the deceased. 

Account Titling

To title the account, do the following:

1. Title the account in the name of the estate. ESTATE OF {Client's name} displays in the Customer Name field.  
2. In the Additional Name 1 field enter the name of the authorized signer (for example: Jane Doe Personal Representative).
   

Ownership Requirements

• The personal representative, executor, or administrator is the only signer on the signature card
• Signature card with this person's signature above his/her name in the Signatures section
• This person's verification of the information under the Backup Withholding Certifications section to certify the EIN of the estate

Signature Card Example

Relationship Codes