My father passed away in September. He had a checking account with only his name on it. What is the rule on changing the account over to an estate account? If we are leaving it open to pay bills, do we need to apply for a TIN number? How long can we leave this account unchanged?
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Technically, your father's estate became the owner of the account immediately upon his death. Most banks allow some time after learning of a depositor's death for family members to deal with the event, but eventually ask that documentation be provided to confirm the date of death and document the naming and court approval of an executor or administrator of the estate. When that occurs, the estate will have to have its own Taxpayer ID number (TIN).
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Technically, your father's estate became the owner of the account immediately upon his death. Most banks allow some time after learning of a depositor's death for family members to deal with the event, but eventually ask that documentation be provided to confirm the date of death and document the naming and court approval of an executor or administrator of the estate. When that occurs, the estate will have to have its own Taxpayer ID number (TIN).
