How Do I Open an Estate Account at Banco Popular?
Banco Popular opens estate accounts for a court-appointed executor or administrator. The account is opened in a branch. The documents it asks for, what the account costs, and the steps it lists are below.
Opening an estate account at Banco Popular
Where to open it
In a branch
How it opens
- In a branch
- Available
- Appointment
- Not required
- Co-executors
- One may open the account
Who can open it
- EIN proof
- IRS confirmation letter (CP 575)
Documents to bring
- IRS or Local Treasury EIN document (CP-575, 147 C, Form 8109), or the deceased's Social Security Number if applicable
- Original, unexpired identification of signer(s) and Ultimate Beneficial Owner(s), as applicable
- Merchant Registration Certificate (SURI), unexpired, if conducting business in Puerto Rico as a merchant
- Court Resolution on Declaration of Heirs, or Will validated by the Registry of Powers and Wills certification (ODIN)
- Court Order appointing the Judicial Administrator, if applicable
- Notarized document in which the heirs authorize one or more persons to open and manage the account, if applicable
- Acceptance of Appointment as Executor (sworn statement or notarial act) or Letters Testamentary, if there is an Executor
Steps at Banco Popular
- 1Obtain the Court Resolution on Declaration of Heirs, or the will validated by a Certification from the Registry of Powers and Wills of the Office of Notary Inspection (ODIN).
- 2Get an IRS or Puerto Rico Treasury document showing the tax number, name and address (CP-575, 147C letter, or Form 8109 coupon); the deceased's Social Security number is accepted instead if applicable.
- 3Bring the authority documents that apply:
- The notarized document in which the heirs authorize one or more persons to open and manage the account
- The executor's acceptance of appointment (sworn statement or notarial act) or Letters Testamentary
- The court order appointing a Judicial Administrator
- 4Bring original, unexpired identification for every signer and ultimate beneficial owner; copies and screenshots are not accepted.
- 5If the succession will carry on business in Puerto Rico as a merchant, add an unexpired Merchant Registration Certificate (SURI) from the Department of the Treasury.
- 6Open the account at a branch; a turn or appointment can be booked in advance at popular.com/servicios/turnos-y-citas/.
What it costs
Banco Popular does not state the opening deposit, monthly fee, or fee-waiver balance for an estate account.
- Other waivers
- No estate or fiduciary exclusion published. $2 discount for electronic statements on B-Smart and FlexiCuenta
- Schedule that applies
- Commercial Deposit Accounts Agreement (COM-534A / 2-26) plus the per-account Account Characteristics and Fees Disclosure given at opening, not published online
| Account | To open | Monthly fee | Waiver or condition |
|---|---|---|---|
| B-Smart | $5 | average balance of $500 or more in the checking and savings portions (combined balance) | |
| FlexiCuenta de Negocios | $0 | $12 | average balance of $2,500 or more in the checking and savings portion (combined balance) |
| Escrow Real Estate | $0 if the account remains active; $10.00 monthly with a balance and no transactions during a 6-month period | ||
| IOLTA | $0 | $0 |
Once it is open
- Checks
- Available
What to know at Banco Popular
Banco Popular opens a succession's account on the commercial side, as a checking account under its Successions business structure, not as a personal account. Its Estate Processing unit settles the deceased's own accounts separately, with a single official check payable to all heirs and registered joint owners together and no partial liquidations. Popular directs commercial pricing questions to its Commercial Support Center at 787-756-3939.
Not in Banco Popular's published guidance
- Whether it can be opened online, by phone, or by mail
- Whether the deceased must have banked there
- Whether an out-of-state executor can open one
- Whether the death certificate must be a certified copy
- Whether the account comes with online banking, a debit card, or mobile deposit
- How the deceased's balances reach the estate account
General information about each bank's published estate-account requirements, not legal or banking advice. Requirements vary by state and account type. Consult the institution for its current requirements. Data verified Sep 23, 2026
Banco Popular's published guidance does not state whether an estate account can be opened online. It states the account can be opened in a branch.
Banco Popular asks for: IRS or Local Treasury EIN document (CP-575, 147 C, Form 8109), or the deceased's Social Security Number if applicable; Original, unexpired identification of signer(s) and Ultimate Beneficial Owner(s), as applicable; Merchant Registration Certificate (SURI), unexpired, if conducting business in Puerto Rico as a merchant; Court Resolution on Declaration of Heirs, or Will validated by the Registry of Powers and Wills certification (ODIN); Court Order appointing the Judicial Administrator, if applicable; Notarized document in which the heirs authorize one or more persons to open and manage the account, if applicable; Acceptance of Appointment as Executor (sworn statement or notarial act) or Letters Testamentary, if there is an Executor.
Banco Popular does not state the opening deposit, monthly fee, or fee-waiver balance for an estate account. Banco Popular's 4 published accounts are listed above with their fees and waivers; the estate account carries the fees of the account it is opened as.
An estate account is a bank account titled to the estate itself — not to the person who died and not to the executor personally. The court-appointed executor or administrator opens it to deposit money owed to the estate (final paychecks, refunds, proceeds from closed accounts), pay the estate's debts and expenses, and distribute what remains. Checks made out to "the Estate of" can only be deposited into an account titled this way.
The estate is its own taxpayer, separate from the person who died. Banks open estate accounts under the estate's Employer Identification Number (EIN) from the IRS, not the deceased's Social Security Number. The free EIN application prepares IRS Form SS-4 for the estate.
Sources
Data sourced from Banco Popular primary sources (11 pages reviewed). How we research.
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Forms for Settling an Estate
Free forms for settling an estate: the probate petition, small estate affidavit, notice to creditors, inventory, and closing forms.
Petition for Probate and Letters
Open probate and ask the court to appoint you and issue Letters Testamentary or Letters of Administration.
Notice to Creditors
Notify estate creditors and start the claim period — the published notice plus mailed copies for known creditors.
Renunciation of Executor
Decline an appointment as executor named in a will — the writing filed with the court before anyone is appointed.
Affidavit of Heirship
Prepare the sworn statement of a deceased person's family history and heirs for recording in the county land records, with your state's recording instructions.
Small Estate Affidavit
Collect a small estate's property without probate — the sworn affidavit presented to banks and other holders, with a presentation letter for each.
Estate Inventory
Prepare the probate inventory of estate property — every asset at its date-of-death value, composed to your state's statute, with the state's filing or delivery instructions.
Tools for Settling an Estate
Free tools for settling an estate: whether probate is needed, executor and trustee pay, creditor deadlines, and inheritance taxes.
How Much Can an Executor Charge?
Calculate how much an executor can charge for administering an estate.
Can I Self-File Probate?
Whether your state lets you open probate yourself, and what it costs with a lawyer and without one.
How Do I Get Appointed as Executor?
See the court, petition, bond, and documents needed to be appointed and receive your Letters.
What Are the Creditor Claim Deadlines?
Find creditor claim deadlines, notice requirements, and payment priority order for your state.
What Happens When an Estate Is Insolvent?
See the order your state pays an insolvent estate's debts and which claims go unpaid.
What Is the Estate's Personal Property Worth for Probate?
Estimate the fair market value of household items for probate and see how it affects fees.
