How Do I Open an Estate Account at Banco Popular?
Banco Popular's estate-account opening requirements: where the account can be opened, the documents to bring, and the EIN requirement.
Opening an estate account at Banco Popular
Account type: Fiduciary account (deposit-account ownership type; examples include a personal representative and a trustee under a will)
Opening channels
- In a branch
- Available
- Online
- Not stated
- By phone
- Not stated
- By mail
- Not stated
- Appointment
- Not required
- Co-executors
- Not stated
Documents to bring
- Fiduciary documentation on the bank's request: an affidavit, certification, or other documentation, including copies or excerpts of any agreement, instrument, or order pertaining to the account or fiduciary relationship (per the Personal Banking Disclosure and Agreement's Fiduciary Account provision)
What to know at Banco Popular
Banco Popular's Personal Banking Disclosure and Agreement names the FIDUCIARY ACCOUNT as an offered deposit-account ownership type, expressly listing a "personal representative" and a "trustee under a trust agreement or under a will" as examples — the fiduciary capacities a Puerto Rico albacea (testamentary executor) or judicial administrator holds. The bank publishes no step-by-step estate-account-opening procedure, channel restrictions, EIN requirement, or minimum deposit for fiduciary accounts; its estate-processing pages (popular.com/en/estate-processing/ and the resource-center FAQ) cover only liquidation of the DECEDENT's accounts (single official check payable to all heirs), not opening a new account titled to the succession. In-branch deposit-account opening is documented ("Nuestros consultores bancarios pueden ayudarte en la apertura de cuentas de depósito"), with branch turnos/citas presented as an optional time-saver, not a requirement. The agreement's Instructions clause additionally lets an existing customer instruct the bank — by mail, messenger, secure email, or orally/by phone, at the bank's discretion — to open "accounts for which you are executor, administrator, trustee or other authorized signatory"; because acceptance is discretionary and limited to existing customers, the phone/mail channels are recorded as unclear. The online-opened e-account is a sole-owner individual product ("A sole owner required to open account") with no stated fiduciary path, so online is unclear rather than excluded.
This guide summarizes each bank's published estate-account requirements and is not legal or banking advice. Requirements may vary by state and account type.
Frequently Asked Questions
Banco Popular's published guidance does not state whether an estate account can be opened online. Its stated channel is in person at a branch.
Banco Popular asks for: Fiduciary documentation on the bank's request: an affidavit, certification, or other documentation, including copies or excerpts of any agreement, instrument, or order pertaining to the account or fiduciary relationship (per the Personal Banking Disclosure and Agreement's Fiduciary Account provision).
Banco Popular's published guidance does not state a co-executor appearance rule. When more than one executor or administrator was appointed, confirm with Banco Popular whether all must attend.
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 (4 pages reviewed). How we research.
Is this your situation?
Get a complete guide for your specific circumstances.
More tools for settling this estate
Calculators and checklists for navigating probate and estate administration.
How Much Does Probate Cost?
Estimate attorney fees, executor fees, court costs, and timeline for probating an estate in your state. See if the estate qualifies for simplified probate procedures.
How Much Can an Executor Charge?
Calculate how much an executor (personal representative) can charge for administering an estate. See if your state has statutory fees or uses reasonable compensation.
Who Inherits Without a Will?
Find out who inherits your estate and how much they get if you die without a will. Based on your state's intestate succession laws.
How Much Are Estate & Inheritance Taxes?
Calculate federal estate tax, state estate tax (12 states + DC), and inheritance tax (5 states) for an estate or trust.
How Many Death Certificates Do I Need?
Calculate how many certified death certificates you need based on the assets and accounts you need to close. See state-specific ordering information.
Do I Need Probate?
Answer a few questions to find out if an estate needs full probate, qualifies for simplified probate, or can avoid probate entirely with a small estate affidavit.
