How Do I Open an Estate Account at First Merchants?
First Merchants's estate-account opening requirements: where the account can be opened, the documents to bring, and the EIN requirement.
Opening an estate account at First Merchants
Opening channels
- In a branch
- Not stated
- Online
- Not stated
- By phone
- Not stated
- By mail
- Not stated
- Appointment
- Not stated
- Co-executors
- Not stated
Documents to bring
- Court order appointing the executor or administrator (Letters Testamentary or Letters of Administration) -- section (31) "Fiduciary Accounts" of the deposit account agreement permits accounts opened and maintained by persons named "as executors, administrators, or conservators under court orders"
- Identifying information for the person opening the account: name, address, date of birth, and other identifying information; the bank may also ask to see a driver's license or other identifying documents (section (1) of the deposit account agreement, the federal customer-identification requirement)
What to know at First Merchants
First Merchants opens estate accounts through the fiduciary-account provision of its deposit account agreement: section (31) "Fiduciary Accounts" states an account may be opened and maintained by persons named as executors, administrators, or conservators under court orders, and the bank disclaims any obligation to monitor or enforce the terms of the letters. "Estate accounts" is also a named account category on the bank's own promotional pages -- the Michigan switch offer excludes them ("This offer is limited to one per client and is not valid for Public Funds, Estate accounts, U.S. Government entities, other banks, or financial institutions."). Beyond that, First Merchants publishes no estate-account opening procedure: the Open Bank Account Online page lists only personal, small business, and commercial accounts (estate and fiduciary accounts do not appear, but the page does not affirmatively exclude them); the appointment scheduler has no estate or fiduciary topic and does not state whether an appointment is required; no page states an opening channel, a co-fiduciary rule, a Letters recency window, a minimum deposit, an EIN-before-opening rule, or a named estate account product. Account questions route to 1-800-205-3464 or a banking center.
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
First Merchants's published guidance does not state whether an estate account can be opened online.
First Merchants asks for: Court order appointing the executor or administrator (Letters Testamentary or Letters of Administration) -- section (31) "Fiduciary Accounts" of the deposit account agreement permits accounts opened and maintained by persons named "as executors, administrators, or conservators under court orders"; Identifying information for the person opening the account: name, address, date of birth, and other identifying information; the bank may also ask to see a driver's license or other identifying documents (section (1) of the deposit account agreement, the federal customer-identification requirement).
First Merchants's published guidance does not state a co-executor appearance rule. When more than one executor or administrator was appointed, confirm with First Merchants 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 First Merchants primary sources (4 pages reviewed). How we research.
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