How Do I Open an Estate Account at First Merchants?
First Merchants opens estate accounts for a court-appointed executor or administrator. The documents it asks for, what the account costs, and the steps it lists are below.
Opening an estate account at First Merchants
Where to open it
Not published by First Merchants
Documents to bring
- Court order appointing the executor or administrator
- Name, address, date of birth, and driver's license or other ID for the person opening the account
What it costs
First Merchants does not state the opening deposit, monthly fee, or fee-waiver balance for an estate account.
- Other waivers
- None published; "Estate accounts" are excluded by name from two Michigan switch bonus offers
- Schedule that applies
- Not stated for estate accounts; candidates: Personal Banking Fees (effective February 16, 2026) and Business Banking Fees (effective April 1, 2026)
- For estate accounts
- Promotions only: First Merchants excludes "Estate accounts" by name from both current Michigan switch bonuses, the personal Prosper / Prosper Plus offer and the Basic Business Checking offer, so an estate account opened under either earns no account-opening bonus
| Account | To open | Monthly fee | Waiver or condition |
|---|---|---|---|
| Prosper | $10 | monthly direct deposit of $500 | |
| Prosper Plus | $25 | monthly direct deposit of $1,500 | |
| Simple Access | $4 | ||
| First Direct | $10 | monthly direct deposit of $200 | |
| Carefree | $5 | ||
| Elite | $20 | ||
| Advantage | $15 | ||
| Regular Savings | $25 | $5 | |
| Money Market Savings | $1,000 | $10 | |
| Relationship Money Market Savings | $1,000 | ||
| Health Savings Account | $0 | $5 | |
| CD | $1,000 for terms of 12 months or more; $2,500 for shorter terms | ||
| First Business Checking | $100 | $0 | |
| IOLTA Checking | $100 | $0 | |
| Basic Business Checking | $100 | $20 | |
| Business Interest Checking | $100 | $20 | |
| Commercial Checking | $100 | $40 | |
| Enhanced Small Business Checking | $100 | ||
| Business Savings | $100 | $5 | |
| Business money market accounts (two) | $1,000 | $10 |
What to know at First Merchants
First Merchants opens estate accounts under the Fiduciary Accounts section of its consumer deposit agreement, which lets executors, administrators and conservators under court orders open and maintain an account. The bank takes on no obligation to monitor or enforce the terms of the letters.
Not in First Merchants's published guidance
- Whether a branch appointment is needed
- Whether every co-executor must sign or appear
- Whether the estate's EIN is needed before opening
- 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
- What proof of the EIN it accepts
- Whether the account comes with online banking, checks, 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 17, 2026
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; Name, address, date of birth, and driver's license or other ID for the person opening the account.
First Merchants does not state the opening deposit, monthly fee, or fee-waiver balance for an estate account. Promotions only: First Merchants excludes "Estate accounts" by name from both current Michigan switch bonuses, the personal Prosper / Prosper Plus offer and the Basic Business Checking offer, so an estate account opened under either earns no account-opening bonus. First Merchants's 20 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 First Merchants primary sources (9 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.
