You may recently have been named as the executor of an estate in Minnesota. If this is the case, you will have a very large number of duties to uphold. Chief among them will be distributing all of the assets that a deceased person has left behind. At this point, the correct course of action may well be to open up a probate bank account to handle the matter.
Why do you need a probate bank account?
The process of probate can be complex, contentious, costly, and time intensive. One of the most important facts to not lose sight of is that you are handling the finances of a deceased individual. This means that you want to keep the finances and other assets contained in the trust completely separate from your own.
The best way to do so is to open up a probate bank account. This will ensure that your own private finances are never intermingled with those in the trust. It will also enable you to record all of the various transactions that are conducted in the name of the trust. This can help to protect you from allegations of misconduct by others named as beneficiaries.
How to get a probate bank account
After you have been named as executor, your first task will be to open up a probate bank account. You can do this by obtaining a copy of the death certificate of the person whose estate you are managing.
Once you have the certificate, you can use it as proof of your position. You will need to be recognized as such after you make your filing for probate. Once you have this, you will need to obtain a tax number. You can do so by filing IRS Form SS-4, Application for Employer Identification Number.
Upon being recognized by the IRS, you can open up an official probate bank account. You can do so at nearly any bank or credit union in your area. This will be the means by which you officially embark on your duties as executor.