Opening an Estate Bank Account in Minnesota: Step-by-Step FAQ

Disclaimer: This information is educational and not legal advice. For decisions that affect legal rights, consult a licensed Minnesota attorney.

Detailed answer — what you must do under Minnesota law

When a person dies, their money and certain assets that belong to their estate normally must be identified, protected, and used to pay bills before any distribution to heirs. In Minnesota, a personal representative (sometimes called an executor or administrator) appointed by the probate court has authority to manage estate bank accounts. The basic, practical steps are:

1. Confirm whether you are the court-appointed personal representative.

   Only the personal representative named by the will (or appointed by the court if there is no will) has the legal authority to open an estate account in the decedent’s name. The Minnesota probate statutes set out how a personal representative is appointed and the representative’s duties. For general statute text see Minnesota Statutes, Chapter 524: https://www.revisor.mn.gov/statutes/cite/524. For practical probate information from the state courts, see the Minnesota Judicial Branch probate overview: https://www.mncourts.gov/Help-Topics/Probate/Overview.aspx.

2. Obtain proof of your appointment from the probate court (“Letters Testamentary” or “Letters of Administration”).

   Most banks will require a certified copy of the court document that gives you authority to act for the estate. Take the certified letters to the bank when you open the account.

3. Get certified copies of the death certificate.

   Banks commonly require one or more certified death certificates to remove the decedent’s name from accounts and to open estate accounts. In Minnesota, certified death certificates are available from the Minnesota Department of Health or the county vital records office: https://www.health.state.mn.us/people/vitalrecords/index.html.

4. Apply for an Employer Identification Number (EIN) for the estate from the IRS.

   The estate generally needs an EIN (not the decedent’s Social Security number) to open an estate bank account and to file any required estate tax or fiduciary income tax returns (e.g., Form 1041). The IRS provides guidance for estates and trusts and explains how to apply for an EIN. Apply online (the fastest method) or by mail/fax using Form SS-4: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online and more estate/trust tax info: https://www.irs.gov/businesses/small-businesses-self-employed/estate-and-trust-fiduciary-income-tax.

5. Bring the required documents to the bank to open the estate account.

   Typical bank requirements include:

   • Certified Letters Testamentary or Letters of Administration from the probate court.
   • Certified copy of the death certificate.
   • IRS EIN confirmation (CP 575 letter or the EIN assignment notice) or the confirmation page if you applied online.
   • Personal identification for the personal representative (driver’s license or passport).
   • The bank’s account-opening forms signed by the personal representative.

   Different banks have different internal policies. Call the branch in advance to confirm the list of documents and whether they need certified copies or originals. If the estate holds large, unusual, or contested assets, the bank may also ask for a certified copy of the will or court orders.

6. Keep estate funds separate and use the account only for estate business.

   Once the estate account is open, deposit estate checks and funds into that account and pay estate liabilities from it. Do not mix estate funds with your personal accounts. Minnesota law and fiduciary duty require the representative to preserve estate assets for creditors and beneficiaries (see Chapter 524 above).

7. Recordkeeping and fiduciary duties.

   Keep detailed records of all deposits, payments, and distributions. You may be required to provide an inventory, periodic accounting, or final accounting to the court or beneficiaries. Failure to follow fiduciary duties can result in personal liability.

8. Consider whether probate is required or whether a simplified method applies.

   Some assets pass outside probate (joint accounts, payable-on-death (POD) designations, insurance or retirement beneficiary designations). For smaller estates or where the estate qualifies for a summary procedure, you may not need full probate. For practical guidance from the courts, see Minnesota’s probate help topics: https://www.mncourts.gov/Help-Topics/Probate.aspx.

Common issues and how to handle them

• Bank refuses to open an account with only an EIN: Banks usually require proof of appointment by the court (letters) in addition to the EIN. Obtain certified letters from the probate court.
• There is no probate yet: You typically cannot open an estate account in the decedent’s name without court authority. If immediate access is needed to pay bills, speak with the bank about temporary options or an emergency petition to the court.
• Joint accounts or payable-on-death designations: These often pass directly to the co-owner or beneficiary and are not estate property. The account owner or beneficiary should take the bank’s required steps to transfer funds—banks often require the death certificate and ID.
• Estate tax or fiduciary income tax obligations: If the estate receives income after death, it may need to file Form 1041. See IRS guidance on fiduciary returns: https://www.irs.gov/forms-pubs/about-form-1041.

Helpful hints

• Before you go to the bank, call the branch and ask for their estate-account checklist.
• Request several certified copies of the death certificate from the county or state vital records office. Banks and other institutions each often want their own certified copy.
• Apply for the estate EIN early. The online IRS EIN application is fast and you can usually receive the EIN immediately if you apply online from within the United States: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online.
• Keep estate funds separate and use them only for estate expenses and creditor payments until you have authority to distribute to beneficiaries.
• Maintain a clear ledger or accounting. Photocopy checks and invoices you pay from the estate account.
• If the estate is complex, contested, or large, consider hiring a probate attorney to help you comply with Minnesota law and protect yourself as the personal representative.

Where to find more Minnesota-specific resources

• Minnesota Statutes — Probate (Chapter 524): https://www.revisor.mn.gov/statutes/cite/524
• Minnesota Judicial Branch — Probate help and forms: https://www.mncourts.gov/Help-Topics/Probate.aspx
• Minnesota Department of Health — Vital records (death certificates): https://www.health.state.mn.us/people/vitalrecords/index.html
• IRS — Apply for an EIN online: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
• IRS — Estate and trust (fiduciary) income tax information: https://www.irs.gov/businesses/small-businesses-self-employed/estate-and-trust-fiduciary-income-tax

If you want, provide a short description of your situation (e.g., whether there is a will, whether you were named personal representative, whether the estate needs to go through formal probate), and I can outline likely next steps under Minnesota law and what documents you’ll most likely need for the bank.