Detailed answer — step by step (Hawaii)

This section explains what usually must happen in Hawaii to move brokerage assets into an estate checking account. I use a short hypothetical to make the sequence clear.

Hypothetical facts

Mary owned a taxable brokerage account solely in her name. Mary died. Her will names her adult child as personal representative. The child wants the brokerage assets moved into an estate checking account so the estate can pay funeral costs, bills, and eventual distributions to beneficiaries.

1) Confirm account ownership and beneficiary designations

Before doing anything, determine whether the brokerage account passes outside probate. Common possibilities:

• Transfer-on-Death (TOD) or beneficiary designation on the account — assets go directly to the named beneficiary and generally do not enter the probate estate.
• Joint tenancy with right of survivorship — the surviving joint owner typically becomes sole owner, not the estate.
• Account titled only in the decedent’s name — the account is usually probate property and the personal representative collects it for the estate.

If the account passes outside probate (TOD, joint survivor, or named beneficiary), the beneficiary claims the account directly from the broker using a death certificate and any broker forms — no estate checking account is needed for those assets. If the account is solely in the decedent’s name, continue below.

2) Get legal authority to act for the estate

In Hawaii, a brokerage will usually require proof that the person requesting transfers is the court-appointed personal representative (called the executor or administrator). To obtain that proof you will generally file for probate in the Hawaii probate court and receive Letters Testamentary or Letters of Administration that the broker will accept as authority to act for the estate.

Start with the Hawaii Judiciary probate resources and forms: https://www.courts.state.hi.us/self-help/probate. For statutory law on probate and a personal representative’s duties see Hawaii’s probate code: HRS Chapter 560 (Uniform Probate Code).

3) Obtain an EIN for the estate

Most brokers and banks will not accept the decedent’s Social Security number for an estate account. The personal representative should apply for an estate EIN from the IRS and use it when opening the estate bank account and when completing brokerage paperwork. Apply online: IRS — Apply for an EIN.

4) Open an estate checking account

Take the Letters Testamentary/Administration, the estate EIN, personal ID, and certified copies of the death certificate to a bank. Open the account in the estate’s name (example label: “Estate of Mary Smith, John Smith, Personal Representative, EIN XX-XXXXXXX”). Keep estate funds separate — do not commingle estate and personal funds.

5) Provide the broker with required documents

Most brokerages will ask for:

• Certified copy of the death certificate
• Certified copy of Letters Testamentary or Letters of Administration
• Estate EIN (IRS confirmation)
• A copy of a photo ID for the personal representative
• Signed broker transfer or re-registration forms (broker-specific)
• Medallion signature guarantee for transfers of securities (often required)

After the broker accepts your paperwork, they typically offer two main options:

1. Re-register the securities in the name of the personal representative or “Estate of [Name]” and then either hold or sell the securities for the estate; or
2. Sell the securities and wire or check the net proceeds into the estate checking account.

Which option you choose depends on estate needs (cash for bills vs. preserving investments), fiduciary duties, and tax considerations.

6) Fiduciary duties, sale of investments, and timing

The personal representative owes a duty to the estate and its beneficiaries to handle estate assets prudently. That means documenting the reasons to sell or hold investments, obtaining valuations if needed, and following the probate court’s procedures for paying debts and distributing assets. For statutory guidance on duties and inventories see HRS Chapter 560: https://www.capitol.hawaii.gov/hrscurrent/Vol11_Ch0501-0588/HRS0560/.

7) Notices, inventory, and closing the estate

Hawaii law requires the personal representative to manage creditor notices and file inventories under the probate rules. Confirm applicable deadlines and required filings with the probate court or the Judiciary self-help pages noted above.

Typical timeline

• Opening probate and getting letters: a few weeks to a few months depending on court schedule and whether the estate is contested.
• Getting an EIN: usually immediate online from the IRS.
• Broker transfers: once the broker accepts paperwork, transfers or sales often complete within several business days to a few weeks.

When transfer may be simpler

If the account has a payable-on-death (POD) or TOD designation or a named beneficiary, the beneficiary may claim the assets directly with fewer formalities. If the total estate is small, Hawaii’s simplified procedures for small estates may apply — check the Judiciary’s guidance or an attorney for qualification details.

Helpful hints

• Contact the broker early and ask for a written list of required documents and forms — each firm has its own process.
• Order multiple certified copies of the death certificate—brokers, banks, and government agencies will each want one.
• Get the estate EIN before trying to open an estate checking account.
• Keep careful records of every transfer, sale, and wire. That documentation will be needed for accounting to beneficiaries and for tax reporting.
• Ask whether a medallion signature guarantee is required; that service is not the same as a notary and takes extra time to obtain.
• Consider tax timing: selling appreciated securities can create capital gains. If tax issues are significant, consult a tax professional or attorney before selling large positions.
• If beneficiaries or joint owners claim ownership of the account, consult the probate court or an attorney before moving assets.
• Do not commingle estate funds with your personal funds — use the estate checking account for estate transactions only.