Detailed answer — Closing an estate bank account and getting the required closing statement under Maine law
This answer explains, in plain language, the common steps a personal representative (executor or administrator) follows in Maine to close an estate bank account and obtain the official closing documentation the bank and the Probate Court may require. This overview is educational only and not legal advice.
Quick overview
Closing an estate bank account usually means all estate funds have been collected, valid expenses and debts paid, any required taxes filed or reserved for, the remaining funds distributed to beneficiaries according to the will or Maine intestacy law, and the personal representative has either filed a final accounting with the Probate Court or obtained the court’s approval/discharge. Banks typically require the representative to present court-issued documents (Letters of Appointment and often a court order approving a final account or an order discharging the personal representative) and a death certificate before they will release funds or close the account. The Probate Court and banks both have forms and procedures you should follow.
Who is involved
- Personal representative (executor/administrator)
- Probate Court (Maine Probate Court for the county where the decedent lived)
- Bank or financial institution holding the decedent’s account
- Beneficiaries and creditors
Key Maine legal resources
- Maine Probate Court procedures and forms: https://www.courts.maine.gov/court_procedures/probate/
- Maine statutes (general reference to the Maine Probate Code – consult Title 18‑A via the Maine Legislature site): https://legislature.maine.gov/
- IRS guidance for obtaining an EIN for an estate (banks often require the estate EIN): https://www.irs.gov/
Step-by-step process
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Confirm your authority with the bank:
Present the bank with the decedent’s death certificate and your court-issued Letters Testamentary or Letters of Administration (sometimes called Letters of Appointment). Banks will not typically allow anyone to access estate funds without those documents. If you have not yet been appointed, apply to the Probate Court in the county where the decedent lived.
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If needed, open a formal estate account (or confirm the existing estate account):
Many personal representatives deposit the decedent’s funds into a separate estate or fiduciary account (distinct from the decedent’s personal account) to keep estate money separate and make accounting easier. Banks normally require an Employer Identification Number (EIN) for the estate; you can obtain one from the IRS online.
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Collect assets and prepare an inventory/accounting:
Collect bank statements, investment statements, and other assets. Prepare a careful inventory and initial accounting. Maine Probate rules and local probate forms describe the inventory/accounting requirements—the Probate Court will expect documentation for the account you present for approval. See the Probate Court forms page above.
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Pay valid debts, expenses, and taxes:
Before closing an estate account, pay funeral expenses, final medical bills, valid creditor claims, and any required taxes. If there are unresolved claims or taxes, you may need to reserve funds or obtain the court’s authorization to distribute the remainder. Keep receipts and a ledger so the final accounting is clear.
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Prepare the final account and petition for distribution or discharge:
In Maine you typically file a final account with the Probate Court showing: receipts into the estate, payments out of the estate, remaining assets, and the proposed distribution to beneficiaries. The Court will review and (if appropriate) approve the account and enter an order allowing distribution and discharging the personal representative. The Court’s order (or other court-approved closing document) is the formal basis many banks require before turning over funds and formally closing an estate account.
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Obtain the Court’s approval and certified order:
After the Court approves the final accounting and distribution, request a certified copy of the Court order (often called an order allowing final account and distributing estate assets or an order of discharge). Bring that certified order to the bank along with the death certificate and your identification.
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Ask the bank for a closing statement and complete the close:
Provide the bank the certified Court order and ask for (1) a final bank statement on estate letterhead showing a zero balance after distribution and (2) the bank’s internal closing statement or receipt confirming it released funds as ordered. Banks’ internal forms vary — some will provide a formal “closing statement” or a signed receipt for distributions, others will issue the final account activity statement plus a written confirmation they removed the fiduciary signatory and closed the account.
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Keep records and seek discharge from the Court (if needed):
Retain the bank closing statement(s), certified Court order, and copies of the final accounting. Some personal representatives file a motion for discharge or final report so the Court can formally release you from further responsibility. A Court discharge provides extra protection against later claims by creditors or beneficiaries.
What banks commonly require
- Original or certified copy of the decedent’s death certificate
- Court-issued Letters Testamentary or Letters of Administration
- Federal EIN for the estate (many banks will not accept the decedent’s SSN)
- Certified copy of the Probate Court order approving final account and authorizing distributions (or other court direction)
- Personal identification for the representative
- Completed bank signature cards or distribution instructions
Small estates and informal closings
Maine has simplified procedures for smaller estates or where the will explicitly waives administration, but available shortcuts depend on the size and complexity of the estate and whether creditors exist. If the estate is small and beneficiaries agree, some banks will allow distribution to beneficiaries upon presentation of a death certificate and an affidavit. Confirm the bank’s internal policy and check with the Probate Court about whether a formal accounting or court order is required for your situation.
When you should consider a lawyer
- There are complex tax issues, disputes between beneficiaries, or creditor claims.
- Large or unusual assets (business interests, out-of-state property, complex investments).
- You want to limit personal liability and obtain a clean discharge from the Probate Court.
Typical timeline and practical tips
- Timeline varies: simple estates can take a few weeks to months; contested or complex estates may take many months or longer.
- Contact the bank early to learn its exact document checklist — banks differ in what they require.
- Keep separate, clear records of every deposit, payment, and distribution. The final accounting should reconcile to bank statements.
- Request certified copies of Court orders before visiting the bank; banks often insist on certified copies rather than plain copies.
Helpful hints
- Before you do any distributions, confirm the Probate Court’s requirements for a final account and for discharging a personal representative — check the Maine Probate Court forms and local rules: https://www.courts.maine.gov/court_procedures/probate/.
- Apply for an estate EIN from the IRS (banks commonly require it): https://www.irs.gov/.
- Ask the bank whether they will accept a photocopy of Letters or require an original or certified copy. Ask whether they will provide a signed closing statement and what information it will include.
- Hold back funds if legitimate creditor claims are possible. If you distribute too quickly and a creditor later proves a valid claim, you may be personally liable.
- If beneficiaries are cooperative, get them to sign receipts or releases when you distribute funds; keep those releases with your estate records.
- If you anticipate disputes, get the Probate Court to approve distributions by order — that court order is your best protection when closing the bank account.
Important disclaimer: This is general information about Maine probate practice, not legal advice. Laws change and each estate is different. For guidance specific to your situation, consult a Maine attorney or contact the Probate Court in the county where the decedent lived.