Detailed Answer

Disclaimer: I am not a lawyer. This article provides general information about setting up an estate bank account in Missouri. It is not legal advice. For guidance specific to your situation, consult a licensed Missouri probate attorney or the probate division of the circuit court where the decedent lived.

Overview

When someone dies, a specially named bank account for the estate lets the personal representative (executor or administrator) collect estate funds, pay bills and taxes, and distribute assets to beneficiaries. In Missouri, most banks will require a court-issued document that proves your authority to act for the estate and an Employer Identification Number (EIN) issued by the IRS to open an estate account.

Key Missouri law reference

Missouri statutes that govern appointment of executors and administrators and other probate procedures are in the Missouri Revised Statutes, Chapter 473. See the text of Chapter 473 for detailed statutory rules: RSMo Chapter 473 (Probate/Administration).

Step-by-step process to set up an estate bank account in Missouri

1) Determine whether you need to open an estate account

If the decedent left significant assets in their name alone (bank accounts, CDs, brokerage accounts, rental income, etc.), a formal estate account is usually necessary to gather assets and pay debts. If assets pass outside probate (joint accounts, payable-on-death designations, certain trusts), you may not need an estate account for those items. Check with the bank and the probate court.

2) Become the court-appointed personal representative

To open an estate account most banks will require letters issued by the court (often called “Letters Testamentary” when there is a will or “Letters of Administration” when there is no will). To get those letters, you (or your attorney) file a probate petition in the circuit court in the county where the decedent lived. The court reviews the petition, verifies the will (if any), and issues the letters that legally empower you to act for the estate.

See RSMo Chapter 473 for procedures on appointment and issuance of letters: https://revisor.mo.gov/main/OneChapter.aspx?chapter=473.

3) Obtain an IRS Employer Identification Number (EIN) for the estate

An estate is a separate tax entity. Most banks require the estate’s EIN to open an estate account. You can obtain an EIN for an estate quickly online from the Internal Revenue Service, or by filing Form SS-4. The estate EIN is used for estate tax and income tax reporting (including Form 1041 when the estate earns taxable income).

• Apply online (fastest): IRS: Apply for an EIN Online
• Read IRS guidance for estates and trusts: IRS: Estates and Trusts
• Form SS-4 (paper): IRS Form SS-4

4) Gather documents the bank will ask for

Different banks have different policies, but the most common documents you will need to open an estate account are:

• Certified copy of the decedent’s death certificate (banks usually want an original or certified copy)
• Original or certified copy of the court-issued Letters Testamentary or Letters of Administration
• The estate’s IRS EIN (or IRS confirmation letter)
• Personal identification for the person opening the account (driver’s license, passport)
• Bank forms required by the institution and, sometimes, a copy of the decedent’s will (if relevant)

5) Visit the bank and open the account

Bring the items above and be prepared to explain the account’s purpose (paying estate bills, collecting rents, liquidating assets, etc.). Ask the bank whether they require you to sign an indemnity agreement, post a bond, or keep separate subaccounts for taxes or distributions. Confirm whether the bank allows co-signers or requires multiple account holders for large transactions.

6) Use and manage the estate account correctly

Keep estate funds strictly separate from your personal funds. Use the estate account to collect decedent income, pay legitimate estate debts and expenses, file taxes, and make distributions only after you have authority to do so (either by the will or by court order). Maintain clear records and receipts; courts review accounting if beneficiaries dispute handling of the estate.

Missouri-specific practical points

• Missouri probate procedure is handled in the circuit court (probate division). Local court clerks can explain filing requirements and forms for your county.
• RSMo Chapter 473 governs appointment of personal representatives and powers. Review Chapter 473 for statutory duties and authority: RSMo Ch. 473.
• Some estates qualify for simplified or small-estate procedures that avoid full probate. If you believe the estate is small, ask the court clerk whether a simplified process is available in your county.
• Keep multiple certified death certificates—the bank and other institutions (title companies, Social Security, VA, life insurers) often require originals or certified copies.

Taxes and reporting

After you have the EIN and estate account:

• File the decedent’s final individual income tax return (Form 1040) for the year of death.
• If the estate earns income over the IRS threshold (fiduciary income threshold), the estate may have to file Form 1041 (U.S. Income Tax Return for Estates and Trusts). See IRS guidance on estates and trusts.
• Federal estate tax returns may be required for very large estates. Consult a tax advisor if the decedent’s gross estate approaches the federal filing threshold.

When to hire an attorney

You should consider hiring a Missouri probate attorney if:

• The estate has complex assets (real estate across states, business interests, large investment accounts).
• Beneficiaries dispute the will or distributions.
• You face creditor claims, tax issues, or litigation related to the estate.
• You want someone to prepare a complete inventory, tax returns, and formal accounting for the court.

Helpful Hints

• Get several certified copies of the death certificate at once—request 10–20 depending on estate size and number of institutions.
• Call the bank ahead of time. Ask specifically: “Can you open an estate (probate) account? What documents do you require?” Different banks have different policies and forms.
• Apply for the estate EIN early. You can often get it immediately online, which speeds opening the account once you have court letters.
• Keep a separate ledger or spreadsheet for every deposit and disbursement from the estate account. Save all receipts and canceled checks.
• Avoid transfers from the estate account to your personal account. Commingling funds creates accounting problems and can lead to personal liability.
• If you expect to sell estate property (real estate, securities), check whether the bank requires additional paperwork or court approval first.
• Ask about beneficiaries’ access. Beneficiaries do not get direct access to the estate account unless the personal representative distributes funds according to the will or court order.

If you need step-by-step help with the Missouri probate filing, contact the probate division of the circuit court in the county where the decedent lived, or consult a licensed probate attorney.