Disclaimer

This is educational information only and is not legal advice. For guidance tailored to your situation, consult a licensed Oklahoma attorney or the probate court in the county where the decedent lived.

Detailed answer — what to do to open an estate bank account in Oklahoma

If you are administering a decedent’s assets in Oklahoma, you should keep estate funds separate from your personal funds by opening a bank account in the estate’s name. Most banks will require documentation that shows you have authority to act for the estate and that the estate has an Employer Identification Number (EIN) from the IRS. Below is a step-by-step roadmap to getting the EIN and the account set up, plus important practical considerations under Oklahoma probate practice.

Step 1 — Get an EIN for the estate from the IRS

An estate is a separate tax entity and should have its own EIN. Apply online at the IRS website (recommended when you or the estate representative has a Social Security Number) or submit IRS Form SS-4 by mail or fax. The IRS page that explains the process and provides the online application is here: Apply for an EIN (IRS). Use the EIN on all estate bank accounts, and for estate tax and income tax filings (for example, Form 1041 if the estate produces taxable income: IRS Form 1041).

Step 2 — Obtain documentation of your authority to act for the estate

Banks generally ask for official proof that you are the personal representative (often called executor or administrator). In Oklahoma that proof normally comes from the probate court in the county where the decedent lived: the court issues Letters Testamentary (if there is a will) or Letters of Administration (if there is not). These letters state who is authorized to collect estate assets, pay debts, and open accounts. Oklahoma probate procedures are governed by the Oklahoma Probate Code (Title 58 of the Oklahoma Statutes): Title 58, Oklahoma Statutes (Probate).

Step 3 — Visit the bank with required documents

Bring the following when you go to open the account:

• Certified copy of the death certificate
• Original or certified copy of Letters Testamentary or Letters of Administration from the county probate court
• Personal identification (driver’s license or passport) for the personal representative
• The estate’s EIN (IRS documentation or confirmation)
• Copy of the will if requested (some banks ask for a copy)

Ask the bank how it requires the account to be titled. Common accepted account name examples are:

• Estate of [Decedent’s Full Name], [EIN]
• Estate of [Decedent’s Full Name], by [Your Name], Personal Representative

Use the exact wording the bank prefers. Include the estate EIN on the account application so interest and income are reported correctly for tax purposes.

Step 4 — Handle estate funds and records correctly

Once the account is open, deposit all estate receipts (sale proceeds, outstanding checks paid to estate, bank balances from decedent’s accounts if transferred) into the estate account. Use the estate account to pay verified debts, taxes, administrative expenses, and distributions to beneficiaries after you have authority from the court. Keep careful records and saved bank statements, canceled checks, and receipts; you may need them for the probate court, for taxes, and to provide accounting to beneficiaries.

What if there is no probate or the estate is small?

If the decedent’s assets are limited and the statute for small estates applies, you may be able to collect certain assets without formal probate. However, many banks will still require proof of authority (bank-specific affidavits or their own forms) before releasing funds. Check the bank’s small-estate procedures before assuming you can move funds without probate. For Oklahoma probate requirements, consult Title 58 of the Oklahoma Statutes: Title 58, Oklahoma Statutes (Probate).

Common issues and why banks sometimes refuse to open an estate account

• Bank policy differences: each bank sets its own checklist. Call ahead.
• Missing court papers: banks typically require certified letters from the court.
• Confusion between a decedent’s personal bank account and an estate account — banks may need a formal transfer through probate.
• Tax ID missing: banks often will not open an estate account until you provide the estate EIN.

Helpful Hints

• Call prospective banks first. Ask for the list of documents needed to open an estate account and whether they have an estate/account specialist.
• Obtain certified copies of letters from the probate court (banks usually require certified copies rather than photocopies).
• Apply for the EIN early in the probate process. Processing an EIN online is generally fastest.
• Title the account exactly as the bank requests. Mismatched naming can lead to tax-reporting problems later.
• Keep all estate funds in the estate account. Never co-mingle estate funds with your personal funds.
• Keep detailed records of every deposit and withdrawal. The probate court or beneficiaries may require an accounting.
• If you expect the estate to earn money (interest, dividends, rents), consult a tax professional about filing Form 1041 for the estate.
• If the estate is small, ask the bank whether they accept small-estate affidavits or require full probate; policies vary.
• If a beneficiary objects to actions you take, or if the estate is complicated, consult an Oklahoma probate attorney for advice before spending estate assets.