Learn more about estate bank accounts at Chase
What is an estate?
An estate is everything a person owns at the time of their death. Estates include money, property, and belongings. A person’s estate is distributed based on the person's will, or if there's no will, by state law. This often involves probate, where a court makes sure everything is done correctly.
What is an estate bank account?
An estate bank account is a special account used to manage the estate of a person at the time of their death. This account is set up by the executor, administrator, or personal representative of the estate. It helps keep the estate's finances separate from personal accounts. The estate bank account is used to pay any debts and taxes owed by the estate and to distribute money to the beneficiaries according to the will or state law. The court oversees the account to make sure everything is managed correctly and may limit access.
Opening an estate bank account
To open an estate bank account, you will need your court documents and IDs, and then schedule a meeting with a banker at a Chase branch.
Required estate documents
To get started, you should bring any applicable court documents.
Estate court document examples
- Letter of testamentary
- Letter of administration
Other document examples (if applicable)
- Death certificate
- Court order
Required identification
All executors or administrators will need primary and secondary IDs that confirm their current U.S. residential address.
All ID requirements are subject to change based on account or customer information. Please contact your local branch for additional ID requirements.
Trust document examples
- Trust agreement
- Certificate of trust
- Court order establishing trust
Other documents (if applicable)
- Power of attorney document
- State-required documents
- Trust amendment
- Death certificate
Schedule a meeting with a Chase banker
After you've gathered your documents, you will need to schedule a meeting with a banker to open or service your estate bank account. All executors and administrators may need to be present at the meeting. If you are a client of JPMorgan Private Client, please reach out to your Relationship Manager or Senior Private Client Banker to open an estate bank account. You may have to visit a Chase branch more than once. Requirements may vary by state.
FAQs
An estate is everything a person owns at the time of their death. Estates include money, property, and belongings. A person's estate is distributed based on the person's will, or if there's no will, by state law. This often involves probate, where a court makes sure everything is done correctly.
Probate is the legal process that happens at the time of their death. It involves a court checking that a person's will is followed and their estate is divided properly. If there isn't a will, the court uses state law to decide how to share the estate. During probate, any debts and taxes are paid first, and then what's left is given to the people who are supposed to receive it.
If there is no probate, it means the court doesn't need to oversee the distribution of a person's estate. This can happen if the estate is small or if assets are set up to transfer directly to beneficiaries, like through joint ownership or designated beneficiaries on accounts. In cases where there is no beneficiary and the estate is small, the state may offer a small estate affidavit. This allows assets to be transferred without the full probate process, making it quicker and simpler to settle the estate.
An executor, also known as an administrator or personal representative, is the court-appointed person chosen to carry out the instructions in a person's will at the time of their death. This person is responsible for managing the estate, which includes tasks like paying any debts and taxes, and distributing the remaining assets to the beneficiaries as specified in the will. If there's no will, the court may appoint an administrator to handle these duties according to state law.
An estate bank account is a special account used to manage the estate of a person at the time of their death. This account is set up by the executor, administrator, or personal representative of the estate. It helps keep the estate's finances separate from personal accounts. The estate bank account is used to pay any debts and taxes owed by the estate and to distribute money to the beneficiaries according to the will or state law. The court oversees the account to make sure everything is managed correctly and may limit access.
An estate account can be opened by the court-appointed executor, administrator, or personal representative of the estate. This person is officially chosen by the court to manage the estate at the time of their death. To open the account, they need to bring important documents, such as the letters of testamentary or letters of administration, which prove their authority to handle the estate. These documents might be called something different depending on the state or country. An agent with a power of attorney cannot open an estate account..
After you've gathered your documents, you will need to schedule an in-person meeting with a banker to open or service an estate account. At this time you cannot open an estate account online.
You can visit our Estate Services page and view our Estate checklist to learn more.
You can notify us online by visiting our Estate Services page. View our Estate checklist to learn more.