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Establish an estate account at the bank. This bank account is where the deceased’s money will be transferred to, as well as where you will pay outstanding debts from — including estate taxes. meet with an estate accountant to discuss how much estate taxes are owed on the estate.
Taxpayer Identification Requirements. To set up an estate account, you’ll first need to apply to the IRS for a taxpayer ID number in the estate’s name. Apply online through the IRS website, or by mail or fax by filling out a Form SS-4, the Application for Employer Identification Number.
Estate or trust accounts are set up to provide a safe haven for assets as they are being passed on or used on the behalf of the account beneficiaries. The estate account holds funds for a short period …
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You, or a member of your family, will be appointed as Administrator of the estate by the clerk of court. Once appointed, you will collect all of your brother’s assets and then, once all debts and expenses are paid, you will distribute his remaining assets according to the intestacy laws provided by your state.
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