Estate Account

An Estate Account is a temporary account used to manage a deceased person’s finances during the settlement of their estate, ensuring funds are properly collected, protected, and distributed to beneficiaries. The account should be closed after all the deceased's expenses are paid and all monies paid out to the beneficiaries.

WHAT TO BRING TO THE BANK

Bring the following documents to open an Estate Account:

• Original or certified copy of the Death Certificate
• Certified Court Appointment, signed by a Court Official, naming you the Personal Representative. Note: The document date cannot be older than six months.
• Employer Identification Number (EIN) CP-575 letter issued by the IRS. Note: the Estate Account will be opened in the name appearing on the EIN. (For Example: Estate of John Doe)
• Valid government-issued photo identification for the Personal Representative. Note: if you do not yet hold any other account at WSB, you will be required to bring an additional form of ID (such as a credit card, Social Security Card, or a Health Insurance Card)
• Customer Information Form
  
   

WHO WILL NEED TO COME TO THE BANK

Various account documents will need to be signed by the appropriate parties at the Bank:

• Signature Card: Personal Representative
• Resolution: Personal Representative
• Business Account Questionnaire: Personal Representative
• Business Online Banking:
  • Application: Personal Representative
  • Resolution: Personal Representative
  • Agreement: Personal Representative

TIPS

To expedite the account opening process:

• Call 617-928-9000 to schedule an appointment with a Personal Banker at a nearby WSB branch location. 
• Send copies of the required documents, such as the Customer Information Form, prior to the first appointment to: support@watertownsavings.com and include in your email the name of the Personal Banker you will be meeting with.

Take these extra steps to prepare your documents:

• Petition the Probate Court to be appointed Personal Representative and receive a Letters of Authority, which should be certified and signed by the Court Official.
• Keep a detailed recording of all transactions and statements during and after account closure.
• The fastest way to get your Employer Identification Number (EIN) is to go to irs.gov and search for “EIN”. Remember: it is free. Save the CP-575 form.
• Be prepared to answer a New Business Account Questionnaire. 
  • Questions will address these areas: Business Description, Expected Types of Transactions (domestic/foreign deposits/withdrawals, volumes, cash/wires), Account Classification, Ownership Structure (identify anyone who owns 25% or more of the business), and Special Requirements.

If the Estate Account is opened as a business account, then you will be able to take advantage of Watertown Savings Bank’s business services:

• Enroll in WSB Business Online Banking during your appointment with a Personal Banker to access your account through watertownsavings.com
• Once you are enrolled in WSB Business Online, you will also be able to access your account on the WSB Business Mobile Banking app from iOS Store or Google Play. 

If the Estate Account is opened as a personal account, then take advantage of Watertown Savings Bank’s personal services:

• Enroll in WSB Online Banking. You will need your new account number and SSN. Get started.
• Enroll in WSB Mobile Banking app from iOS Store or Google Play.
   

Thank you for your interest in opening an Estate Account at Watertown Savings Bank.

Important: This guide provides general information only. Documentation requirements may vary based on the customer, account purpose, legal documents, and bank account-opening requirements.