You may also apply online by visiting the IRS website. [4] X Trustworthy Source Internal Revenue Service U. S. government agency in charge of managing the Federal Tax Code Go to source

However, if you think that it might take a year or more to administer the estate, then you could look into getting combined brokerage and cash accounts. Many different companies offer them, including Vanguard, Fidelity, Charles Schwab, and others. [5] X Research source

Take everything with you to the bank and ask to open the account. You may have to fill out an application. There could be a minimum amount you need to deposit in order to open the account. [7] X Research source If you don’t have any estate funds to open the account with, then you can open it with your own personal funds. As soon as you get estate funds, write a check to yourself in the amount of your initial deposit.

Joint tenancy accounts. For example, a joint savings account belongs to the joint owner. The deceased’s ownership interest disappeared at death. Payable on death accounts, such as life insurance proceeds. These go to the beneficiary named on the policy.

You also will need to write checks to pay estate debts. Remember to keep detailed records of every transaction involving the checking account. Always note the payee, the amount paid, and the purpose of each check written. [10] X Research source Also note the source and amount of each deposit into the account. You have to provide an accounting to the beneficiaries of all amounts deposited and spent.

As the executor, you have a duty to the beneficiaries not to waste assets. Transferring a surplus to an interest-bearing account can help maintain the value of the estate. Don’t take surplus and invest it in stocks or other investments which could lose value. You have to manage the estate in a reasonable and prudent manner. [12] X Research source

If you accidentally need to use your personal checkbook to pay for estate business, then keep detailed records (and a receipt) before reimbursing yourself. [13] X Research source