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Question for the Money Doctors

Question submitted on Apr 11, 2014.

Question

What name is usually on beneficiary checks? The named beneficiary or "the estate of " deceased?

Answer

An estate checking account should be set up under the name of "The estate of John Doe" using the estate's Employer Identification number (obtained from the IRS). The estate checking account is used to pay estate administration expenses, inheritance to beneficiaries, etc.


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