An estate account is a temporary account created after an individual passes away to manage the financial affairs of their estate. It enables the executor to consolidate assets, settle debts, and distribute funds to beneficiaries. Estate accounts help ensure the orderly handling of financial matters during the probate process.
Your staff can open estate accounts directly in our Consumer Staff-Led Account Opening product, reducing the time and complexity required to open these specialty accounts in-branch. Please contact your Narmi Relationship Manager to enable estates. Note: Estates are currently only available on the Symitar core. Please contact us if your institution uses a different core and would like this feature.
Functionality for estates includes:
Collect key estate information, including estate name, EIN, and date of inception
Gather required documentation, such as death certificates and proof of executor status
Validate estate legitimacy through a KYB check on the estate and a KYC check on the executor
Estate Accounts in Narmi
From the Narmi Command sidebar, select Account opening > Applications, and then select New application.
If your institution has consumer and business staff-led enabled, choose Consumer on the dialog that appears.
Select Estate for the type of account and enter the primary applicant’s name and email address.
For detailed instructions on completing each section, go to Consumer Staff Led Account Opening for New Users or Consumer Staff Led Account Opening for Existing Users.
For estates, you will enter the estate and executor information. Select Estate information and enter the Estate name, Date of inception, and Tax ID.
Select Save.
Next, select Executor information. A side panel appears where you enter the executor’s information. You will have the opportunity to add another executor if needed after completing the first one.
Select Save.
Select Add an executor to add another executor.
Select Save.
Run KYC and complete the application’s other sections as needed.
Once the account is opened, the primary applicant receives an email notification. Users can view the account in Narmi Banking via Accounts. For information on accessing accounts, go to Navigating to the Accounts Page.
Staff can view the application details in Narmi Command. To open the application view, go to Account opening > Applications > select an application.
