QUESTION
Can I deposit a check made out to"estate of" in a joint bank account with my Dad (deceased)and myself? Will the bank accept it?
Asked on May 02nd, 2013 on Wills and Probate - New Jersey
More details to this question:
My Dad passed away in Mar. I am a Son and Executor (I have letters testamentary) and both I and a Brother are beneficiaries of the will. Dad left his house to us. He had a joint bank account with me. I transferred the money left into an account under my name as joint acct does not come under probate. The house is on the market "for the estate of". Now the joint account is still opened and I deposit checks made out to "Dad" in that account, but I just received a refund made out "to the estate of". Do you think the bank will accept that deposit into the joint acct? I don't want to open an estate bank account. I will have maybe 2 more refund checks. Now that it reads "estate of" the bank is going to know he passed, red flag!
1 ANSWER
2 Awards
Don't deposit the check into the joint account. You need to open an estate checking account. I'm not sure why you are hesitant to do so. It is very simple. You will need to get an EIN number to use to open the account. You can do that online - look up SS-4 through the IRS website. When you sell the house, you will need to put the proceeds of the sale into that account as well, and use those funds to pay all estate debts. Good luck.
Answered on May 03rd, 2013 at 3:31 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship