New here..check question

[Jdlugos]

Hi all, new here. Have a question I can't seem to find an answer to anywhere, can't get to the bank for the next week so I hope I'm in the right place or close enough. My father passed 5 years ago and I was the executor of the estate. He didn't have much just personal stuff left to me and siblings. When I found out a drug was to blame for all his problems I joined a large drug suit that is just settling now 5 years later. The question is they sent a check payable to me, and then it says after that, executor of the estate of, and then his name. My attorney is from another state and says some states require you to open an estate account. Since I settled his estate 5 years ago and there is nothing to pay, can I simply deposit this check in my account? My siblings signed off years ago and wanted nothing to do with this lawsuit so whatever comes my way, after fees and all kinds of other things listed, even the state wants their state aid back, the rest is mine. Since this is payable to me can I simply deposit it? Thanks in advance.

 

[LdiJ]

Hi all, new here. Have a question I can't seem to find an answer to anywhere, can't get to the bank for the next week so I hope I'm in the right place or close enough. My father passed 5 years ago and I was the executor of the estate. He didn't have much just personal stuff left to me and siblings. When I found out a drug was to blame for all his problems I joined a large drug suit that is just settling now 5 years later. The question is they sent a check payable to me, and then it says after that, executor of the estate of, and then his name. My attorney is from another state and says some states require you to open an estate account. Since I settled his estate 5 years ago and there is nothing to pay, can I simply deposit this check in my account? My siblings signed off years ago and wanted nothing to do with this lawsuit so whatever comes my way, after fees and all kinds of other things listed, even the state wants their state aid back, the rest is mine. Since this is payable to me can I simply deposit it? Thanks in advance.

How much is the check for?

 

[Jdlugos]

How much is the check for?

Does the amount determine what the bank will do?

 

[Zigner]

The bank isn't going to let you deposit this in to your account (well, it shouldn't). You will likely need to reopen probate.

 

[Jdlugos]

The bank isn't going to let you deposit this in to your account (well, it shouldn't). You will likely need to reopen probate.

Well, it is pay to the order of me, not the estate of....

 

[Zigner]

...they sent a check payable to me, and then it says after that, executor of the estate of, and then his name.

The check is payable to you in your capacity as administrator of the estate. You can't deposit it in to your personal account and, no matter where you deposit it, you will have to abide by your fiduciary duties as the administrator of the estate.

 

[Jdlugos]

The check is payable to you in your capacity as administrator of the estate. You can't deposit it in to your personal account and, no matter where you deposit it, you will have to abide by your fiduciary duties as the administrator of the estate.

And my fiduciary duties have been completed 5 years ago. As I said there is nothing in the estate that needs to be paid at this point. All that part is settled. If there were still bills to be paid I could see a seperate account. There is nothing, it's done.

 

[Zigner]

And my fiduciary duties have been completed 5 years ago. As I said there is nothing in the estate that needs to be paid at this point. All that part is settled. If there were still bills to be paid I could see a seperate account. There is nothing, it's done.

That is where you are wrong. If you deposit that check, then you have a fiduciary duty to distribute it according to the estate. Of course, this may be as simple as getting signed documents from each of the other beneficiaries that shows they don't want their portion and then following a relatively simple procedure. If we knew how much money was in play, we could give you some consumer-to-consumer thoughts on it, but you haven't answered that question yet.

 

[Jdlugos]

That is where you are wrong. If you deposit that check, then you have a fiduciary duty to distribute it according to the estate. Of course, this may be as simple as getting signed documents from each of the other beneficiaries that shows they don't want their portion and then following a relatively simple procedure. If we knew how much money was in play, we could give you some consumer-to-consumer thoughts on it, but you haven't answered that question yet.

Well it's only the first of several checks in the next couple months so I don't know a total yet. My 2 siblings, the only other two people in the will told me 5 years ago they wanted nothing to do with this. I went ahead because I took care of my ailing father for years by myself. No other beneficiaries.

 

[Zigner]

Well it's only the first of several checks in the next couple months so I don't know a total yet. My 2 siblings, the only other two people in the will told me 5 years ago they wanted nothing to do with this. I went ahead because I took care of my ailing father for years by myself. No other beneficiaries.

What they told you five years ago may not apply today.

 

[Jdlugos]

What they told you five years ago may not apply today.

I'm in touch with my siblings daily. They are fully aware of all of this. Anything else you want to imply?

 

[curb]

How much is the check and what is the guesstimate for the remaining checks. You should be transparent about this and notify siblings and get their signatures. Easiest way to handle this is split the proceeds with siblings and then let them gift it back to you if that is actually their wishes. You are asking for legal problems if you deposit the check into your account without checking with them.

 

[Zigner]

I'm in touch with my siblings daily. They are fully aware of all of this. Anything else you want to imply?

Huh?

I wasn't implying anything. I was simply stating that your siblings' attitude in this matter may have changed in five years. I also stated that it might be a very simple matter to reopen probate for the limited purpose of depositing and distributing the check(s).

You may wish to see an attorney about this. It shouldn't cost much for a brief consultation.

 

[Jdlugos]

How much is the check and what is the guesstimate for the remaining checks. You should be transparent about this and notify siblings and get their signatures. Easiest way to handle this is split the proceeds with siblings and then let them gift it back to you if that is actually their wishes. You are asking for legal problems if you deposit the check into your account without checking with them.

As I said I'm in touch with them daily.

 

[Zigner]

As I said I'm in touch with them daily.

You may not realize it, but "I'm in touch with them daily" is not the same as "they have signed new documents to reaffirm their choice to not take their portion of the proceeds."