Can a named executor deposit checks into a deceased persons checking account. Does it matter if it is a joint account with exec?
4 attorney answers
As an alternative you could go back to the entity issuing the checks with a Small Estate Affidavit and request that they reissue the checks to the appropriate beneficiaries based upon the Will or Intestate laws. A Small Estate Affidavit can handle all estates under $60,000. Once the checks are reissued they can be deposited into the appropriate parties account directly.
Legally you should be able to cash the checks or put the money in any account so long as the money is ultimately distributed according to law (per his will, or if no will, under the intestate rules). However, a bank will likely insist that the Estate open an account of its own, with its own tax identification number. This is actually very easy and does not involve probate. In all cases, you will need to present an original small estate affidavit to the bank.
Mr. Landy is admitted to practice in the State of Colorado. All responses are of a general nature, and are according to Colorado law.
Most banks will require an estate account, but some will not notice and let you deposit. You are probably OK to deposit it in your joint account so long as bills get paid and the funds are distributed correctly. On the other hand, since your father is deceased, the account is now yours and by depositing in that account, it could be deemed comingling funds. If there are no other heirs, then it would probably not matter. If there are other heirs, it would be safer for you to contact them, tell them what you want to do and see if there are any objections.
I hope this helps. Good luck.
No. If you had a joint account with the deceased the money in that account normally is yours and not an asset of the estate. It is wrong to commingle assets of the estate with your personal assets. You should open a separate bank account for the estate. If the joint account was made joint by mistake so that the funds in that account should be part of the estate, you should still open a separate account for the estate then transfer the funds from the joint account into the estate account. In order to open an account for the estate, you will need to apply for a tax ID number.