My dear friend was found dead in his home on May 17 and on May 29 I received a package from him with a check for $10,000 inside dated May 1. The next day I deposited the check into my savings account but I am wondering if this is going to be a problem. If they end up not accepting the check, what are my options for payment? Do I have any options? Claim against the estate?
When the bank the check is drawn on knows of its customer's death, it has a short period during which it may honor checks written before the date of death. In most states, that's ten days, and you should be prepared to have that check returned unpaid.
You may have a claim against your friend's estate. The executor or administrator of the estate is the party to contact. Based on the size of the check and the circumstances of its delivery, your friend was probably attempting to send you a gift. Whether that gift is considered complete (in which case you'll get your money) or not will depend on state laws.
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When the bank the check is drawn on knows of its customer's death, it has a short period during which it may honor checks written before the date of death. In most states, that's ten days, and you should be prepared to have that check returned unpaid.