I am listed as a POD beneficiary on a bank account. The executor has a check from the return of car insurance money made out "to the estate of". He has nowhere to deposit it. Can I deposit it in the account on which I am the POD beneficiary? If not, what should he do?
That POD account is no longer owned by the decedent, and it certainly isn't owned by the estate. It belongs to you, whether or not the steps have been taken to change the bank's records, so the check payable to the estate can't run through that account. The executor must negotiate it on behalf of the estate, and that may require the opening of an estate account. If the executor has not yet been approved and appointed by the probate court, that step will be required first.
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That POD account is no longer owned by the decedent, and it certainly isn't owned by the estate. It belongs to you, whether or not the steps have been taken to change the bank's records, so the check payable to the estate can't run through that account. The executor must negotiate it on behalf of the estate, and that may require the opening of an estate account. If the executor has not yet been approved and appointed by the probate court, that step will be required first.
