CONTENT
  DEPARTMENTS



  DETAILS
Legend for Icons
 Article    Q&A

 Podcast  Video

 Blog  Discussions

PDF    Powerpoint
BankingQuestions.com Web


New Reply
Topic Options
#32908 - 11/25/11 09:22 PM Depositing checks for a trust
SMFSANDRA Offline
New Poster

Registered: 11/25/11
Posts: 2
Loc: TX
Hello,
I am the trustee for my mother's trust. I have a large check that is made out to her ESTATE with me as the executrix. Can I endorse this check and have it deposited in the trust account or do I have to have the check reissued to show the name of her trust? Thanks.

Top Reply Quote Quick Reply Quick Quote
#32909 - 11/26/11 10:56 AM Re: Depositing checks for a trust [Re: SMFSANDRA]
crowman3 Offline
100 Club

Registered: 11/26/04
Posts: 176
Loc: Crystal Lake IL
You mom's estate and your mom's trust are two seperate entities and may have different beneficiaries. Your bank will not want to be in the middle of any family arguements about who is entitled to the funds and would be on the losing end of a lawsuit in the event that a beneficiary of the estate did not receive funds because they were paid to the beneficiary of trust. As a result, the bank would require a check payable to the estate to be deposited into an account which bears the name of the estate. If these funds are in fact owned by the trust, the maker of the check will need to reissue it.
_________________________
I can do all things through Him who gives me strength. (Phillipians 4:13)

Top Reply Quote Quick Reply Quick Quote
#32910 - 11/26/11 11:15 AM Re: Depositing checks for a trust [Re: crowman3]
SMFSANDRA Offline
New Poster

Registered: 11/25/11
Posts: 2
Loc: TX
Thank you so much for your response. I will call the investment company and have them reissue.

Top Reply Quote Quick Reply Quick Quote

Quick Reply:
HTML is disabled
UBBCode is enabled