Can You Deposit an Estate Check Into a Personal Account in New York?

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If you're wondering whether you can deposit an estate check into a personal account in New York, the simple answer is, you cannot deposit it. The bank will not allow a check addressed "to the estate of" to be deposited in a personal account.

Situations When You Receive Estate Account Checks

Receiving estate checks usually happens when there are tax refunds, final paychecks, pension or retirement plan payments, Social Security benefits, dividends or other payments owed to the deceased that were issued after his date of death. In this case, the checks will read, payable to "Estate of [Deceased's Name]."

If an estate has already been set up and the court has already appointed an executor or administrator, then the executor or adminsitrator can easily set up an estate bank account by showing to the bank his letters testamentary or of administration and a tax number (EIN). After this, he can deposit the estate check to the estate bank account.

However, if there is no estate set up and the person who received the estate check is the sole heir in a small estate where there are no debts, the situation can be frustrating, especially when the checks received are of minimal amounts, ranging from $1000 to $3000. In this case, it does not make sense to set up an estate, considering the higher attorney fees involved in the probate process.

Options to Consider When There are Estate Checks and You Cannot Deposit in Your Personal Bank Account

When there is no estate set up, you generally cannot deposit an estate check into your own personal bank account, regardless of whether you are the sole heir of the deceased.

One option to consider is to call the institution if there is any possibility to have the check reissued to you as a specific beneficiary.

If the institution refuses to reissue the check, you may consider voluntary administration in New York for small estates. It's a simplified process for opening an estate for the deceased which will allow you to receive estate checks. In this case, you will receive voluntary letters from the court which you can use to open a bank account.

There are usually time limits in depositing a check (typically 90-180 days). If an estate check has expired while you are in the middle of processing your voluntary letters, you may contact the issuer to send a replacement check.

Navigating the complex legal and financial systems involved in the probate process can feel like bureaucracy and wasted time. This includes dealing with probate court procedures and requirements, banking regulations and policies for estate accounts, and coordinating with multiple parties, such as attorneys, accountants, and beneficiaries.

Nevertheless, the probate process is required to deposit or cash checks for deceased individuals, whether as a voluntary adminstirator for small estates, an executor or a regular administrator. Should you need assistance in the probate process in order to cash estate checks, the Law Offices of Albert Goodwin is here for you. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].