My friend received a escrow check in her deceased fathers name. She paid off the mortgage on his home which he shared with her and her husband. all of their names were on the loan, her dad was the primary borrower. she wants to deposit it into her account, but of course he's not here to endorse it to her. what can she do??
2006-08-19 11:37:59 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I had something similar happen this year after my father died on March 4 of this year. We (my mom and I was helping her) got some checks made out to him. The best I could do was sign his name myself and then had my mom sign her name under his and deposited them at the ATM. They all went through just fine, there could have been problems if I tried to do that inside the bank. Everything turned out okay.
2006-08-19 13:09:43 · answer #1 · answered by Goldenrain 6 · 0⤊ 0⤋
ok...you cannot just write deceased and sign your name under that (whoever wrote that must not be very educated on banking procedures). you could talk to a personal banker and try to open an estate account or an escrow account in his name. Then after you deposit the check and it clears, withdrawal the money or write yourself a check off the account (since you will be a signer). OTHERWISE if you tried to deposit it into the ATM to avoid hassle from the bank you may be able to let it slide, this is true, as one lady mentioned...although if it is caught, you may get excessive fees or a returned check resulting in a fee. who knows, you may even get a closed account for not following procedure. a check is not to be deposited into an account unless it has the same (exact) name written on the check as the account title. that is the proper way. if a check gets deposited into the atm like that it was an overlook and whoever let that slide could get into trouble for it. I would talk to your personal banker and see what the best idea would be for you.
2006-08-20 02:07:41 · answer #2 · answered by Anna 4 · 0⤊ 0⤋
You need to take out letters of Administration so that you can administer his Estate. A lawyer can help you. If you would rather do it yourself I have listed a few web sites below that can give you some advice. Also you might like to check at your local library where you will be able to find a lot of useful information. I'm sorry I can't give you more information but the law in this area is not uniform across the states and it is best to get it in the state you live in.
Once you have letters of administration, and I am assuming that your father died without a will, you will be able to cash the check. If he had a will then an executor will be appointed and will be able to cash the check.
2006-08-19 18:51:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
She would have to put it under The Excutors of ..........her father's name......in the bank. If he had a shared account she could sign for it...if not and it is a large amount the Bank would tell her what their requirements are.Some banks ask for Probate They would like to see the Will to see who the beneficiaries of his estate are and they will make a copy to keep for themselves. If the bank sees that she is a beneficiary it is possible they will give her the money BUT not all banks will do this....some are very strict as they are afraid of being involved in any legal entanglements.
2006-08-19 18:49:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I am not in your state and do not have a copy of the will in front of me. If you are the only person to inherit you simple endorse the check with your fathers name and write deseased and then sign your name. Otherwise this money is the legal property of all persons in the will.
2006-08-19 18:43:51 · answer #5 · answered by thebulktiny 3 · 0⤊ 0⤋