If you’re looking to understand how banking changes after a loved one passes, you might be wondering “Can you deposit an estate check into a personal account?”
We’re going to answer this question below, along with a few important considerations that apply to both residents and non-residents of the US.
For non-residents, it’s also important that you consider the US banking requirements and how to open an American bank account in order to receive proceeds from an estate, which can be done 100% remotely.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Understanding Estate Finances
- Depositing Estate Checks 101
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Understanding Estate Finances
Depending on where you live, where the deceased was resident, and the jurisdiction where assets are held, it can often make sense to involve a lawyer to navigate the many variables that can impact estate finances.
This is especially true when dealing with assets in multiple jurisdictions or complex probate procedures. So, if it makes sense for your situation, be sure to involve a qualified legal professional to help you understand your options.
That said, generally speaking, after someone passes the finances of their estate are managed by an estate executor. In addition to making distributions in line with the person’s will, an executor is also charged with paying expenses and receiving payments on behalf of the estate, which is often done through checks.
With this in mind, executors can legally write and deposit checks on behalf of the estate into an estate account and money can be withdrawn from a TOD account.
Depositing Estate Checks 101
When it comes to depositing an estate check, there are several different parties that need to be considered, including:
- Beneficiaries of the estate
- Executor of the estate
- The Estate itself
Can You Deposit an Estate Check Into a Personal Account?
No, you cannot deposit an estate check into a personal account. Checks made out to the estate must be deposited into an estate account. This ensures that the assets (finances) of the estate are distributed correctly.
Can a Beneficiary of an Estate Deposit an Estate Check Into a Personal Account?
If you are a beneficiary of an estate, any inheritance will be distributed to you by the executor of the estate after creditors have been paid and outstanding liabilities have been satisfied. Checks made out to you directly from an estate account can be deposited into your personal account.
Can an Executor of an Estate Deposit an Estate Check Into a Personal Account?
Executors of an estate cannot deposit an estate check into their personal account. In most cases, they will be required to open an estate account. Estate accounts often require official documentation from probate authorities in order to approve account opening.
Can an Executor of an Estate Cash an Estate Check?
In certain instances, executors can cash checks on behalf of an estate. However, banks may be hesitant to cash checks and will likely seek clarity on the purpose of the cash and how it will be used on behalf of the estate.
Alternatively, if you are looking to open an American bank account as a non-resident with banks that accept an ITIN to receive proceeds from an estate, look no future. We share everything you need to know about US banking in our free guide below.
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Sign up here to receive our Free USA Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to cash checks from an estate. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Deposit an Estate Check Into a Joint Bank Account?
If a check has been made out to you directly from an estate, you can deposit that check into a personal account where you are the sole account holder or a joint account holder. However, if a check is made out to the estate, you will not be able to deposit that check into any other account than an estate account.
How Can I Deposit an Estate Check Into My Personal Account?
It is not possible to deposit a check that is made out to an estate into a personal account. Checks made out to an estate directly must be deposited into an estate account. After creditors and liabilities have been satisfied, beneficiaries can receive their inheritance in the form of a check made out to them personally.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
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And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
