What is the law regarding depositing real estate closing check into joint account of deceased person?
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What is the law regarding depositing real estate closing check into joint account of deceased person?
My sister passed away a little over a year ago. We (had) still have a joint checking account together that I have been using since her passing. Her home was in a trust and I was in the only person in her Will and took ownership after her passing. The home just sold. Would it matter if I deposit this check into the joint account or should I deposit it into my own personal checking account or does it even matter? From what I understand there will be no taxes on the amount from the sale of her real estate but I’m unsure about what to do with this check.
Asked on February 27, 2012 under Estate Planning, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Under the laws of all states, when there is a joint account, the surviving person of the named owners of the account owns the account as his or her own and the account does not need to be listed as an asset for a probate.
To prevent possible problems, if the check that you are writing about was issued to you, I suggest that you deposit it in a bank account in your own name and not the joint account.
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