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MikeOW Asked March 2022

Can I write a large check to myself from an estate account?

I looked into just doing an electronic transfer, but there is a limit of $2,000.


 


The account has $180,000 left. I would like to write myself a check for half that and put it into my account to pay off my car and house repair bills.


 


And yes, I am the executor.


 


I can't just go down to the bank as I would need to take more time off work.

JoAnn29 Mar 2022
Yes, final tax filing. But I agree that you need to take the time for a lawyer. If you haven't filed Moms taxes, you better soon.

MJ1929 Mar 2022
Boy, make good and sure there are no outstanding bills or taxes yet to pay. Have you filed the 2021 taxes yet?

Yesterday I wrote $48,000 worth of checks to pay taxes, and I sure didn't expect a hit that big.

Good thing I held back a substantial chunk of money from the disbursement.

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lealonnie1 Mar 2022
You have an estate account with $180K in it which you are the beneficiary of, apparently, and are coming to an internet forum repeatedly to get advice about how to 'write yourself a check for $90K and put it into your account to pay off your car and house repair bills."? But you 'can't just go down to the bank as I would need to take more time off work', for like what, 30 minutes?

Really?

With this much money at stake, I would forfeit the internet chat forum and make an appointment with a LAWYER for some advice you can take WITH you to the bank when you take some time off from work to handle the business at hand.

Some things just require a bit more time & attention than an internet forum can provide.

JoAnn29 Mar 2022
I think you were advised to talk to a lawyer in another post. Seems you still don't understand what u do after Probate.

You do say Probate has been closed. If so, with u being the only beneficiary, why have you not written yourself a check for your inheritance and closed the estate acct? If Probate is closed then all debts have been satisfied? You made an accounting?

I had a lawyer for closing. He did the accounting from my records. He set up the estate acct for the proceeds of Moms house. After all the liens were paid, the balance was split between Moms children with checks and the estate acct closed.

CorgieMomma Mar 2022
An executor MAY NOT PAY THEMSELVES. You should have an accountant through this process. They disburse to you, if your loved one is still living and other beneficiaries are in a Will or Trust they could possibly have a hearing in probate court removing you from everything, not to mention you could be charged with embezzlement. Your question seems to be headed down a path you want no part of and since it appears she's still living that money is to take care of her, not pay off your truck.
cwillie Mar 2022
I think you are confusing executor with power of attorney, the OP (Mike) is executor of the Will and apparently the only beneficiary. And even then a POA may be paid for caregiving duties outside of duties included in acting as POA and/or a reasonable fee if the document allows for that.
cwillie Mar 2022
I'm in a different country so there may be different rules plus I worked with a lawyer to handle my mom's estate, but we did make partial payments to beneficiaries before closing the estate. But that was only after we were fairly satisfied that all debts, fees and taxes were paid, and we kept back plenty to cover anything that may have been missed - we didn't completely close the estate until about a year later when we got a final clearance certificate that certified all taxes had been paid.
And I personally wouldn't plan to move such a large amount without visiting the bank, you mention paying off debt and renovation bills but unless you are seriously in arrears I don't understand why that can't wait until you have time off?

AlvaDeer Mar 2022
Mike, your original post here told us that you parent has passed and that you are both executor of the estate and that you are the ONLY beneficiary.
You cannot write out checks to pay your own things until the OTHER debts of your parent are settled.
When that is done you can distribute the estate to yourself. Then it is your inheritance and you can do as you please with it.
When first you wrote us I suggested that given you are both executor of this estate and its only beneficiary you should understand that you CAN write a check to an attorney, and you should have a Trust and Estate Attorney for advice. Did you do that?
There seems to be a lot that you don't know about managing as an executor. You don't want to make mistakes here as that is just more confusion and trouble for you. If you have not already, please look up "Trust and Estate Attorneys" in your area. Be certain you get one that will get paid "by the hour". That will be about 350.00 to 400.00 for an hour but it is unlikely you would need more time than that.
Best of luck and good to hear back from you.

GardenArtist Mar 2022
First post, with lots of information:

https://www.agingcare.com/questions/selling-a-house-to-a-family-member-as-executor-of-estate-473049.htm?orderby=recent&page=1�

Have you closed out the Estate? I assume you're aware that wills typically have provisions requiring all estate costs to be made before disbursement can be made to beneficiaries?

Isn't your bank open on Saturdays? I personally think that a bank isn't going to deposit a $80K check w/o providing ID right on the spot so the teller can verify any concerns, including your ID.

cwillie Mar 2022
As executor you are legally required to settle the estate according to the instructions in the will, if you are confident that there will be enough funds remaining in the account to settle all debts and distribute to other beneficiaries it should be fine to write yourself an advance payment cheque. But you would have to have cheques available for the estate account - you did set up an estate account, right?

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