Can I deposit a check in my personal account if it’s made out to me as trustee?
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Can I deposit a check in my personal account if it’s made out to me as trustee?
I put my house in MA in a trust several years ago. I just sold it and the check was made out to me as trustee. I tried to deposit it in my personal account but the bank questioned it. My account is from MA but I am now in AZ Can I deposit the check in my account?
Asked on September 21, 2011 under Estate Planning, Arizona
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It would make perfect sense that the bank questioned your attempting to deposit the funds in a personal account., even if you are named a the trustee. On the out side looking in the bank has no idea about the terms of the trust, that you created it for what ever purpose, etc. , so it looks like you are breaching your fiduciary duty. They were right to question and they are in a way protecting you. I would consult with your accountant as well as to the tax consequences here of the matter. But you may indeed be stuck with opening a trust account to deposit the funds. What you do with them afterwards is up to you. Good luck.
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