I am the executor of my dad's estate. Due to a severe storm his home was damaged and requires extensive repairs totaling thousands of dollars. The insurance company will be sending a check to me in my dad's name. I was told that I have to open an estate account before I can use the money for the repairs. The bank requires a Tax ID to open an account. This will stall the work that I have contracted for the repairs. As winter is fast approaching I am anxious to get the work done (to the exterior of the home) before further damage occurs. Is there anyway around this? I live in the state of New York.

I gather the estate was not probated. The tax ID should be a social security number. But if you need something more you may have to probate.

Who told you that you needed an estate account? Do you have Power of Attorney? If you can prove that you are the executor, you should be able to cash the check and deposit it in your own account. You will have to keep a strict accounting.

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Originally Posted by ScottGem

I gather the estate was not probated. The tax ID should be a social security number. But if you need something more you may have to probate.


Who told you that you needed an estate account? Do you have Power of Attorney? If you can prove that you are the executor, you should be able to cash the check and deposit it in your own account. You will have to keep a strict accounting.

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The estate was not probated - no other assests other than the house.
My bank informed me that I needed to set up an estate account with the tax id
I do not have Power of Attorney but the Will proves that I am executor of the estate.

Hello Lynn:

Have you tried to get a tax ID? It's not very difficult. Call the IRS. I think they'll do it on the phone.

excon

You said you were the executor of your father's estate, that means he drew a will and appointed you "exectuor" of his estate and as such, after his death, you are charged with gathering, maintaining and dispersing his assets according to his wishes in his written will. Therefore, you will want to keep his assets separate from yours, you may even be required to file a tax return with the IRS, and since your father is deceased and the insurance check will be in his name, the bank will want to know what right you have to negotiate HIS check, therefore, your will prabably have to produce for them a copy of your father's will that shows you are the executor of his estate and a copy of his death certificate. Then deposit the check into an account set up to handle your transactions as executor of his estate. For example, when you pay the contractors, pay them with the account the insurance proceeds were deposited into, pay for someone to cut the grass, rake the yard, insure the home, all from this account. This is especially important if your father named others than yourself to share in his estate. Your sisters, brothers, charities, if any, will want to know what the assets were, what was spent that was necessary to maintain the property, when it's sold, if it ever is sold, what it sold for, etc.