How do I transfer money into an estate checking account to pay my father’s bills if I am not the beneficiary on his bank account?

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How do I transfer money into an estate checking account to pay my father’s bills if I am not the beneficiary on his bank account?

My father’s Will states that his estate is to be split equally among us 3 siblings. The banks, investment and life insurance companies will only release the funds to the beneficiaries of the accounts. In some cases that is all 3 of us and in other cases it is just 1 or none of us. I am the executor of the account. My brother is the only beneficiary listed on the larger of my father’s 2 bank accounts.

Asked on November 29, 2011 under Estate Planning, Alaska

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You can and should be able to transfer money (i.e., deposit) into any bank account without having to be the owner of the bank account or the beneficiary. The companies may be able to only release to the beneficiaires, but you as the executor can instruct the bank to submit monies from each account (equal portion for example) into the account to pay estate's bills or you can agree with your siblings on who will pay what (put it in writing, have everyone sign a notarized affidavit) and then instruct the bank (go in to work with executive staff) to transfer from X's account into your dad's account or from A to B to C. As executor, you should have no problem giving these directions and having the companies comply.


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