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How do you cash a check payable to a trust if both trustees have passed and their is no trust account to deposit the check into and you are the successor trustee?
Wiki User
∙ 15y ago
You have at least two options. If possible, you could cash the check at the bank the check is drawn from. You would need to show proof of your identity, proof of the trust and proof of your appointment as successor trustee. Or, you must open a bank account in the name of the trust. If your trust receives checks then it needs a bank account. You would need the same proof as stated above to open an account. The bank would probably hold the check until it has cleared since you don't have any other trust funds to deposit that would cover that check. When assets are placed in a trust you must follow the provisions of the trust and trust law when dealing with the property.
Wiki User
∙ 15y ago
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Can you deposit a cheque in your name into someone elses account?
If you endorse it as payable to them it will usually be accepted for deposit into someone else's account.
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
What is a bank certificates of deposit called a time deposit?
time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit
What type of account is an accounts payable?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
Can you deposit a cheque in your name into someone elses account?
If you endorse it as payable to them it will usually be accepted for deposit into someone else's account.
If you owe money at a bank can they still seize funds if you deposit a check from someone who also holds an account there into your checking account at a different bank?
To clarify, I owe money at US Bank for a defaulted credit card with them. I have a TCF checking account. If I try to deposit a check made payable to me, and that check happens to be a US Bank check, can US Bank seize the check made payable to me even if I deposit it into my TCF checking account? Not sure if they will see that US Bank funds are made payable to me from someone else's account. Any insight would help! Thanks!
How do you recognize account payable?
Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.
What are the procedures account payable?
acoounting payable
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
Can you deposit cash into someone else's account at a different bank?
Yes. Actually there is no rule stopping a third party from depositing money into a check account but, for doing that, the third party must know the account number into which they wish to deposit the cash. So, you must know the bank account number of the someone whose account you wish to deposit cash if you want to do that.
What is a bank certificates of deposit called a time deposit?
time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit
What type of account is an accounts payable?
An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".
Is account payable asset or liability?
accounts payable is a liablity.
What is Accounts Payable the compliance?
account payable is the liability of creditor.
What are Accounts Payable and Notes Payable?
Accounts payable are the amounts owed to a supplier that the buyer holds an account with. Notes payable is the amount owed to creditors, that is, suppliers that the buyer does not hold an account with.
If the accounts payable account balance increase on the trial balance?
account payable increase on trial balance
