Finance Questions? Ask a Financial Expert for Answers ASAP
Thank you for your question and thank you most kindly for requesting me to assist you further. Please give me a moment to post my response.
Can you clarify your answer and break it down further in terms of the check. For instance, being my mother doesn't have identification and can only produce the saving book, the bank will only issue the check in her name. In more detail, tell me how we can work within the law by having the check made out to my mother and give it over to the lawyer. The bank is standing firm that they will only make the check out to my mother and they will not cash it. Sorry to ask this question in more detail
Not a problem. This is out of her account, or is this a check being given TO your mother? Sorry, I am a bit confused here, please advise.
Dear Mr. Kaplan,
This savings account is in my mother's name. We furnished documents such as the marriage license, my father's health insurance with my mother's name as the spouse and other documents. After furnisthing these documenrs, the bank decided that they only can issue a check in her name and not give any cash. The bank stated no cash and only a check because she doesn't have the proper identification. Again, the saving account is in her name. We want to pull money out of the account to buy a piece of land.
Carlotta M Brown
Carlotta,Now I understand and I appreciate your patience. One simple option is your mother can sign the check over directly to the attorney by signing it that way on the back. It then essentially can be placed into the attorney's attorney trust account since that is likewise considered a standalone account for accounting purposes. Then the attorney can use those funds to effectuate the sale and issue a check from his IOLTA account to cover the transaction. I happen to have my own IOLTA account (actually multiple accounts for each state I am licensed in, and that option is both permitted and legal. Speak to the attorney and request that as an option, it should perform what you are seeking without a huge penalty or concern.Good luck.