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Richard
Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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I have a check made out to the stewart family trust. I am the

Customer Question

I have a check made out to the stewart family trust. I am the trustee, and want to cash the check, my bank won't except it even tho I have all my paper work. They say I need to go to a financial instituon to get it cashed. Can you tell me where or how to cash this check?
Submitted: 4 years ago.
Category: Legal
Expert:  Richard replied 4 years ago.

Good morning. Banks will not cash a check made out to the trust; rather they will require it to be deposited in the trust bank account. Once deposited, you, as trustee, can then write checks on the trust account to whomever you choose. They do this to avoid liability from beneficiaries of the trust in case the trustee is simply cashing the check and no using the cash for trust purposes.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 4 years ago.
The bank did open and trust account, but has now closed it. Said they were no tallowed to open such an account, as I need to have a lawyer. I am the beneficary too. I don't know what to do now.
Expert:  Richard replied 4 years ago.
You should open an account with another bank then. If you have all the information, there is no reason another bank will not open an account for the trust.
Customer: replied 4 years ago.
I will go to another bank, and see if they will take care of this for me. If they will then I will be glad to pay you
Expert:  Richard replied 4 years ago.
If you have the trust agreement and identification, there is no reason a bank would not open this account for you.
Customer: replied 4 years ago.
will you except my payment if the bank will open my new account
Expert:  Richard replied 4 years ago.

Your acceptance of my answer is entirely within your control. I merely do my best to answer your questions. :)

Customer: replied 4 years ago.
ok will get back with you soon. Have I been charged for what info you have given me?
Expert:  Richard replied 4 years ago.
Here's how it works...A deposit has been charged to your account by JustAnswer, but it has not been released to me. It will not be released to me until you hit accept. Until that time, it remains a deposit in your JustAnswer account.
Customer: replied 4 years ago.
ok thankyou . Will be getting in touch, as soon as I find out something.
Expert:  Richard replied 4 years ago.
You're welcome.

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Richard
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