Before you deposit a CARES Act check payable to a deceased loved one, read this!
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Payments
If your deceased loved one or loved one's estate received a stimulus check in the past few days, here's what to do. I've gotten calls about this and so have a number of other estate planning attorneys. Apparently, CARES Act checks were sent out to deceased taxpayers and estates that filed tax returns in 2018 or 2019. If your deceased loved one or loved one's estate received a stimulus check in the past few days, don't deposit the check. Contact your attorney and look at the IRS guidance posted on May 6, 2020. According to the IRS website, under question 10, deceased taxpayers are not eligible for the payment and the money should be returned. For information about how to return it, look at the answer to question 41 on the IRS website and check the envelope to see if it has additional instructions for returning a check payable to a deceased taxpayer. There are also instructions for returning a direct deposit. This information could help you avoid a costly mistake.
For more great information about probate and protecting your loved ones with peace of mind estate planning, take a look at our valuable book and articles. Our materials are full of tips and advice. All materials are written by us and provide detailed North and South Carolina specific information designed to help anyone with estate planning questions. You can download your free copy of our book here.
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