Sending inheritance checks

[ducky911]

Hi,

Will be sending out mid 6 figure checks to my 3 siblings. I have a brother that I don't talk to, he will answer emails.

Best way to cover my ass getting the monies to them. Money is in a trust checking account.

Fed ex checks sig required
Cert mail checks sig required
wire transfer to each of their banks
other ?

I don't care about how quick money will be available. Just want it to be safe.

Thanks

 

[JoshTrent]

I vote for wire, with FedEx/UPS Overnight being second.

Personally - I wire anything $10k or more

Professionally - I prefer wires, but 6-figure checks handled by FedEx/UPS are not uncommon.

 

[Souschef]

My vote is wire also. I sent my son a 6 figure amount that way. The only issue I had at the local branch was to make sure there was someone there at the branch to approve the transfer.

 

[rodi]

I received a 5 figure check from my grandfather's estate via fedex. Not quite the same size - but it seemed safe.

 

[brett]

Went into our bank late last week and transferred a large sum to my daughters account.

First, I asked the bank to confirm that I had the correct transfer account...name, address, account number etc.

Five minutes later the money was in her account with the associated debit and credit memos.

Easy, secure.

 

[Major Tom]

I received a low 6 figure inheritance sum from the UK to the US a few years ago via wire. It was quick, and seems at least as safe as a paper check - probably more so. I vote for wire.

 

[ivinsfan]

I'd go with Fed Ex...any confusion on the bank wire end will end up being your problem to fix.



You can't do much with a mid 6 figure check made out to another person. My advice is to next day air it with sig required at the beginning of a non holiday week. Also go in person to the Fed Ex office with the envelopes. Send your sibs the tracking number.

 

[disneysteve]

Wire is best. FedEx/UPS with sig a close second. I wouldn't trust USPS with anything of that sort of value.

 

[jollystomper]

When our parents house was sold, a sister sent out the share of the sales proceeds to each sibling in checks via Fedex, signature required. No problems. As was said, banks will (or at least should) scrutinize large deposits so it is very safe.

 

[Teacher Terry]

FedEx checks. I would be worried about a account number being wrong, etc and the money gone.

 

[Scratchy]

I would do a test wire of a token amount, and then wire the balance.

 

[badatmath]

I'd fed ex it but i would make a copy of the check first. Just in case there was any need to see it later. I would just feel better not really any logical reason I know to do it.

 

[Act2]

I’ve used various delivery services including FedEx, UPS, and DHL in addition to USPS. I recently had a situation where a package was ‘signed for’, but in fact the person allegedly signing did not sign. The package was dropped on the front porch and a fictitious signature was electronically entered. The person who allegedly signed and her spouse were both home at the time, so it’s not a matter that they could not get anyone to sign. Seems the delivery person could not even be bothered to knock or ring the bell. It was just dumb luck that I texted them minutes after the delivery and that the package had not walked off. (I see you got the package. No, what are you talking about? But I got a text that says she signed for it. No, we are both home; no one has been by. Why don’t you go check? Oh, it’s sitting on the porch.) And when I complained, the company didn’t seem all that worried. Or particularly surprised. Their attitude was that since the package arrived and wasn’t stolen, what’s the problem? My demand for return of the signature surcharge was unsuccessful, they say because their system indicates it was signed for, though that was not actually signed for by anyone in the household. Infuriating.

Moral of the story: after getting notice an important package is delivered, confirm that with the recipient.

Package was legal documents with financial info.

 

[RunningBum]

Another option is to deliver it yourself. Maybe it's not what you want to do but it is even safer.

 

[ivinsfan]

Another option is to deliver it yourself. Maybe it's not what you want to do but it is even safer.

Or tell them to come to your house and pick it up...

 

[Texas Proud]

Is this from a bank or a broker?


I had Vanguard and Fidelity just transfer the money from the estate to my siblings accounts... a couple had to open new accounts but that was easy to do...


With that much money I would FedEx or certified mail...


I send out $10K checks in regular mail on a regular basis...

 

[38Chevy454]

I think wire the money is safest and for OP is easy. Assuming the trust account is local.
I like the idea to test a smaller amount first, like $1000 just to ensure all is good before the 6 figure transfer.

 

[Montecfo]

I think wire the money is safest and for OP is easy. Assuming the trust account is local.
I like the idea to test a smaller amount first, like $1000 just to ensure all is good before the 6 figure transfer.

If the deliveries would be to an office, I would do checks in FedEx, morning delivery.

If it is to a residence I would do wires, confirming the routing and account numbers possibly with an initial test transfer.

 

[ncbill]

Last affairs I handled the beneficiaries had accounts at the same financial institution as the deceased.

So I asked each for their account number then just deposited directly from the estate (really a trust) account into the beneficiaries' respective accounts.

 

[Sunset]

We just went through this, I say Fedex next day with signature.
Should the check be stolen, you could alert the bank to stop payment since you know if it fails to arrive, and it's fraud if cashed by someone else, so you can get the money back.
Take the cost out of the check. That's how annuities and insurance did it for us.

Wire money sounds great, until you realize the bank employee just has to fat finger the account numbers and the money is gone.

 

[MarieIG]

Large checks, which I send from work from time to time, I always send with a tracking number with signature requirement. I do a cover letter with the tracking number right on the face of the cover letter, in addition to having a receipt, so that I can cut and past and track if necessary.

I had two instances when checks "went missing."

One I could prove was received by the recipient's office, so they stopped screeching and went to look for it. They literally had a hole in the wall next to where they put there incoming mail and it fell down there.

The second check "went missing" after Hurricane Sandy in NYC. The post office was not making deliveries timely. I was able to show that it went into the post office and never came out. The recipient who wanted that check very badly to make payroll went over there with his ID and got it.

 

[eytonxav]

Regardless of amount, I prefer moving funds electronically.