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Separate Account or Conservator for SSA Benefits

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Question: 
We have an account that is titled: “Jane Doe, Julie Smith, Conservator, John Smith, Conservator.” We have recently learned that Jane Doe is also receiving disability benefits of her deceased mother into the same account (US Treasury 310 - Social Security Julie Smith for Jane Doe). Should a separate “Representative Payee” account be opened for these SSA Benefits to go into, or is it OK that they go into this “Conservator” account?
Answer: 

Representative payees are encouraged, not required to maintain those funds in separate accounts.

However, since this deposit is being made into a fidcuiary account for a different person, it would be appropriate for your bank to require the establishment of the separate account. For a number of reasons, I encourage you to do so...

First published on BankersOnline.com 7/4/11

First published on 07/04/2011

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