How many times do I hear that in a week? So what I'm saying is that they have no reason to try to supervise what you're doing once you have provided the proof that you're the executor. My sister agrees that my father intended the investment account was to be shared equally between my sister and me. What is the harm of just dividing the money between the two of us and paying the last few estate bills from our own accounts? I tried depositing it in our joint account but they won't accept it. Thanks so much for your prompt and informative response. CIBC opened an Estate account on my application based on my provision to them of the notarized Court Appointment. We also own property that my mother as executor has never removed my Grandmother from. Hi Braeby,Who on earth are the people telling you that assets are in or out of the estate? My mother's partner has 3 sisters and a brother whom her partner didn't get along with and didn't have much to do with them. My elderly (74) sister has made 2 partial distributions (3 siblings equal parts) and left enough for the CRA in the Estate account (says she has applied for a certificate). What can I do? Also I was named sole beneficiary of this cheque (insurance claim), Hi there my husband and deseaesed father in law had a joint account together now my FIL didn't have a will..can he still deposited life insurance cheques into the personal account (only child) or will he still have yo open up a estate account ?will our lawyer still have yo go to court to make him executar of estate? Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? Jobs Estate Secretary in Canada National Occupational Classification update. No debits. Not at all a fan of RBC, in fact in the process of switching banks myself. Hi Lynne, our mother passed away in February this year. Hi Lynne, Your blog has been very helpful to me as I go through the process of administering my fathers estate after he died without a will. No, the executor cannot make gifts that were not mentioned in the will. Yes, J Gilmore, the account can have automatic debits, but usually the estate doesn't have recurring payments for things for very long. My husband is executor and the only child and only beneficiary. I think you probably will have to open an estate account.Lynne. Hoping you can answer my question. the cheque was made payable to the estate. It must be a policy that TD has established. As my mother was only receiving income for the first 3 months of the year and we made a quarterly payment to the CRA, my expectation is that the tax liability for 2018 will be very small or may even involve a refund to the estate. Since I haven't heard from the bank I have taken the money she had in there and put it in a separate account at my bank and it will sit in there until everything is done. I don't want to put any money through my personal bank account as I want to be able to keep organized records for when I do the final payout. The bank has an account for which there is no online access? I am sole trustee on an estate, appointed by Superiour Court (Ontario). It seems somewhat ridiculous. I might have to put in a call to a financial advisor I know over there to see what I can find out about this.Lynne. Just recently she sent everyone $50,000.00 cheques, from her bank account, so we could get some of the proceeds now rather waiting the 4 years.An Executor depositing Estate money into there own personal account just doesn't seem right! I know this because I spent 7 years at Scotiabank doing whatever I could to help out the front line staff dealing with estates. We have heard from others that other banks did not pull this. My three sisters and I are the beneficiaries, however my mother had no assets and lived with us. I now realize I should not have closed it as we have to do taxes next year. By doing so, does this mean we now have to probate the will? To open any bank or investment account, you'll need a taxpayer ID number for the estate, which is itself a taxpayer. It's a fairly small estate, about 80k in RIFF's, chequing account. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. (I'm in BC). The money belongs to the beneficiaries, and they have every right to insist that you disburse it (once taxes and bills are paid, of course). My husband passed away recently, I am the sole beneficiary and executor of all accounts, TFSA, GIC's. Can it be deposited into this account. Let's say my sister's name is Jane Doe and I'm Sara Smith. You were correct when you suggested an account set up as "Administrator of the estate of Jane Doe". Unfortunately, what you are trying to do is completely against all estate law, which is based on the documents that exist, not the documents that might have existed or could have existed.Your father left the RRSP beneficiary form with named beneficiaries. If it's not going to the named beneficiaries, then it has to go to the estate and be taxed. Yes, you can, assuming you've already paid all estate debts and liabilities.Lynne. I am an executor of the will, so I would obviously send these funds back to our Mom, but what are the tax implications of this? I am in BC. Their concern is allowing money to be paid to someone, then finding out later there were other beneficiaries that should have been included. Can I relinquish my claim as beneficiary and have Empire Life send the money directly to my 2 brothers, thus avoiding probate? Two convenient options: Pay annually and save - $39.50 per yea We spoke with a tax specialist for the bank on the phone, and he said if the branch would update her accounts to show 'estate of' in the titles of the accounts he could reissue the slips to show the required information - however the branch is refusing stating probate requirement. As far as the bank is concerned, your father's account is still HIS account and not an estate account until the probate has come through. There is enough money in the account to pay the lump sum payments and still cover any surprises that may come up before final tax clearance is issued. Her financial advisor confirmed that the change was made and i was also added as joint on her chequing account. Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. Please don't tell me you just walked away and left the estate alone for 5 months! I have set up an estate account. My mother is not very well and I have POA. You don't have to wait for anything but the cheque to clear. He banked with Scotiabank, and they are telling me that they will not transfer money from his accounts into an estate account with another financial institution. Utter incompetence on their part considering they should have informed me of this long ago. We are currently dealing with RBC. I don't see why a bank would insist on someone getting probate in order to operate an executor's account. to the bank and they should open the account with no problem. but i have a tax refund cheque payable to the estate of xxxxx. This is certainly not the law, but must be an internal policy of the bank. What can I do? Anyone can make a mistake but that's not a mistake; thinking they outrank the court is arrogance.As for not telling you about the problem they were having, yes, they should have told you. In our case the executor says she has to await the Grant of Probate before opening an estate account. Their process says I should have received a written agreement that is to be signed and returned to them. My question is when can I close the estate accounts? The bank will simply remove the parent's name from the account upon receiving proof of death, leaving the surviving account holder with full access to and legal ownership of the account. Unfortunately though, they are not the ones involved in your basic executor's account, because the executor's accounts are handled at the branch level.All I can say to executors is that if you cannot get what you need at one bank, go to another one - the competition - and see if you get a better response. Please let me know. I will likely receive a company pension retroactively owed to my husband. I was advised around that time by the branch manager that an account estate should be opened by the first week of August.It is now August 8 and there is still no estate account. Meanwhile my brother received it but I did not. And I don't feel that I should be opening an account for this in my personal name. I also wanted to be sure her remaining bills were paid (less than 1K).In July I received a notice from one company that the account had been sent to a collection agency. He most likely didn't have a will at his age, so his beneficiary would be his wife, and if he didn't have a wife then his children, and if he didn't have children, then his parents.Lynne. In law, you have no right to do so because you've been given the cheque as executor, which means it's in trust for the beneficiaries of the estate. I opinion, you don't go to RBC if you have a non-probated Will. Sometimes not applying to administer the estate is the best strategy.Lynne. These taxes are applied before the estate is distributed. It does not include joint accounts in which the other party is still alive. Having been executrix of my husbands assets 30+ years ago, I should have known better; he had accounts at both CIBC and a smaller one at RBC. As the executor I am just starting the estate work. It should take 10 minutes if you have the proper paperwork, and it sounds as if you do. There are only two cheques to deposit and she never paid taxes, only received refunds due to low income. Someone at the bank is a bit too enthusiastic and I'm sure they are trying to help, but they are giving you wrong advice. Take the funeral bill to the bank where your uncle had his funds. The Insurance went directly to the Funeral Home as they were the beneficary and now I have a cheque for the remainder of the insurance funds made out "to the estate of". They did have one joint account. Hi Lynne, If the executor is also the beneficiary do they get access to the funds right away since the financial obligation will come to them regardless? The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? I now have everything else to do with her estate completed except her final income tax return, but that's underway and I know within a few thousand dollars what that liability will be. If the judge is not fully satisfied with it, you may be directed to prove the will more formally.Lynne, Lynne,I hope you can help. I am an accountant and excutor of my wife's aunt estate. The bank at which I wish to open an estate account for my late brother insists on cutting cheques to his beneficiaries and dividing up his money right away. I guess my question is do they have the right to not release the money once probate has been granted? The category names can change to accommodate the estate activity. While this may be slightly off topic, you advised people with a question to move to a blog with less than 200 questions. If so, it will pose quite a hardship on her as a student. Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. Do I have any rights to see this paperwork? I cant help but think that the financial advisor was incompetent and forgot to file the paperwork as I have been told too many conflicting stories. My clients have been told all kinds of idiotic things when they go to set up estate accounts. Financial institution (Questrade) refuses to do so and claims this is against the law (True?). Which we can't do until we pay estate tax. To open an estate account, you need to go to the bank and request that they open an estate account. She might have received wrong advice from a lawyer or from a banker. All properties were sold and bills paid and income tax filed. I could look at them online, print transaction records, and transfer funds in or out if necessary or as required. As a result, few executors know, relying on the issued (or not-issued!) I received a cheque made payable to the Estate of my son with my name as well. Can Laurentienne refuse to transfer the funds from my decesased uncle's account to BMO? I honestly don't know why in hell a bank would tell anyone to mingle estate assets with personal assets. The things people will do to their own parents is absolutely appalling. Earn a $300 welcome bonus with a new bank account 2. Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. No, not that I know of. I assume what is going on is that your husband was the sole owner of the funds. If all of that is paid up, the funds go to his beneficiaries. In her will, all three adult children are both equal executors and beneficiaries. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. Do I get bank drafts and a contract made up?One beneficiary is a minor. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. In retrospect I should have changed banks and set up an estate account. I am executor of the will. Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. Please help. (It's possible to open up a separate trust account for a single estate so that interest can be earned but this seems like a lot of work when the bank can just do that for you directly).Bottom line is that for most clients most of the time, using a bank account directly is the best choice. Perhaps the house would fetch more if it were repaired and restored, but the executors will have to balance that off against the cost of repairs, the cost of insurance and property tax during that time, the odds that the market will stay strong, how much of a gain in price there is likely to be, and the patience (or lack of it) on the part of the beneficiaries. Is there anyway around this? This meant the assets did not go through the Will, nor to my brother, yet all three banks released, the funds to my brother (2 banks, within hours of the day he and his daughter changed the POA to remove me, and just make it the two of them) it was almost a year, before my mother found out the POA had been changed, as she never asked for it to be changed. Thanks. Also because the will has not been probated and I am not willing to go through the paper work and trouble to do so what are my options for closing this account next year. Are you asking why you have to get probate (aka Certificate of Appointment)?Lynne. Several expenses were incurred and paid from my own pocket while waiting for the probate to be granted. One bank in which the deceased has an account and who also know my mom from frequently coming to the bank as she was not an online banker are paying the bills as the moment for the house. Are there restrictions or did I just draw an uninformed bank employee? Try to take the wishes of the beneficiaries into consideration if you can. I felt there was no need to probate. Hello. (In case my brother contested the Will, I would still get the money). Upon her death, the money would avoid probate and be distributed. Clip: "If you're an executor, however, you can open the [estate] account at any time once you take charge of the estate. Does my daughter have to pay taxes on this as income for the year? I'm so sorry to hear about your son. She is also the executor, which means that ultimately she is the one who will take responsibility for the payment of the funds.So, what is their risk? Estate Plan: A written document that outlines an individual's strategy for the disposition and administration of their property at their death, incapacity or total disability. Get more details about Scotiabank's savings accounts. Hi Lynne, My brother is the executor of my mothers estate. I was hoping to close it out so there will be final closure to his estate ( there is not much to it ). What purpose it serves would only be a guess on my part. I'm not an expert on criminal law but it seems to me that if she is pretending your grandmother is alive and depositing a cheque made to your grandmother, that is fraud. An alternative might be to purchase bank drafts rather than cheques. Every bank will have an estate department that deals with death and living wills. You then take the drafts and deposit them into the estate account. I don't need the money but want this to be resolved. I was told we can't do this unless we have a probabated will. Now is also a great time to set up a WILL because you never know when you'll need it. I have yet to close her personal bank account - this is a minimal cheque ($200) and it seems RIDICULOUS to have to go through all of this. That is my main concern now. . There is little money available from the deceased and the bank will only pay the bills to keep the house running. I (probate granted estate trustee with a Will, and I am also the residuary beneficiary) opened 2 estate accounts for my mother's estate last year. Now, at the 11th hour, she wants to be compensated for administering the estate, which we both did, but she feels she is entitled to more than me and I disagree. The bank also notified me that they can't open an account in branch and I would have to wait 2 weeks for the estate account to be set up. HI Lynn, My case is very complicated,it started with the land my mum bought 5 acres of land in Fiji and she got her first cousin Vana to handle things to sell the land which mum got many offers even for $450,000.00 but mum trusted her daughter-in-laws family the lawyer she hired and her cousin in Fiji.when our beloved mother passed away notary Sublock Sublock never even got mum to sigh her Will even though we paid $170 fee for that one home visit Mr.Sublock refused to help us and we sent mum's old Will which was Notarized and the Fiji Courts refused to accept it and my dad was next of kin now they said Vana and fiji lawyer Ulamila Tuipuku said that my dad needs to do a Probate and I sent $3,500 for court/lawyer/probate and months down the road Vana and Ulamila said that the court won't accept the Probate that they wanted her in my Dad's WIll which he "WE HAD A DEAD LINE OR LOSE THE LAND " we said that was crazy and we went through with that and so so and we went through Mr. Sablock again because he had the history regarding the land and my mum's information etc.My dad wanted to sell the land because there was squatters on the land and two churches was already built on land without permission and you wonder who was minding the place.When I made an offer to a performance on the land Vana was so upset she was yelling and I said okay you have 6 weeks and she said she already had the money and we'll we waited and waited for the paper work.When I tried from May 2012 til Feb 2013 to get the lawyer to send papers yo sell the land she was making all kinds of excuses and we sent thousands of dollars for court cases and the land .The thing is after my dad passed away the first thing Vana said is remember that I'm the excutor on the Will and no one can go above me and I was do she said none of your kids can go above my head and this just to show she knew what she was doing .We'll after all that she said that the land is in her name and the lawyer who was supposed to be working for my dad was working for her and went against both my parents. Appreciate your comments, Ed, Ed, your note rings alarm bells for me. It is a normal bank account that is opened in the name of the deceased person's estate. Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada, Great article. Now she will not agree to allow me to withdraw the 50% of funds from the estate account that I am entitled to. It has now been a week, and funds have not been transferred. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. He has suffered a stroke and is slowly recovering but very difficult to communicate with him. The first stage of estate planning is preparation. She asked each bank was this a problem, each said it was not a problem. The bank says that the 3 kids are the beneficiaries of the RSPs so why do you feel that you can legally put that money into the estate account? They will continue to do this until a beneficiary sues them. He had power of attorney. Her girlfriend/partner of 30 years passed away. The manager isn't available, and both of the assistant managers are unavailable. Again, square peg. To me, this is more of a bank policy question than a legal question. My context for the question was a little different: an estate account with two trustees specified in the will who are to pay bills for someone in a house who is not being given direct access to the money. If the person you're dealing with cannot do as you ask, try talking to the branch manager. Received his last Canada Pension cheque, issued in the month of his passing but am unable to cash it. If the house can sell at a higher price after repairs and restoration is there a duty to the beneficiaries to wait until it's repaired before selling? I know you want it to just be easy but there are procedures built into our system to protect people. They seem to think that at the point where Registered accounts are cashed out to the estate is when taxes will be owed. Other banks are also refusing to open estate accounts. Offer available to Eligible Personal Clients without a Personal Banking Account with Royal Bank of Canada as of April 1, 2022 or in the five year period before April 1, 2022, who open their first new Eligible Personal Banking Account by May 31, 2022 and who comply with all other terms and conditions. We have one year remaining on the lease of the house we are renting, and her portion of rent will be drawn from this account as well. The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. My mother learned the hard way that her money was not as 'safe' in the banks as she thought. I think your bank is making an error. The problem we now have is that while we can see the account online, we are not able to make any payments from it for utilities and rent prior to moving her stuff out of the apartment. I have yet to open an estate account and her accounts remain open. Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. Estate Administrator: A legal term referring to a person appointed by the court to administer the Estate of a deceased person who died without making a Will. Thank you so much in advance! I want to pay his bills first and then divide up whats left when I know there are no more debts to pay. For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. The mortgage has been paid from my father in laws account since he has passed in October. Based on your comment in the second paragraph, how would this apply to funds held with a financial institution in an investment account?If I am executor of my father's estate, and he had an investment account of $500,000, does the financial institution have to pay it out to me as executor if I instruct them to?Isn't it basically standard practice for them to require a probated will before they will liquidate an investment account?Thanks. Thanks. If you did not obtain the permission of the court to step down, you are still the executor. That costs nothing. We two are the only benficaiaries. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. I hope that things weren't as loosely organized as your letter suggests. The other is to ask the funeral home to wait until the house sells. This gets more frustrating by the day as I hear more and more stories of banks requiring random and irrelevant paperwork for estates.If they are being obstructive they obviously don't want your business so why not take it elsewhere. There is no property involved all all bank accounts other than investments are joint with myself. I am both executor of her "estate", as well as POA and sole beneficiary. There were no investments just bank accounts in both our names, (my father and mine)so the money could pass seamlessly in the event of his passing. Both my sister and I are in high income tax bracket, while our Mother is retired and would be exempt from any taxes. Mum's UK state pension was overpaid by 1 week, having finally received notice of the amount, I now have to reimburse that myself because RBC refuses. Lynne. If anything goes missing, it's all on the executor and the bank bears no blame for it.Lynne. He did not leave a will. Lynne- Using the example from Marsha: Can the account have links to automatic bill payments with registered companies, so all three trustees don't need to be in person to pay every single bill? Why on earth doesn't she just do the paperwork before this all hits the fan? is there any legislation preventing them from doing so? They also told me that it doesn't matter if the will states that the funds are to be split between myself and 3 kids, that because they have it listed on their system that only the kids are beneficeries, that they have to go by that. Therefore she can open the account, receive funds on behalf of the estate, pay bills etc all before she gets the probate.Lynne. Thanks! As of now he has 2000.00 in the estate account and I have a death benefit cheque to deposit. Could I be charged with fraud?Thank you for your blog BTW, it's been very informative and helpful. I have received the probate, and can access to the Estate bank account, and wonder if I could just go to the bank and withdraw money for my reimbursement? My mother passed away in April, and I met with her bank on April 26 primarily to be sure no further deposits were made. The problem was resolved in a day after I fired off a couple of nasty emails to RBC's client centre, Trust wing and Ombudsman. You will find forms for transferring a vehicle after the death of the owner. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? After someone passes away, their assets and debts will need to be accounted for and managed. Your husband's estate is separate from him. I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. Hello, I have a two-part question.I am the executor listed in the will of my deceased mother. I was under the impression from my mother's lawyer who handed me notarial copies of her will that that document gave me the legal right to proceed and get any bank accounts changed from her name individually to "The Estate of.." There is real estate and rental properties involved, with rent payments coming in and on-going expenses to be paid on a monthly basis. The process would require you to sign an indemnity form. My experience has been that they do not allow online access in other banks either.Lynne. I would like to make a full distribution of the estate proceeds without waiting for her 2018 taxes to be filed next year. Paying out of pocket should be the last resort. The manager has told me that if she isn't available one of the other manager can help.Well, today is that day. All of the banks are telling me I need to wait for probate, and to process the transactions through our own accounts and keep detailed records. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. I think that's all they've been used for to date. Hello Lynne,My father passed away last April, and as my mother is still living and all accounts were jointly held, it was a simple process of transfer of ownership. Can the estate lend money to the executor who pays interest on it to the estate at the same rate the money is now receiving in a GIC? So with Mom's money and the estate cheque it would be around $5,000. When I sold her house after she went into a nursing home, I invested the money in an Empire Life segregated fund contract as her financial advisor suggested. Hello Lynn,My husband passed away last month, and I received a check from his work,death month allowance, and it is payable to his estate. An estate account is a temporary bank account that holds an estate's money. The executor will also need to . The majority of elder financial abuse is done by the elder's kids.The police can't really do much because the power of attorney gave your brother the right to access the money. Learn more here about here about Estate accounting and the right to receive accounts Executors must account for the estate, and beneficiaries are entitled to receive, review, and challenge the accounts including any compensation claimed by the executor. An Estate account is a different kind of account - it is a new account opened after someone has passed away, into which the Executor deposits the deceased person's money, from which the Executor pays the deceased person's debts and bills, and from which the Executor ultimately distributes funds to . No. On the schedules there are categories. Yes, all executors' names must be on it. An estate account makes it easy for the executor to endorse and deposit these payments. Can I simply deposit the cheque to her bank account and withdraw it? Unlimited free Global non-Scotiabank ABM withdrawals 6. I am the executor to my deceased elder sister's estate. Something like that might make a bank reluctant to accept the will without the backing of the court. Before closing an account, it is important to check to see if there are any automatic payments from or to the account. Her authority to deal with estate assets comes from the will itself, not the probate. Give the cheques to that person. I doubt you want the estate you're working on to be that case, so you are acting properly. This bit about the banks not allowing executors to open an estate account until probate has been granted is relatively new, and only works for the bank. There are two other executors and decisions are to be made unanimously. Unbelievable! I am an executor of my father's estate jointly with my sister. I have not received anything in writing other than a few emails. If the assets you have mentioned in your note are the only assets in the estate, you do not have to probate the will. In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. These accounts are useful to avoid probate and are common in the US. I somehow doubt this, but if yes, what additional documentation would be required?2.What are the ramifications of moving money from her account as it is today to myself for repayment? We were able to open up an estate account at the Bank of Montreal and transfer the funds from her account without going through probate. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. I don't know of any law that prevents a bank from rejecting any particular ATM deposit. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. I am the sole executor and beneficiary of my deceased husband. Nobody cares whether the legal department people can read them. If your mother "had nothing", there should be almost nothing for an executor to do, so acting as executor shouldn't actually be much bother.I find it really frustrating that people will wash their hands of all work and responsibility for their parents except when it comes to getting some money out of it.Lynne. In some states and in some estate situations, estate accounts are restricted. Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. The person you choose to administer your estate will use the account's funds to settle your debts, pay taxes and distribute assets. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. I was told by my mother's doctor, at the time, that she may have as little as 4 weeks to live (but she lived just over 3 years, so it was a hardship, as it was over $100,000 in total) but in less than 2 weeks the money was gone, before the doctor even talked to me. No, there is no time limit specified anywhere. Is it not sufficient I show it to them?Thanks, I don't know what the HELL is going on with banks these days. No probate is required. Does this trust belong to my daughter, or is it part of the estate, and therefore to be caught up in limbo during the probate? Check the motor vehicles registry web page in your province. The rest of it does not. Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. Payable on death accounts A bank account where a beneficiary is named is called a payable on death (POD) account. I have generated expense report for the Estate, would that be sufficient for the bank to issue me payment?Thank you, You can repay yourself reasonable expenses without any prior approval from anyone. It'll happen. CIBC are certainly entitled to require my ID as sole trustee. On the other hand, if you stepped down properly, who became the executor in your place? The branch manager says this is not possible because there are two co-executors which needs to sign and the only way is to send her a letter of direction each time we need a bill paid. Hi LyneI am the executor of my mother's estate . Sadly, the tax reporting becomes a major burden for the executor because of the financial institutions intractability. (I was not asking any info on the account only about their requirements for an Estate Account) but she jumped on him immediately and would not listen. Our lawyer said there was no need to probate as the will clearly spells out who the beneficiary is and there is only the savings account which would be used to pay expenses and the rest to the beneficiary. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. They told me I would be able to get a bank card and on-line access and cheques once I had provided them with a CAET. In reading their most recent annual report, the office of the ombudsman outlines the complaint process and time for resolution. If it is only bank policy and not law, however, I am going to protest this, as my brother was laid off a while back and could really use his share of the funds now. If that is the case, what exactly are you expecting CRA to give you? He had all the necessary documents but I guess in their mind the estate was not worth their time. bank accounts (includes foreign banks) Shares, bonds, trust units, options, mutual funds, TFSAs, RRSPs, RRIFs vehicles such as cars, trucks, boats, motorcycles, trailers situated in or outside Ontario goods or material I was told by a local lawyer that if there were no assets that there would be no point spending approximately $3500.00 dollars to become an administrator. The bank has all information needed, and said that it should only take a day or two to have funds transferred. Does the annual audit of accounts reflect this inaction? No spouse. We have cheques to deposit, but dont know where to put them now. Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. With great rewards, interest and unlimited and free transactions and Interac e-Transfers, it rivals and beats all other youth accounts in the country. I have had a couple cheques come to me for the estate. They have no say over what an executor does with an estate account. All the risk of the account falls on the executor, not on the bank. Do they have this right? When the final payouts are made after the tax clearance certificate is received. When they are one and the same person, the executor must only use the estate funds to pay estate costs and debts. Do I have any rights? I need to set up an estate account for him. How long should it take for a bank to open an estate account? Thx. The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. Any recourse with these morons? Everything has been done for the estate. I was told in the beginning the less money in the account the easier it will be to close out I have a felling this isn't so. What are the alternatives if a bank will not open an estate bank account without probate? My lawyer has said the same thing. I have survivorship of this account. Find more information at Canada Pension Plan Death Benefits, or call Service Canada at 1-800-277-9914. I am a retired Branch Manager from another financial institution, so her attitude did not sit well with me and basically this manger argued with me on the phone. One way to handle this is to have a separate bank account opened after the person's death, which is referred to as an estate account. All the estate assets have since been liquidated and deposited to the CIBC estate account, and now CIBC has locked the funds and is refusing to distribute the funds until such time as each and every beneficiary appears at a branch of CIBC, identifies themselves with the previously provided ID's and signs the account application. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. Do you mind if I place your article on my blog and reference your site to it?Cheers,Larosabelle, Hi Larosabelle,Thanks! I just need that cheque to go in there. Either you were joint executors, or one was named executor and the other as alternate. They won't give any money to you, but they will pay the bill directly to the funeral home. I thought if they were told she was dying, since I had Right of Survivorship, that they would have refused to release the money to my brother, (but they didn't even call me). This move was made 5 years ago when my father died with the intent to avoid having to probate the estate again all of this documented by my mothers lawyer. It sounds as though one will be open longer because of your tax holdback. You have the will, so you can show your appointment as executor.Lynne. Once the funeral arrangements have been made and all interested parties informed of the death, one of the first things the executor must do is deal with the bank accounts of the deceased: Finding out what banks, credit card companies, and other financial institutions the deceased dealt with, notifying them that you are the executor, and determining the details of assets in all accounts. This declaration that the bank has mentioned are they getting that from somewhere? I have set aside more than enough to cover that expense. Estate Planning. I was then told a few months ago that it reverted back to the estate because the change was made too close to her death and I have been asking for answers on this for months and finally received a reply that there were more recent documents that changed it back to the estate. My Dad just died and he had 2 bank accounts with myself as co-owner with right of survivorship. Do I need to set up a trust account to deposit this for her? There was no will.Thank youWendy. I have 2 brothers and we were all named beneficiaries. Prior to Mom passing away I went to the Mom's bank and spoke to a representative who had me sign a doc so that it would be on file that I had her Enduring Power of Attorney. Instead of avoiding the probate fee, not only does the account still go into the estate, but you may also have to pay for a lawsuit to determine your mother's intention in making the account joint. My mother died a few months later, after which my brother claimed he had no money. Take the will, a copy of the death certificate (or funeral director's statement) and your I.D. I want to ask my question to the bank but can I get your consent first? I am not the executor, a relative who is a C.A. Can you confirm when I take the tax bill to the bank it can be paid from his estate. It will be the job of the estate's executor to set up and monitor the account. Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. How can I get them to allow me to do this. The problem with joint accounts between parents and kids is that the banks are really inconsistent in their treatment of them. which the individual transactions. This does seem like a genuine mistake, but certainly a preventable one. It is not unusual at all for a bank to insist on having a grant of probate before releasing funds. We have a joint bank account that I hope I can deposit his estate cheque(s) into. I have been calling the bank, and getting no answer. Sat-Sun 8 a.m.-8 p.m. ); Your joint executors might have a strained or non-existent . Thank-you Alyssa. Can I open an estate account and deposit his cheque into it. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. I happen to be a beneficery, as well as my 3 kids. On the Statement of Death I was named as next of kin as I was always the one with Mom taking care of her affairs. This is what the law says you are supposed to do. All from my laptop. I don;t know what is happening in this particular estate that might make the executor think that. CIBC had no problem setting up an estate account on provision of the will; RBC would not do that without probate. Is this an honour system, or does the bank verify estate accounts by looking at the will? The only thing that could be in issue is the validity of the will. Absolutely unacceptable.You said that "she" sent funds from "her" bank account so I assume that is his wife. Lynne. To me, there seems little reason to use a lawyer to handle the estate account, as he obviously should be expected to charge fees for this service. I hope other parents read your story because it shows just how careful you have to be when appointing your own kids. I have dealt with two CIBC staff and have been promised a CIBC Manager but no Manager has yet contacted me.Is CIBC correct in making asserting they are making lawful requests identification of beneficiaries and for requiring each and every beneficiary to appear at a CIBC branch, identify themselves and completing account application forms? My sister and I would like this account to be settled to our Mother's RRSP as she is a Qualified Beneficiary and will not be paying taxes on it. The primary focus of the Account Specialist, Real Estate is to prepare credit applications, actively participate in credit structuring, risk management and client facing support. The TD bank allowed my brother to even close accounts, and cash in GICs and made all assets payable to him. Executors don't have to wait for the grant of probate. My question is this cheque can ONLY be deposited into the estate account( we still have one set up) and not a personal account correct?Thank you so much. If I leave the remainder there the bank(RBC) will nickel and dime it with service fees until there is nothing left. I've heard and seen horror stories from every bank and credit union.Note that I'm not talking about the trust company part of the banks. BMO Business Builder 1 Monthly Fees: $22.50 Transactions: 35 free transactions per month | Unlimited Moneris transactions Monthly Deposits: $2,500 cash deposits How To Sign Up: Link What about interest, death, separation/divorce etc.2 - He has advised us it will take 4 years before money can be distributed since Canada and the Ontario Ministry of Finance have a 4 year window to assess/reassess estates. Death benefits are administered by the federal government. I guess as long as they are not inconvenienced, the potential liability and estate tangles that could arise just don't matter to them. If you want to discuss the case with me, call my office at 79-221-5511 and make an appointment for a telephone conference at your convenience. Lynne. You tell them. I opened an estate bank account in BC where I live. I am the sole beneficiary of my wifes will and the executor. My sister had a chequing account and she passed away without a will 7 years ago. I believe you are wrong about avoiding probate because of the joint account. There was no need to set up an estate bank account, as all three banks released the assets prior to my mother's death. Keep the concept of the executor's year in mind. The only thing going to probate is her house which was only in her name. While I find this admirable in spirit, I am concerned as an executor whether executors can in fact make gifts that are not specifically covered in the will, especially as there are other residual beneficiaries involved. My mothers estate is relatively simple and comprised of an investment account with a major financial institution and 2 bank accounts, all of which I am listed as joint (prior to her death I was my mothers POA for property). You have not just a right to see the paperwork but it is your responsibility to straighten all of this out.Definitely use some of the money to pay bills. It is absolutely unworkable for executors.What we do for our clients here is calculate the probate fee and prepare a document that we call an estimate but looks much like an invoice for that amount. Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? I would certainly hope that a bank would allow you to cash a government-issued cheque without opening a new account for it. A couple of months pass until her house was sold and the sale closed a week ago. I advised my husband to find another bank, because after I talked to the TD Manager, wanting to understand what they told him, the branch manager talked over me too. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. In particular, the bit about being listed as executor per CRA. It has been a great help to our family.My question relates to your initial post at the top. In order for that to happen, there has to be a will that appoints you. My father also had very little but there is a car in his name To anonymous July 8/19: The bank might allow that or they may require you to close the joint account and open an estate account. It's under $75,000. Is my only recourse to take her to court or at this point start litigation? I am just not sure how this is supposed to work?? it's a small cheque and likely the only one going to be issued to the estate. I think I have been reasonable, but am now also very unsatisfied by the response by the ombudsman's office and told them that when they called yesterday to 'loop back' on my complaint. Neither happened. She was living with me and we have a joint bank account. You need to complete a simple form with a confusing title: IRS Form SS-4, Application for Employer Identification Number. I charge $400 for that.Lynne. Is it necessary to wait for probate to be completed? Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". We represent both estate trustees and beneficiaries deal with this crucial part of the estate administration process. Dear Lynne, I live in Ontario. Probate is slow because her state pension came from UK along with a small occupational pension. In fact, it's standard. I am the executor of my step fathers estate. This was done after receiving the Probate Certificate which was scanned into the estate dept. i have a will, am the executor, and can open an estate account if necessary. Estate settlement services are offered through National Bank subsidiaries. Keep all estate funds separate from your own. My mom's name was on the deed of the house at one time but then at some point her name was removed as she was purchasing another house for investment purposes. That's not going to work either. The banks have always agreed to this (with only one exception) because the funds aren't going to the executor or anyone else besides the court. A friend passed and named myself or my husband executor and also sole beneificiaries. Canadian Western Bank (CWB) is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. You can close it if you want to.You haven't said who the beneficiaries of the estate are. Any advice you may be able to offer would be appreciated. I have set up an estate account.The probate is complete.I have done the taxes.I have just finished filing the Estate Administration Return.I need to pay a lump sum payment to a few beneficiaries. That really is an awful story. You're right, that is the hold-up. I fear they are aware we will be transferring all the money to another bank and that is the hold up. Lynne. Please advise. Do I have a case? Lynne. Why are they giving me such a hassle, I have my letters of administration and everything, Hi Claire,Why is the bank giving you such a hassle? Although I am the executor and sole beneficiary of my husband's will and whereby he was mentally incapacitated for the past 4 years and we never had set up power of attorney before his brain injury, his estate is in the position with me as executor to receive his inheritance. RBC has made a royal mess for me to contend with. My husband is the executor of his fathers account. Did the TD bank error in allowing this as she was only one of three executors? My father passed away. Is there any reason why my sister would not be able to transfer to me half of the shares and cash in the investment account at this time? Everything else of my husbands, all accounts, homes,, RRSP's etc. I was initially executor and stepped down due to personal reasons. As his mother I took care of his arrangements and the funeral home applied for CPP. If you haven't wound up the estate in a year and there is no good reason for it, you could end up in a dispute with the beneficiaries and possibly in court.Lynne. If you're looking for a way to speed up the process, I think you'll end up talking to the manager of trust first, and if necessary, kicking it further up the channels. most of her property was gifted to me before her death. Two witnesses, however, signed the will as witnesses and swear that the maker of the will (now deceased) made the will, and somehow no one noticed that the maker did not sign it. In fact I never actually did this as she was quite capable herself. how to open greenshot settings, benjamin verrecchia et sa femme, fulton county jail 60 days in, bobby brown jr find a grave, lance berkman family, journal de l'humeur douglas, why is tennessee in a state of emergency, nipissing crown game preserve map, timothy glen jones, edge grove or manor lodge, vallejo ca news shooting, what color represents justice, how did eli joshua bay died, httpcontext current request servervariables in net core, actual manufacturing overhead,

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