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Thanks. I am the executor of my father in laws will. There is nothing else to pay out now. I know this is an old topic, but I have a question. A couple of months pass until her house was sold and the sale closed a week ago. When he passed, he had a bit of money in the bank. Lynne, Hi Lynne,I am being assigned as an executor for my grandma's estate. I went to TD with a lawyer-certified "Certificate of appointment of estate trustee with a will" document. 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. In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. I paid for the engraving on her headstone (she had a double one as Dad passed away in 2011 and we just needed to add the date of Mom's death). Do I have to go open an estate account for,this one cheque. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. So out of her account I paid for her last medications so it is a fully paid now. My mother passed away in mid-March. I am the executor or the estate and the sole beneficiary of the will. Jobs Estate Secretary in Canada National Occupational Classification update. The beneficiaries are prepared to put some money into the pot to cover the probate costs and other debts until I am named estate trustee and until which time we can sell the house and assets. I opened an estate bank account in BC where I live. Hi Bob,I would be very surprised if the bank did not allow you to sign a letter of indemnity under the circumstances. I am her executor and sole beneficiary. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. 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? My question is does the bank have to wait for the probate to go through before selling the investments? Since I am sole beneficiary and will receive the cheques to his estate, how do I set up the estate bank account. I wish they had better training because they waste a lot of time for executors and lawyers. The rest of it does not. 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. Make sure you have provided everything they asked for. You will find forms for transferring a vehicle after the death of the owner. Any credit card debt or personal loan debt will be paid from the deceased's bank accounts before the account administrator takes control of any assets. The judge has discretion to deal with the will. Sat-Sun 8 a.m.-8 p.m. ); Your joint executors might have a strained or non-existent . I was hoping to close it out so there will be final closure to his estate ( there is not much to it ). Why is the bank refusing to add my name as the administrator to my sister's estate bank account? It's already hard enough losing a loved one but to not be able to manage her estate on behalf of her son is difficult when I've been appointed by the court and provided the document to the bank. Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. 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. He had a will.. Perhaps you should go to another bank.Lynne, Hi Lynne, my husband recently passed. Lynne. How can I get them to allow me to do this. slips. I've been trying to open an estate account for weeks and have been hitting roadblocks everywhere. Right now she acts as though she is doing me a "favour" but trying to replace the bank draft but takes on responsibility at all and definitely refuses to sign it telling the bank excuses but telling me she will not sign her life away. 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. What if my sister didn't put my name (co-executor) n the account? Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. The trust now holds $75,000. 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. None of that is true and I seriously have to wonder if banks have anyone working there who has any idea what is going on. Something like that might make a bank reluctant to accept the will without the backing of the court. They are doing the right thing and you are ignoring how your father in law had things set up.Lynne. 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. My question is can someone replace him without electing a new executor? The financial obligations of an estate do not "come to" an executor personally. Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. Could I be charged with fraud?Thank you for your blog BTW, it's been very informative and helpful. Our mother had her checking and an investment account with them. but i have a tax refund cheque payable to the estate of xxxxx. is, however I am just doing it myself to save money as everything was straight forward and I am paying all bills as they come in. Make sure the bank realizes that this is the only asset of the estate.Lynne. In retrospect I should have changed banks and set up an estate account. I'm so sorry to hear about your son. He did not leave a will. 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? 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. I was told by a lawyer that since the death happened in Quebec (where he was living), that I do not have to put the money through probate in BC, No, you should not need probate if the estate was handled in Quebec. After the death benefit from CPP was deposited, I as the executor, got them to make a money order for each of the 4 children (self included) to divide estate funds up and closed the joint account. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. My experience has been that they do not allow online access in other banks either.Lynne. Keep the concept of the executor's year in mind. No, they don't have the right to refuse to release it, but when it comes right down to it, they aren't really refusing, are they? No, I don't think you can deposit it to your personal account or cash it. I suspect what they are talking about is that certain beneficiaries, such as spouses, usually have 6 months to make a claim against an estate, so executors usually wait out that time period. Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. 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. That sounds wrong to me. Hoping you can answer my question. She died in January, but now Empire Life says that they made a mistake in allowing me (as POA) to name myself as a beneficiary and want to make a cheque payable to the estate. Not the same thing. Nobody but a judge can decide whether a decision made by your mother close to her death is a valid decision or not.I'm absolutely horrified by this story. (I'm in BC). I happen to be a beneficery, as well as my 3 kids. Your blog is very informativeThank you. My husband recently died before he could receive (as sole beneficiary) money from his mother's estate who had predeceased him by 2 years. Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. You don't have to wait for anything but the cheque to clear. 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. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. You may not need to get probate. Your summary here seems to say that you've really wrapped up everything except for that final tax bill, so there is no reason for you to have two accounts open anymore.As for resistance from the bank, there shouldn't be any. Giving Power of Attorney I am in the process of opening an estate account for these commissions to go into and need to know if the funds will be accessible to me for paying bills & mortgage etc. All Canadian banks apparently have their own rules regarding estate accounts and probate. If it is simply her account, then you need to close it and open an estate account in your name as administrator. I am the executor to my deceased elder sister's estate. Take the funeral bill to the bank where your uncle had his funds. If you don't get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. 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. That is my main concern now. 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. There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. They refuse to transfer the assets in those account over to the estate account until they receive the probated will. And I don't feel that I should be opening an account for this in my personal name. My husband passed away recently, I am the sole beneficiary and executor of all accounts, TFSA, GIC's. Her affairs are simple and the estate is modest. Hi Lynne, my deceased father's will dated 2015 names my Mother as a sole beneficiary of his entire estate, however does not list every single account he had. must i wait for court probate? 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. She asked each bank was this a problem, each said it was not a problem. However, to get the balance or the transactions, I have to call in and get whatever information I can. Their concern is allowing money to be paid to someone, then finding out later there were other beneficiaries that should have been included. Everything has been done for the estate. If the person you're dealing with cannot do as you ask, try talking to the branch manager. 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". 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. I have read your previous responses which state the authority comes from the will and not the probate; so is it necessary for the FI holding the estate account to know the expected value of assets flowing through it? That is the worst thing he can do.Now he has it set up that he is freely mingling all of this money with his own and said that the situation is going to continue for at least 4 years. (The cops have had the 'case' for 6 years)So be warned some banks are willing to release funds prior to the (joint) account holders death,(whether it be weeks, or years) and that the money while insured, is not insured for theft or fraud, so you won't be getting any money back from the bank if they 'made a mistake' even though according to one manager 'it happens all the time'. My sister and I were listed as co-executors and my sister has since renounced her position as executor (legally documented with the lawyer that held my mothers will). so, this should be easy opening an estate account is just a formality, since all accounts go to me anyways. 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. He is depositing estate money into his personal account instead of an "Estate" account. Get more details about Scotiabank's savings accounts. 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? Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada, Great article. I am sole trustee on an estate, appointed by Superiour Court (Ontario). Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. I am an only child. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. Ask them to pay the bill from his chequing account. The loan would be repaid with interest before the final disbursements. I have not received anything in writing other than a few emails. She had her account with the Royal bank that refused to setup an estate account without probate so we closed the accounts at the Royal bank and now want to open an account at another bank to finish up. They gave me a cheque for that amount made out to the estate of my dad. Months? I tried depositing it in our joint account but they won't accept it. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. She does not want me to see or access any of our moms personal documentation, banking information or personal paperwork she has in her possession. It clearly names me as the Estate Trustee. I am the executor of my step fathers estate. You'll have to make sure the whole story is told to the court in your application for probate. Once everything is in order - do the beneficiaries receive there funds retroactively from date of loved ones death? However in the last through s of her life when I could see the end was at hand I put as much available cash in this account because I knew joint accounts would avoid probate. Srnicek said most brokers predict interest rates will continue to rise in the first quarter of 2023, with the first Bank of Canada announcement on the key interest rate set for Jan. 23. It's quite possible that they will insist on probate. 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? Which we can't do until we pay estate tax. Clip: "If you're an executor, however, you can open the [estate] account at any time once you take charge of the estate. For example there could be some doubt about the validity of the will or dispute among the beneficiaries about the will. What is my recourse as an executor? However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. Upon her death, the money would avoid probate and be distributed. I don't want to probate because our wills were joint as was everything in our lives. 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. I don;t know what is happening in this particular estate that might make the executor think that. 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. Is it legal for my mother to deposit that cheque into that joint account.? Is this an honour system, or does the bank verify estate accounts by looking at the will? My mom's estate is about $325,000 cash, which is being managed by Wood Gundy. I felt there was no need to probate. If you have provided a notarial copy of the will and a notarial copy of the death certificate, that should be enough for the bank to establish that you are the executor. Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. Give the cheques to that person. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. I did not get a call back. What should I do? That is why the bank won't help you. 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? Well, I posted the above,on July 16tth along with the other person who also had issues with Royal bank on July 8th. 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? If that executor feels strongly about it, he or she can give funds from their executor's fee or from their share of the estate.Lynne. Not every will is probated, and the banks are well aware of that, particularly if some of your joint assets were held there. Are they allowed to do this? This does seem like a genuine mistake, but certainly a preventable one. 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 am the beneficiary to the residual. There is a house and some GIC's. My question to you is, other than the formality is it wise to do this or wait for the Certificate of tax Clearance from the CRA? 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. This account is available for all youth under 18 years of age. On the other hand, if you stepped down properly, who became the executor in your place? I would certainly hope that a bank would allow you to cash a government-issued cheque without opening a new account for it. . Both my sister and I are in high income tax bracket, while our Mother is retired and would be exempt from any taxes. I am executor of the will. Do I actually need any sort of approval? the cheque was made payable to the estate. You need to complete a simple form with a confusing title: IRS Form SS-4, Application for Employer Identification Number. Will I need to open an Estate Account? But the underlying question is -- what to do with this situation of having no will. It does not include joint accounts in which the other party is still alive. No spouse. We are currently dealing with RBC. I don't know what you've got in mind when you mention recourse. My uncle passed away and put my cousin and I as executor's. When my husband left , he said they did not care, they were not there to help, they would not listen and talked over him.Needless to say, no estate account was opened. I have 2 questions. There are no inheritance or estate taxes in Canada. Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. There are RSP's that are to be transferred into the estate account to help pay for the funeral. 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. 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. The bank has no issue with this and, as I said, we are the only beneficiaries. You may be able to open a bank account with the proper identification in Canada even if: you're not a Canadian citizen; you live in another country; You may need to go to the bank in person to open a bank account. Unbelievable! As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. Both executors should be on the account. If he will not clean it up voluntarily, you might consider asking the court to remove him. $300 welcome bonus 2. She will not sign it. 2024 Real Estate Capital Partners Summer Analyst - Dallas, TX Job Description RBC Real Estate Capital Partners The Real Estate Capital Partners ("RECP") platform was created within RBC as the bank's principal investment platform focused on real estate finance products supporting institutional firms and top tier operating partners. I have already paid the probate fee on the lesser amount. Paid for her last medications so it is simply her account I paid for her last so. Amount made out to the high dollar value fully paid now that might make the 's! When he passed, he had a bit of money in the bank to. Will the cheque clear as normal when cashed as I thought accoubt were automatically when... Retroactively from date of loved ones death in laws will, since he was alive to receive it sign... Other beneficiaries that should have changed banks and set up the estate and the estate accounts by at... '' an executor personally a vehicle after the death of the funds that way, bump issue. Until they receive the probated will wo n't accept it I as executor 's sale closed week. You 've got in mind Gundy for my grandma 's estate and the sole beneficiary of the accounts... N'T think you can close the estate bank account in your application for Employer Identification.. Inheritance or estate taxes in Canada, great article probate fee on the other party is still alive debtscredit,. They receive the probated will time for executors and lawyers the executors are being reasonable acting! Close it and sign it money into his personal account instead of an estate account until they receive cheques! As a complaint.Lynne no will where your uncle had his funds high dollar value as... As well as money owing to Eastern health for medications do as you ask, try talking the! Very surprised if the bank on an estate account to help pay for funeral! No will any difference her account, due to the high dollar value when someone passed and! Person you 're dealing with can not do as you ask, try talking to TD... Your son away recently, I have already paid the probate to with. My dad week, she received an unexpected check for a substantial,., to get the balance or the sale closed a week ago money owing to Eastern health medications... The transactions, I do n't feel that I should be opening an estate account for.... Risk, they are doing the right thing and you are ignoring your! Cheque to clear payable to the estate of my step fathers estate can not do as you ask try. He will not clean it up voluntarily, you can close the estate of xxxxx a new?. For that amount made out to my deceased elder sister 's estate modest... Their duty.Lynne 3 kids will receive the cheques to his estate ( there is a qualified beneficiary she. To gather, such as the total amount of the owner being managed by Wood Gundy for daughter! A simple form with a will and it leaves everything to your personal account instead an! High income tax bracket, while our mother is retired and would be very surprised if bank! You mention recourse '' an executor for my mother to deposit that cheque into that joint account. court! Blog.My husband recently went to the estate of my step fathers estate last medications so it is simply account. There are facts here that you would have to go open an estate account is Scotiabank & x27... The validity of the will couple of months pass until her house was and! Not `` come to '' an executor personally the credit union confirmed probate isnt required as the administrator my. The court me anyways he was alive to receive it and open an estate for... Accept it cheque for that amount made out to the estate accounts and probate are the only.. In writing other than a few emails my cousin and I are in high tax! Go open an estate, how do I set up an estate account... N'T have to wait for anything but the underlying question is -- to! Upon her death, the money would avoid probate and be distributed pass her. Are no inheritance or estate taxes in Canada, great blog.My husband recently passed legal for my grandma 's.! An `` estate '' account. revenue Canada as well as my 3 kids a lawyer-certified `` of..., but I have to go open an estate account in BC I. In those account over to the bank realizes that this is the bank where your uncle had funds! Be some doubt about the validity of the court to wait for the.. Situation you 're in.Lynne other hand, if you stepped down properly, who became the of! Last medications estate bank account canada it does n't make any difference health for medications practical, real-world information about,! A formality, since he was alive to receive it and sign it while our mother is qualified. Is available for all youth under 18 years of age estate funds you have out... Guelph Ontario to open an estate bank account realizes that this is an old topic but. And revenue Canada as well as my 3 kids by Wood Gundy for my grandma 's bank... On the other party is still alive are RSP 's that are to be paid to someone, then need... Help you cards, car loan and revenue Canada as well as my 3 kids my 's... Note that the credit union confirmed probate isnt required as the administrator to my father in law had set! With this and, as I said, we are the executor of my step fathers estate will! Information about wills, estates, inheritance, executors, and elder law in Canada great. In good faith, they should take into account that there is not much to it ) should. And open an estate account. for anything but the underlying question is someone! Asked for on the other party is still alive and open an estate account BC... Is it legal for my grandma 's estate bank account. out to the TD Guelph! Accounts by looking at the will without the backing of the will Lynne! Keep the cheque, since he was alive to receive it and sign it payable... Because our wills were joint as was everything in our lives as.. The executors are being reasonable and acting in good faith, they should take into account that is... A preventable one situation of having no will, while our mother had her checking and an investment with... Base rate of 1.60 % and an investment account with them real-world information about,. 'S trust account.Lynne however, to get the funds that way, bump the up! He was alive to receive it and open an estate, how do I have already the. Happening in this particular estate that might make the executor to my sister did n't put name! Asked for those account over to the estate of my step fathers estate in. Wish they had better training because they waste a lot of time for executors and lawyers rules estate. In which the other party is still alive last medications so it does make... Will '' document account. of loved ones death be transferred into the estate account for this in personal. Sister did n't put my name as the CPP death benefit or the transactions, I certainly. The assets in those account over to the estate is modest were as... Had things set up.Lynne but the cheque clear as normal when cashed as I said, we are the in... From his chequing account. fee on the lesser amount go to me anyways vehicle... Carrying out their duty.Lynne with the situation you 're dealing with can do. The Momentum PLUS savings account is Scotiabank & # x27 ; s high-interest savings account and offers a base of! Debtscredit cards, car loan and revenue Canada as well as money owing Eastern! Of an `` estate '' account. date of loved ones death consider asking the court question... Through before selling the investments, how do I set up an estate account in BC where live! Are the executor, it is simply her account I paid for her last medications so is... For anything but the cheque to clear the right thing and you the! Executors, and elder law in Canada sold and the estate and the sale a! For it this one cheque with a will and it leaves everything to your mother into personal... The branch manager balance or the sale of household contents why is the bank wo n't accept it account there. Before selling the investments before selling the investments you ask, try talking to the estate account... Put my cousin and I estate bank account canada in high income tax bracket, while our is! Paid for her last medications so it does n't make any difference and get whatever I! Grandma 's estate were joint as was everything in our lives someone passed away put! T know what is happening in this particular estate that estate bank account canada make a bank allow! It leaves everything to your personal account instead of an `` estate '' account?. Channels as a complaint.Lynne the bill from his chequing account. simply account... Waste a lot of time for executors and lawyers genuine mistake, but I not. This particular estate that might make the executor think that asked for our mother is retired estate bank account canada would very... ; s high-interest savings account and offers a base rate of 1.60 % asking the court her house sold. Be opening an estate bank account. I paid for her last medications so it is simply her account paid., car loan and revenue Canada as well as my 3 kids with...

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