Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. Contact a Calgary Wills & Estates Lawyer today 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. 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). 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. Since her will named her 3 children as equal beneficiaries, I listed all 3 children (which includes me) as the beneficiaries for the contract. Hi Lynne, My brother is the executor of my mothers estate. Estate accounts are 'prepared by the estate trustee'. As of now he has 2000.00 in the estate account and I have a death benefit cheque to deposit. I am an executor of my mother's will. My mom passed in June, after living in long term care for just over a year. Can I open an estate account and deposit his cheque into it. What do I need to do to prove that I am the only beneficiary?thanks. I've been advised by the bank they need to "take" a copy of the original will.Why do they need to copy it and send it to their estate dept.? They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. 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. This declaration that the bank has mentioned are they getting that from somewhere? The process would require you to sign an indemnity form. The bank has frozen any access to these accounts until a declaration form is received at the branch for me too sign. 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? I don't know of any law that prevents a bank from rejecting any particular ATM deposit. I don't see why a bank would insist on someone getting probate in order to operate an executor's account. 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. His house is worth 500k. My sister lives in the same province as my deceased father. 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? at which point the funds will go to Estate. You have the right to deal with the account as well as the risk if you screw it up, so they aren't in a position to put up any resistance.Lynne. We are also the only two beneficiaries. No bank wants funds to flow out. Just be sure to keep detailed records of what came in and how you used the funds so that you can explain it all later.Lynne, My mother was killed suddenly and although she requested I be her executor she neglected to sign her will properly. Those people actually DO know their way around estates really well. No, the executor cannot make gifts that were not mentioned in the will. Paying out of pocket should be the last resort. Every bank will have an estate department that deals with death and living wills. They are the ones trying to follow the law. In particular, you should not have named yourself because someone working under a POA is not allowed to benefit from the position of POA (other than collecting a wage for the work, if allowed). Does the executor pay out of pocket?I would really appreciate your help. I don't have the big picture! I need to set up an estate account for him. Neither happened. So you couldn't have used that account to avoid probate. We have heard from others that other banks did not pull this. You need to complete a simple form with a confusing title: IRS Form SS-4, Application for Employer Identification Number. Since I am solely responsible for doing this, am I able to disburse some of the funds right away as long as enough is left in the account to cover income tax and any unpaid bills? Accounts are not always frozen. Upon her death, the money would avoid probate and be distributed. Apparently the estate wing of the bank does not inform the local branch where the papers were scanned if there is a problem. However, you can call and enquire if you don't want to make a special appointment with a banking representative. This might not matter if the funds are held for only a very short time, but if they are held for longer, an executor is expected to show an investment return. I live in the USA, my son lived in Canada and passed this year. One thing to note before closing an account is whether it is an interest-bearing account. I dont mean to me but to the beneficiaries of the monetary gifts. A person made a will which was never signed. Some are told they need the original will, many are told they have to get probate first, and some are told they need the consent of beneficiaries. Is it legal for my mother to deposit that cheque into that joint account.? However, to get the balance or the transactions, I have to call in and get whatever information I can. My husband passed away recently without a will. CIBC are certainly entitled to require my ID as sole trustee. Is there a time limit on how long an estate account can stay open? My father had a joint investment account with my sister with a right of survivorship which held shares and cash which the bank has put into her name to deal with as she sees fit. Everything else of my husbands, all accounts, homes,, RRSP's etc. slips. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. Since I only have about $500 a month to live on after the bills are paid, I can't afford it. Given that there was no will, no spouse, and no other children, the chances of anyone else appearing are next to nothing. While this may be slightly off topic, you advised people with a question to move to a blog with less than 200 questions. I certainly know plenty of executors who have online access to their estate accounts. That's interesting. I have survivorship of this account. Doing otherwise is theft or fraud.Lynne. The loan would be repaid with interest before the final disbursements. She said I would receive an e-mail and/or a call. Estate planning, wills and dealing with death Making a will, planning your estate, powers of attorney and what to do following a death. In our case the executor says she has to await the Grant of Probate before opening an estate account. It depends on the situation. 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. These taxes are applied before the estate is distributed. HI Lynne,If the bank sees that there is a co-executor on the will, will they require both executors to withdraw money? I'm frustrated just reading your note; I can just imagine how frustrated you must be. My mother passed, without a will. 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. 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 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. This seems to directly contravene the CRA website for these types of accounts. This is clearly a "screw you, this works for us" policy on behalf of the banks.Keeping detailed records makes sense. Strictly speaking, the bank would be entitled to insist that you open an account in the name of the estate, but sometimes you can find a bank manager with compassion who will cut you a break. Sure he had a will but most of the time the banks will want the will to be probated or other supporting paperwork to be provided. How many times do I hear that in a week? 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. My question is when can I close the estate accounts? No spouse. My sister had a joint bank account with mom and after she passed, took my moms name off the account. 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. I would suggest opening an estate account. 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. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. I am paying their benefits to the court.Thank you for any help and advice. I am in BC. My mother passed away January 19, 2020. My lawyer has said the same thing. Contact the financial institution for more information. I know taxes will need to be paid next year. But bank policy about the probate requirement is made at the higher levels and the local branches only have so much flexibility. And has instructed the last lawyer to not do anything even though he's the one who sent it without tracking by regular mail. This is certainly not the law, but must be an internal policy of the bank. recently received a cheque made out to the estate and attention of me"Jane Doe" can I deposit this cheque into my personal account or does it have to be deposited intorbhe estate account. The bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. I paid the expenses (probate fees etc) personally as I was not allowed access to the funds. 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. I am executor of the will. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . Yes, you should should go to the bank to set up an estate account, and no you shouldn't need probate to do that. If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. It's a lot of money for me when there are no assets. Their concern is allowing money to be paid to someone, then finding out later there were other beneficiaries that should have been included. Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. The estate accounts usually contain the amount of compensation claimed by the executor. However, that is none of the bank's business. I have not received anything in writing other than a few emails. My dad passed away and has no will, no assets, no liabilities, no bank account. Your bank is doing what any bank would do in the circumstances. I asked if i can close the account and open one that says Sara Smith, Administrator of the Estate of Jane Doe and they said no. By then of course, the 10 days will be long past. Her girlfriend/partner of 30 years passed away. Also consider the fact that when a lawyer holds funds in trust, the interest earned on the funds is paid to the Law Foundation and not to clients. Opening a bank account if you're not a Canadian citizen. I would certainly hope that a bank would allow you to cash a government-issued cheque without opening a new account for it. It is not a good idea to mingle estate funds with personal funds. What if the deceased's will names you as the "Estate Trustee"?I'm starting to work on settling my mother's estate and one of her financial institutions is asking for a CAET "Certificate of Appointment as Estate Trustee". In my view, you are doing exactly what is supposed to happen - even though the accounts are in joint names, you are treating the accounts as assets of the estate. Be cautious about disbursing funds until you have 100% control of the situation and know for sure what's out there.LynneLynne, Hi LynneMy mom passed away about a year ago, my sister and brother and I were all executors. Should we be concerned? Therefore she can open the account, receive funds on behalf of the estate, pay bills etc all before she gets the probate.Lynne. The simple answer is that the people in the branch have no idea how to deal with estates. 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. You said they are waiting for a form to be received at the bank, but from whom? Estate settlement services are offered through National Bank subsidiaries. I have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. The final distribution (to myself) was confirmed last year by my lawyer, and I have since acquired some of the major assets left to me. Thanks for your help. Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. 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. How can I get them to allow me to do this. 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. A sizable amount ended up here. Is there anyway around this? Also before closing an account, make sure any estate payments are not scheduled to be deposited into the account and there are no pending checks or charges. I opened an estate bank account in BC where I live. Can she claim the whole monthly amount for the past two years on our moms estate who recently passed with severe dementia? 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? I can completely sympathize with your situation because I have my own ongoing battles with banks' legal departments on my client files.Whether or not the people at the legal department can read the signatures, the judge of the probate court could, and did. We have since sold her house and the lawyer is going to have the cheque made out "to the estate of" and would like us to agree on who will receive the cheque to deposit. These accounts are useful to avoid probate and are common in the US. This is an on-going business with on-going income and bills that need to be paid. Thanks! Is it not sufficient I show it to them?Thanks, I don't know what the HELL is going on with banks these days. 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). They refuse to transfer the assets in those account over to the estate account until they receive the probated will. 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. You don't have to wait for anything but the cheque to clear. These 'source documents' are the back up for the estate accounts but are not usually provided to all beneficiaries. Most of the time, paperwork comes from a lawyer. I suggest you read the 2007 Supreme Court of Canada cases called Pecore and Saylor. 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. That really is an awful story. Otherwise, this could end up being worked out with lawyers for the bank, which in my experience is like hitting your head repeatedly on a brick wall.Lynne. Try going to the bank where your son had his accounts, since they will have records of him, etc. Hi Lynne, our mother passed away in February this year. My mother died a few months later, after which my brother claimed he had no money. Hi Boobes,Trying to understand your question. The money belongs in his estate, which has to be used to pay off any debts or taxes he might owe. National Bank Trust is a subsidiary of National Bank of Canada. That's not going to work either. I was hoping to close it out so there will be final closure to his estate ( there is not much to it ). In some states and in some estate situations, estate accounts are restricted. I recently opened an estate account at a bank and they refuse to give me online access. I am the beneficiary to the residual. However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. Your blog is very informativeThank you. 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. They seem to think that at the point where Registered accounts are cashed out to the estate is when taxes will be owed. To open any bank or investment account, you'll need a taxpayer ID number for the estate, which is itself a taxpayer. 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). My sister agrees that my father intended the investment account was to be shared equally between my sister and me. They are doing the right thing and you are ignoring how your father in law had things set up.Lynne. This account is available for all youth under 18 years of age. For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. 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. They are saying they'll transfer it once you meet their requirements even though they are making that impossible.Consider making an appointment with the branch manager. Old thread/comments but, RBC did for me, but I was a customer of theirs for 40+ years. The category names can change to accommodate the estate activity. Lynne. One is to pay for the funeral up front and reimburse yourselves after the house sells. She has no real assets. The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. There was no will.Thank youWendy. 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. Hello. 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. On the schedules there are categories. On July 21, I escalated my complaint to that bank's ombudsman. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. 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. Subject Matter Expert/Leader in Portfolio . RBC has made a royal mess for me to contend with. Banks' legal departments don't get their hands dirty with actual customer contact; they make sure you have to go through the front-line bank personnel who have no authority and can only convey messages.Am I frustrated? Bank Accounts Notify the bank and identify yourself as the executor. I am just not sure how this is supposed to work?? Rather than looking to legislation, it would probably be a better use of your time to go into the bank and have a chat with the manager and see what their policies are.Lynne. Every time I get another unsatisfactory response causes more stress at an already difficult time. You have to remember that although the executor has an obligation to look after the house, the bank does not. By doing so, does this mean we now have to probate the will? My sister had a chequing account and she passed away without a will 7 years ago. It's never speedy at the best of times, but it will be longer if there is confusion over who is supplying what papers.Lynne, Hi Lynne,My Step daughter has an estate check for her and my son. Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? We also offer guidance on tax strategies to maximize your family's wealth over time, managing assets, setting up trusts, and developing estate plans that cross jurisdictions. The TD bank allowed my brother to even close accounts, and cash in GICs and made all assets payable to him. Thanks Lynne! Or, if the primary account holder of your joint bank account has recently passed away, we can assist you in determining your entitlement, if any, to the account assets. For example there could be some doubt about the validity of the will or dispute among the beneficiaries about the will. 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. Two convenient options: Pay annually and save - $39.50 per yea Will taxes apply to your estate in Canada? Is it necessary to wait for probate to be completed? Please go ahead and post it. By the way, I checked out your site and it's really unique and interesting.Lynne, Is this a special category of account at the bank or can one just open a regular bank account with the name on the account as you've described above. A will cannot name you "or" your husband as executors. This might include a home, car, bank accounts, or jewellery. He did not leave a will. Keep in mind though that when you present your accounting to the beneficiaries at the end of the estate, your expenses must show up there. 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. The things people will do to their own parents is absolutely appalling. Having said that, there could be other factors that might affect the situation (there always are). Which we can't do until we pay estate tax. The house had a secured LOC on it and we handed over the keys after telling bank no more payments would be made on LOC. Now she will not agree to allow me to withdraw the 50% of funds from the estate account that I am entitled to. She had one (nonjoint) bank account, a TFSA which had some money in it. The house just had a major fire and two of the executors want to sell the house as is (with the fire damage), settle with the insurance company and distribute the settlement proceeds as part of the estate. That there is a subsidiary of National bank Trust is a problem banks did pull... 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