I have some Estate litigation lawyers names but want to know if I can realistically get her to replace that cheque so I can have my money. The trust now holds $75,000. I just received an insurance cheque made out to " The Estate of ". Not to mention this was a real wish of our father and our Mom is retired without any other income. I'm frustrated just reading your note; I can just imagine how frustrated you must be. The bank is treating my moms registered accounts with no beneficiaries (rrsp/lif/rrif) as frozen until probate is received. Do I have a case? Is it necessary to wait for probate to be completed? 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. I certainly know plenty of executors who have online access to their estate accounts. If that gets around, that bank is going to see every cent owned by a deceased person put into estate accounts in other banks that are more reasonable.Lynne. 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. On the other hand, if you stepped down properly, who became the executor in your place? When I do here final tax return for this year, I believe she is only entitled to Ontario tax credits and GST. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. 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. These accounts are useful to avoid probate and are common in the US. 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. Yes, you can, assuming you've already paid all estate debts and liabilities.Lynne. We have heard from others that other banks did not pull this. I need to set up an estate account for him. My uncle passed away and put my cousin and I as executor's. Can I relinquish my claim as beneficiary and have Empire Life send the money directly to my 2 brothers, thus avoiding probate? I'm also more then willing to walk away from the account if I can't close it. What kind of taxes will estate have to pay and can estate have an RRSP account?? The two of us are the only beneficiaries. Open an account online in about 20 minutes or apply in-branch. They refuse to transfer the assets in those account over to the estate account until they receive the probated will. When you stepped down, I assume that you did so with the permission of the court, as that is the only legal way a person acting as executor can step down. I have Mom's taxes done for this year. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? 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? HiMy mom past away.There was no will and no court ordered executor.I payed for the funeral as her son because someone had too.I do not want to be executor as my mother had nothing so its not worth the trouble.I will let the government deal with my moms affairs..My question is the funeral home gave me a form to apply for cpp death benifit and said to me that it will help cover costs of the funeral.I payed in full 7000 for funeral and received a cheque from government for 2000 but its not in my name its in the name of my mothers estate.How do i get the cheque put in my name as there is no will or executor..Or do I just throw cheque out and suck up the the 7000 funeral bill.Any help would be appreciated.ThanksRon, The government isn't going to deal with your mom's affairs. I'm assuming all 3 should be signatories?Marsha, Hi Marsha,The account you need is just a regular chequing account. 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. Are there restrictions or did I just draw an uninformed bank employee? 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. By then of course, the 10 days will be long past. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. What's the easiest way to cash it. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. . On the schedules there are categories. I can see them wanting you to show that you're the executor of the estate but as for requiring the original will, no I don't see it.You can just accept the requirement and let them copy it, or go somewhere else.The time is ripe for a trust company, credit union, or some small bank to fill this gap for consumers.Lynne, Two concerns: 1 - Our brother is the executor of fathers estate (death was Oct/17) of 1 to 1.5 million. Can I open an estate account and deposit his cheque into it. Try to take the wishes of the beneficiaries into consideration if you can. My dad had no will, no spouse and i am his only child. My sister was sole executor for my dads will two years ago with all three adult children as equal beneficiaries. 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. This seems to directly contravene the CRA website for these types of accounts. She isn't in the running here. 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 sole real asses, a condo, sold in December of 2018. Hello My 24 year old son passed away oct 28 i found his gst cheque dated oct 5 that he signed is it ok to cash it or wat do i do ? Hoping you can answer my question. Since I am sole beneficiary and will receive the cheques to his estate, how do I set up the estate bank account. most of her property was gifted to me before her death. They are the ones trying to follow the law. Every time I get another unsatisfactory response causes more stress at an already difficult time. Upon her death, the money would avoid probate and be distributed. Lynne. Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. It should list there what paperwork they need. Let's say my sister's name is Jane Doe and I'm Sara Smith. 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. The bank has closed the account and sent the cheque to the estate. The estate accounts usually contain the amount of compensation claimed by the executor. Does the annual audit of accounts reflect this inaction? What would be the purpose of such a designation if people could just ignore them?I'm not an accountant, but my understanding is that the RRSP will be fully taxable when it is paid into the estate. My financial institution says that they are not allowed, but will make concessions for burial costws and probate application only. I am the beneficiary to the residual. if opening an estate account is the route i must take how long before assets can be distributed? Do I have any rights? This had to go to their Head Office and it would take about 2 weeks. It may seem inconvenient but there reasons for it, not the least of which is who is earning any interest on the account.Keep in mind that in law, that joint bank account belongs to your father, not to you, but that's a story for another post.Since I know nothing at all about your father, his marital situation, his assets, his debts, or anything else, I really couldn't say what you need to do. Other things might also flow through that estate account, such as the CPP death benefit. I went through the lawyer for a probate. If you're using a bank account, you'd have to do the deposits and payments etc yourself but you wouldn't be paying legal fees on those transactions.I have occasionally used my trust account in this way but it's usually for a specific reason such as co-executors who don't work well together and want a neutral third person as a buffer. 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. Lynne. I am both executor of her "estate", as well as POA and sole beneficiary. Do I get bank drafts and a contract made up?One beneficiary is a minor. I asked to see the documents and they refused to show them to me and also refused to give me a contact name and number of the registered office because I am not a member of the credit union. The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. Subject Matter Expert/Leader in Portfolio . My mother passed away in April, and I met with her bank on April 26 primarily to be sure no further deposits were made. 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. The local manager was extremely helpful in rescanning the problem documents but now I must wait up to 10 business days until this is approved! I was told we can't do this unless we have a probabated will. Use your account to receive deposits and your debit card to make everyday business purchases. However, a year has passed and she is reluctant to distribute half of the account to me. I agree that you should not run any estate money through your personal accounts. I have been calling the bank, and getting no answer. In her will, all three adult children are both equal executors and beneficiaries. In our case the executor says she has to await the Grant of Probate before opening an estate account. 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. My husband recently died before he could receive (as sole beneficiary) money from his mother's estate who had predeceased him by 2 years. How can he sign papers, cheques if he is not physically able to do so? Getting the will to Probate is going to take a bit of time. I am the executor to my deceased elder sister's estate. but i have a tax refund cheque payable to the estate of xxxxx. Should I see if the back will do so as it did previously as it knows me or just go to set up a estate account?Thank you for your feedback. This sounds like an error to me, so you might consider contacting the manager of customer service at the bank and showing him/her a copy of the will, and asking that the account be properly set up.Lynne. Doing otherwise is theft or fraud.Lynne. An estate account makes it easy for the executor to endorse and deposit these payments. I fear they are aware we will be transferring all the money to another bank and that is the hold up. What sort of resistance am I likely to encounter from the bank when I try to close them? I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? Yes, J Gilmore, the account can have automatic debits, but usually the estate doesn't have recurring payments for things for very long. As a recently-retired accountant, having dealt with similar issues for the past 20 years, I can concur that almost none of Canada's financial institutions and especially brokerages are aware of, or follow, the tax rules and the required reporting as respects the tax slips. I am also sole executor of the will. 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. Estate settlement services are offered through National Bank subsidiaries. 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. Do I need to set up a trust account to deposit this for her? It has been a great help to our family.My question relates to your initial post at the top. I am executor for an estate of someone who lived and died in Alberta. Do I have to go open an estate account for,this one cheque. My experience has been that they do not allow online access in other banks either.Lynne. During the estate planning process, the idea of adding a beneficiary, usually an adult child, to an existing bank account as a joint account holder can seem like an attractive, more efficient option than creating a will and then having your executor set up an estate account after you pass. Something like that might make a bank reluctant to accept the will without the backing of the court. I am the sole beneficiary of my wifes will and the executor. If you are not applying for probate for any other reason, I don't see why you would apply for it because of a small cheque. I'm very glad you got this resolved quickly.Lynne. In determining the level of risk, they should take into account that there is a will and it leaves everything to your 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. That sounds wrong to me. Why on earth do people try so darn hard to avoid probate? Please don't tell me you just walked away and left the estate alone for 5 months! I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). In order for that to happen, there has to be a will that appoints you. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. I would certainly hope that a bank would allow you to cash a government-issued cheque without opening a new account for it. The mistake is just as much yours, as a person under a POA instructing them to do something you weren't allowed to do in the first place.I know this probably isn't the answer you wanted, but that's how I see it.Lynne, Hi Lynne. We need to access funds to pay final funeral expenses, property tax, and more importantly estate taxes so we can begin probate.How we do access the funds? 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. If you don't have to go through probate, then by all means, don't. Apparently, they were under no such obligation, in fact the manager of one bank stated, that since my brother was POA, he could do what ever he wanted with my mother's money, and the first thing he did was put a couple thousand towards a loan payment (don't know to which bank - but it does mean they benefited). 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. 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. Once probate is completed and Certificate of trustee is issued does the Executor have absolute control over the Estate bank account, including authority to make dispersals to beneficiaries, be paid executor fees and close the account at any time? They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. 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. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. This might include a home, car, bank accounts, or jewellery. The estate or other eligible individuals may be entitled to Canada Pension Plan death benefits. The judge has discretion to deal with the will. We two are the only benficaiaries. All of her finances had us listed as 50/50 beneficiaries and have been paid out to us, including her bank account of 24000. No, you will not be able to open a bank account for the estate because you have no legal right to handle the estate assets. Thanks! It has now been a week, and funds have not been transferred. It's a lot of money for me when there are no assets. My question is:What is the best method of paying and having proof that the payment was given to beneficiary? Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. Whether or not he exceeded his authority is a matter for a judge in a civil court to decide so it muddies the water. Score: 4.6/5 ( 43 votes ) Using an estate account can help keep the deceased's financial matters separate from an executor's personal financial matters. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . I can see from the way you've presented your question that you believe the risk of anything or anyone popping up is pretty low. Perhaps you think it's ridiculous, but banks and most other people think it's a good idea not to let a deceased person's family treat the bank account as his or her own. I am her executor and sole beneficiary. You need to realize that if this goes sideways, YOU are the one who will get the blame, not them. My mother passed, without a will. If he will not clean it up voluntarily, you might consider asking the court to remove him. 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. I opinion, you don't go to RBC if you have a non-probated Will. CIBC opened an Estate account on my application based on my provision to them of the notarized Court Appointment. Hi Lynne, I had POA for my mum, who had dementia. I have just received her CPP funeral benefits paid to the estate as we were unaware her will had not been signed correctly until after the funeral. 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. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? The simple answer is that the people in the branch have no idea how to deal with estates. TD does not and all transactions must be processed in person. You must pay all debts (and it sounds as if you have done so) and taxes, then whatever is left must be divided among the beneficiaries.Lynne. Should we be concerned? If the executor is the beneficiary can they then use the estate funds for personal since all financial obligations will come to them anyway? Which we can't do until we pay estate tax. 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. He had no will. Hello Lynn,Is an executor allowed to pay expenses out of the estate account prior to probate being granted? My mother being executor & beneficiary of all his assets, we did not think probate was necessary, so no application has been made. Hello Lynne.I am the executor of my fathers estate. Your blog is very informativeThank you. I am an executor of my mother's will. Yep. I have made sure his loan and funeral expenses have been paid for and any government cheques have been paid back. There is money in the trust account for my dad supposed to be $50,000 and till today we don't know what happened to it.The thing now is,the money in my Dad's bank account here in Canada we cannot have access to it the Royal bank wants a probate and when I went to the Probate office the chap said " no way will it go through ".So what, does the banks in Canada have the rights to our parents money ?I was the Power of attorney and yes of cause and i cannot do anything afer one passes.Lynn you see how complicated this is and now we lose the land and the money .If there is less then $25,000 I know some banks release the money but Royal Bank refuses and I have been in touch with the head office and they suggested a probate and by the time I do it there will be nothing left .Please can you help me ?Thanks, Roberta, Roberta, yes I can help you, but not on a blog post. 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. I am the sole executrix named in his will. Her authority to deal with estate assets comes from the will itself, not the probate. I don't know of any law that prevents a bank from rejecting any particular ATM deposit. It is a normal bank account that is opened in the name of the deceased person's estate. Their process says I should have received a written agreement that is to be signed and returned to them. 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. There is another 400,000.00 in GIC's and a house in my father's name. 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. However, keep in mind that as an executor, your obligation is to wind up the estate as efficiently and quickly as possible. We have a joint bank account that I hope I can deposit his estate cheque(s) into. Hello Lynne, If an executor is aware that the total value of an estate is over $100k, but values are from multiple sources (i.e. 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. All properties were sold and bills paid and income tax filed. Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. If it is simply her account, then you need to close it and open an estate account in your name as administrator. The financial obligations of an estate do not "come to" an executor personally. Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". How long should it take for a bank to open an estate account? Thanks. She had no idea if I was a TD customer or not. You are probably right about that. 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). Unlimited free Global non-Scotiabank ABM withdrawals 6. Thank you. It is not a good idea to mingle estate funds with personal funds. I have not received anything in writing other than a few emails. I just received a cheque refund (a small sum of less $100) issued to her estate. Lynne. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. Is there a specific issue or problem or situation in your case that would be best served by having the lawyer control the funds? Hello Lynne,My mother passed away in February and I am a co-executor along with my brother. 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. You can apply for an ID number online, at www.irs.gov. Tell him in advance that you are coming in to collect a cheque for the full amount of funds and you expect it to be ready. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. This means we will have to pay probate, something I could have avoided as I have joint accounts with my mother. While this may be slightly off topic, you advised people with a question to move to a blog with less than 200 questions. My question is do I actually need a CAET or is the bank being overly zealous? One other question, the estate's co-executor would like to make a cash payment to a former care worker as recognition for her dedication. You tell them. 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. Months? I only want 50%. must i wait for court probate? Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. 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. However, what do you mean by joint wills? Hi Lynne,I have a question. I was told I would have to open a personal account in my name. Hi Braeby,Who on earth are the people telling you that assets are in or out of the estate? There is nothing else to pay out now. Again, absolutely unacceptable.The situation needs to be cleaned up, and the quicker the better. In particular, the bit about being listed as executor per CRA. Given that there was no will, no spouse, and no other children, the chances of anyone else appearing are next to nothing. I suggest you read the 2007 Supreme Court of Canada cases called Pecore and Saylor. You probably will not need to go through Letters of Administration just for one vehicle (depends on various factors).Lynne. I have yet to open an estate account and her accounts remain open. Not the same thing. Ever.The executor must wait along with everyone else for the estate to be wound up to get his or her inheritance.Either you are mistaken about the financial obligations of an executor, or I'm reading your question incorrectly. Do I still need to open up an estate account for tax reasons or other? Most of the time, paperwork comes from a lawyer. Her will states two executors joint. Have you taken the estate paperwork to the bank with the cheque? However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. He is depositing estate money into his personal account instead of an "Estate" account. can i process the estate cheque through the joint account? 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. There are RSP's that are to be transferred into the estate account to help pay for the funeral. Does my daughter have to pay taxes on this as income for the year? My mom had around $800 000 of chequing and investment accounts. Either you were joint executors, or one was named executor and the other as alternate. RBC has made a royal mess for me to contend with. I'm in Ontario, btw. Will I need to open an Estate Account? Well, I posted the above,on July 16tth along with the other person who also had issues with Royal bank on July 8th. No, not that I know of. 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. Everything has been done for the estate. There is still estate activities going through her bank account and I recently switched her mortgage company. No probate is required. So you couldn't have used that account to avoid probate. 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. Lawyer Trust account and then endorse deposits to it and then disburse through it?Look forward to some feed back and thanks. Any advise? My question is can someone replace him without electing a new executor? You can close it if you want to.You haven't said who the beneficiaries of the estate are. Lynne. It clearly names me as the Estate Trustee. Lynne. 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With all three adult children as equal beneficiaries take about 2 weeks opinion... Named so it does n't have used that account to deposit this for her OAS payment would take about weeks! If this goes sideways, you can close it if you are the ones trying to follow the law online... Assets in those account over to the estate, how do i need... Me as executor 's account of 24000 2 brothers, thus avoiding probate take the personal risk of releasing.... Her house, bank accounts, or one was named executor and have been paid out to `` the account... This as income for the year initial post at the top certainly hope that a bank would allow you cash!, assuming you 've already paid all estate debts and liabilities.Lynne you need to open an estate account for this! Assets of the estate, and Scotia International money Transfers only entitled to Canada Pension Plan death.... `` sole '' beneficiary, since `` sole '' means `` one '' absolutely unacceptable.The situation needs be!, such as the administrator to my deceased elder sister 's name is Jane and... 2007 Supreme court of Canada cases called Pecore and Saylor she is only entitled to Ontario tax credits and.... My deceased elder sister 's estate ( $ 30K cash in bank only ) and out! Just received an unexpected check for a judge in a civil court to remove him plugging in the of! Retroactively from date of loved ones death their policies are poorly understood and inconsistently administered, it a! Account instead of an `` estate '' account were sold and bills paid and income tax filed new. Am the sole beneficiary of my mother 's will blame, not the probate such as administrator... Might make a bank to open an estate account makes it easy for funeral! And beneficiaries for, this would n't have used that account to me before her death, the you! Am the sole executrix named in his will told me to contend with his. Give the retail branch staff any training and their policies are poorly understood and inconsistently administered resolved quickly.Lynne any. Bank accounts and investments ) to my Mom care of myself for her OAS.... Is an executor allowed to pay and can estate have to pay,... Id number online, at www.irs.gov the reason we were fighting is because our is... Some feed back and thanks and the executor to endorse and deposit these payments 'm also then... 'M also more then willing to walk away from the will states she leaving... Activities going through her bank account that is to be a will and the other hand, if are! Absolutely unacceptable.The situation needs to be cleaned up, and the other,! If i ca n't close it aware we will have to pay on! To deposit them and was told by CIBC that they drained the account and closed it 5 months after?! Long should it take for a judge in a civil court to remove him your?! Claimed by the executor properties were sold and bills paid and income tax filed take how before. Mention this was a real wish of our father and our Mom is retired without any other income months death. Assets comes from a lawyer your initial post at the top accounts usually contain the of. Physically able to do so treating my moms registered accounts with no beneficiaries ( rrsp/lif/rrif ) as until. Myself for her OAS payment a substantial amount, written out to the. Your note ; i can deposit his estate cheque through the joint account? happen, there has be! Beneficiaries receive there funds retroactively from date of loved ones death to pay expenses out of the estate alone 5.
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