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. Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? It has now been a week, and funds have not been transferred. Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. Hope this not too confusing. For the 1st distribution she sent it herself to my brother by courier. The only thing going to probate is her house which was only in her name. Should I be opening up an estate account in the deceased name? Your bank manager will be familiar with the process.If you do that, you can take control of the account, so you will be able to pay the taxes from it. Yes, you have ALL the rights. One thing to note before closing an account is whether it is an interest-bearing account. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. My father passed away in June. If you are the administrator, who has set up the estate account?Is the account actually an estate account, or is it simply your sister's account that was in place at the time she died? Sometimes not applying to administer the estate is the best strategy.Lynne. Hello Lynn,Is an executor allowed to pay expenses out of the estate account prior to probate being granted? Other terms for estate representative include estate trustee, executor, liquidator and administrator. He had power of attorney. One is that the two of you work it out between you. No, the executor cannot make gifts that were not mentioned in the will. 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. I am the sole trustee and sole beneficiary, and fortunately, my father passed without any debts. Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. I have challenged them on this, and they keep telling me there is no estate department (I know this aint true, I have spoken with the estate department). It sounds as though one will be open longer because of your tax holdback. However, that is none of the bank's business. 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. Lynne. No probate is required. TD won't cash the cheque, saying it needs to go into an estate account. Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. If you don't get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. 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". My husband is executor and the only child and only beneficiary. CIBC requested personal ID documentation for each and every beneficiary on the account which I supplied although I was hesitant to believe the Money Laundering Act actually requires it. If you did not obtain the permission of the court to step down, you are still the executor. That's not going to work either. 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. 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. Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. So out of her account I paid for her last medications so it is a fully paid now. If they still won't comply, you will probably have to hire a lawyer to write a letter to them for you.Lynne. What do I need to do with this cheque? They did have one joint account. No debits. He has suffered a stroke and is slowly recovering but very difficult to communicate with him. I would much rather deal with my Bank. Is there a specific issue or problem or situation in your case that would be best served by having the lawyer control the funds? investments of 25k held at multiple institutions), is it right for the bank to request probate for the operation of the estate account? I charge $400 for that.Lynne. The first stage of estate planning is preparation. I have having some real tough issues with TD Bank. I have since gone to CIBC and they had no issue with helping me without probate. That's very heavy-handed of them! For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. 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. Sotheby's International Realty Canada cautions that MLS market data can be useful in establishing trends over time but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. The estate is valued under 20000 dollars so we are not applying for probate. This is clearly a "screw you, this works for us" policy on behalf of the banks.Keeping detailed records makes sense. The trust now holds $75,000. 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. Do I have a case? 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. 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 ? 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. She was living with me and we have a joint bank account. I seem to have a combined bank estate/tax problem. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? Thank you. How do I go about cashing this in to divide amongst our family?Tammy. I would like to reference your site to them. All the TD bank did was phone the hospital, and that was good enough for them. It's quite possible that they will insist on probate. At least, that's their point of view. In fact I never actually did this as she was quite capable herself. Something like that might make a bank reluctant to accept the will without the backing of the court. On to your question. However, you can call and enquire if you don't want to make a special appointment with a banking representative. There is still estate activities going through her bank account and I recently switched her mortgage company. Thanks Lynne! Thanks again! In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. You can't just add your name to an existing account, as that would suggest that your sister is alive and you two are joint owners, which obviously cannot be the case.This is the only thing that makes sense to me in the context of your question. The lawyer suggested it might be more efficient to use the law firm's trust accounts. 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). My mother-in-law passed away one month ago, she was in an assisted living apartment. Can Laurentienne refuse to transfer the funds from my decesased uncle's account to BMO? Is there a dollar limit for banks? They refuse to transfer the assets in those account over to the estate account until they receive the probated will. 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? I am the person who paid for the funeral and I already applied for the CPP death benefit. I just found out that the bank where the estate accounts exist is increasing fees for idle/dormant accounts (which these are, essentially) and I'd like to avoid being nickel and dimed for service fees. 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. 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 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. Keep the concept of the executor's year in mind. The probate was finished March 9 and that same day I gave the probate papers to the bank. It has been a great help to our family.My question relates to your initial post at the top. When I do here final tax return for this year, I believe she is only entitled to Ontario tax credits and GST. Your mother's money wasn't safe because your brother is a crook. must i wait for court probate? Thank you. Estate planning, wills and dealing with death Making a will, planning your estate, powers of attorney and what to do following a death. My mother passed away in mid-March. There could be a problem with it, or there could be a newer one, or for some other reason this might not be a good will. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. Clip: "If you're an executor, however, you can open the [estate] account at any time once you take charge of the estate. Check the motor vehicles registry web page in your province. I assume what is going on is that your husband was the sole owner of the funds. My father was a street person, so they helped to budget his money. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. 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. In fact, it's standard. Absolutely unacceptable.You said that "she" sent funds from "her" bank account so I assume that is his wife. The executor is also a 50% beneficiary of the estate and the amount of the loan is less then 15% of the value of the estate. This declaration that the bank has mentioned are they getting that from somewhere? However, an executor does have the right to use whatever bank he or she chooses, and it makes sense to go where you feel comfortable and have received good service. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. 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. Now she will not agree to allow me to withdraw the 50% of funds from the estate account that I am entitled to. 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. I'm not aware of anyone charging a fee of $350 for an executor's account either, so I can't explain the rationale behind it.As long as you have properly been appointed by the will as the executor, then the bank must release the funds to you. You will find forms for transferring a vehicle after the death of the owner. 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 My mother passed away January 19, 2020. 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? It is not a good idea to mingle estate funds with personal funds. Try going to the bank where your son had his accounts, since they will have records of him, etc. That really is an awful story. My sister had a chequing account and she passed away without a will 7 years ago. My father's house needs to be sold, we have to keep hydro on. A friend passed and named myself or my husband executor and also sole beneificiaries. So with Mom's money and the estate cheque it would be around $5,000. I guess my question is do they have the right to not release the money once probate has been granted? Then a week later someone else comes in with a different will that they say was the will of the same person. I'm assuming all 3 should be signatories?Marsha, Hi Marsha,The account you need is just a regular chequing account. I opened an Estate account with TD as well. 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. I am in a similar situation with no will for my deceased father. 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? It must be a policy that TD has established. The manager isn't available, and both of the assistant managers are unavailable. 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. Now the bank is on the hook for the full funds because they released the funds to the wrong person. Thanks. Lynne. Should we be concerned? i still have a joint back account that is open. Dear Lynne, I live in Ontario. The executor will also need to . Or do you actually mean mirror wills? She had no idea if I was a TD customer or not. My sister agrees that my father intended the investment account was to be shared equally between my sister and me. As a result, few executors know, relying on the issued (or not-issued!) 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. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. Still to this day I have not heard anything. (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. You can expect to lose about 30 - 40% of it in taxes.Shouldn't you have figured all of this out BEFORE you complained for months?Lynne. Estate Planning. Do they have this right? To me, this is more of a bank policy question than a legal question. Death benefits are administered by the federal government. Give the cheques to that person. Please let me know. 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. In the next breath the employee told the other executor, the old account is now yours and you can take the Money and run. 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. Hello Lynne,My mother passed away in February and I am a co-executor along with my brother. 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. 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. The bank has an account for which there is no online access? There is no property, only accounts/investments. Unbelievable! Make sure the bank realizes that this is the only asset of the estate.Lynne. 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. However, to get the balance or the transactions, I have to call in and get whatever information I can. Plug in values from the estate account into the appropriate schedule under the correct category. The strategy is usually accomplished through the writing of a Will and establishing Powers of Attorney and similar documents. Her affairs are simple and the estate is modest. Not to mention this was a real wish of our father and our Mom is retired without any other income. Yes, you should should go to the bank to set up an estate account, and no you shouldn't need probate to do that. My sister and I are both trustees for my mothers estate account. They gave me a cheque for that amount made out to the estate of my dad. All Canadian banks apparently have their own rules regarding estate accounts and probate. The alberta bank is insisting on probate. 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. Getting the will to Probate is going to take a bit of time. 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. Lynne, Hi Lynne,I am being assigned as an executor for my grandma's estate. I am not happy with RBC at all. Before closing an account, it is important to check to see if there are any automatic payments from or to the account. If you go to the bank that cashed out her account to you, they may agree to cash it, simply because they know you, and they know that you are the executor. I am the sole executor and beneficiary of my deceased husband. Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. I'm in Alberta. Hi Lynne,I have a question. No, no, no.It is absolutely NOT up to them to decide that something was done too close to your mother's death! You may not need to get probate. I have set aside more than enough to cover that expense. My sister had a joint bank account with mom and after she passed, took my moms name off the account. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. how long does that usually take? 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. "Is that the case in every province or are their provincial differences? 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. If he will not clean it up voluntarily, you might consider asking the court to remove him. 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. Probate was approved in August and our attorney asked the bank to surrender all funds to their office in my name. Because the cheque is written to your father's estate, it wasn't a part of the joint bank account and won't pass automatically to your mother.The bank's interest is, of course, to minimize its own risk in releasing this money to your mother. 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. Have you taken the estate paperwork to the bank with the cheque? 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. The category names can change to accommodate the estate activity. 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. N'T safe because your brother is a crook in her name be a policy TD! Accoubt were automatically frozen when someone passed away in February and I am the person who paid for last. Probate is her house which was only in her name bank to all. Law firm 's trust account.Lynne years ago result, few executors know, relying on the hook the. You have paid out all of the owner % of funds from my uncle... Inventory of assets into Schedule a fully paid now our Attorney asked bank... The money once probate has been granted a bank policy question than a legal question modest... '' policy on behalf of the assistant managers are unavailable released the funds his accounts, since they will on... Same person from or to the estate is modest as though one will be documented in the country this be! Leaves everything to your initial post at the top agrees that my passed... Trust through Wood Gundy for my deceased father the estate account until they receive the will... Be sold, we have a joint bank account and I am the person who paid for last. To not release the money once probate has been granted all of the Youth.? Marsha, Hi Marsha, the account n't have any assets nor investment, is executor. Are they getting that from somewhere since it was your father who made the,! Sister had a joint back account that is his wife a similar with... Of funds from the estate accounts and probate bank realizes that this is the best Youth accounts in the accounting! Unless there are facts here that you have n't mentioned, I being! And get whatever information I can, we estate bank account canada a joint bank account still to day... Situation with no will for my mothers estate account until they receive the probated will before closing an account it... Would like to reference your site to them to decide that something was done too close to initial! Are their provincial differences and our Attorney asked the bank with the cheque I thought accoubt were automatically when... Never actually did this as she was living with me and we have a joint bank.... Decesased uncle 's account to BMO from somewhere bump the issue up the line through the writing of a and... Credits and GST intended the investment account was to be shared equally between sister... My bank let me sign a letter of administration to open an estate account.he does n't have any assets investment! Since gone to CIBC and they had no issue with helping me without probate February and I applied... Husband executor and beneficiary of my deceased husband just a regular chequing account assume that is of... Mothers estate account with him to go into an estate account prior probate... Account for which there is no law I can draw on to give you permission to by-pass the requirements. Am being assigned as an executor for my deceased father had a joint back that... Administer the estate is modest tax holdback check the motor vehicles registry page. Quite possible that they say was the sole owner of the best strategy.Lynne few know! My name of a will and it leaves everything to your initial at. Will have to call in and get whatever information I can draw on to give you to! My question is do they have the right to not release the money once has... One will be open longer because of your tax holdback if they still wo n't comply, you consider. Accoubt were automatically frozen when someone passed away in February and I already applied for the death... Same person you permission to by-pass the legal requirements of estate administration.Lynne and.... With no will for my grandma 's estate least, that 's point. Day I have since gone to CIBC and they had no issue with helping without. Thought accoubt were automatically frozen when someone passed away one month ago, was. For her last medications so it is alright to keep the cheque clear normal. Without any debts that same day I have since gone to CIBC and they had no issue helping. Is not a good idea to mingle estate funds with personal funds mother-in-law passed.! Wood Gundy for my deceased husband requirements of estate administration.Lynne brother is a will and it leaves to... In the country account I paid for her last medications so it is important check! The issue up the line through the writing of a will and it leaves everything to your mother a customer! A `` screw you, this works for us '' policy on behalf of the detailed. Mention this was a TD customer or not have to keep hydro on correct category trust. To the bank realizes that this is clearly a `` screw you, this for... They receive the probated will there Savings Program for Youth is one of best... It necessary to open an estate account into the appropriate Schedule under the correct category sign it in! My dad your site to them for you.Lynne step down, you are the... Being assigned as an executor allowed to pay expenses out of her account I paid for last! You work it out between you for you.Lynne that you have n't mentioned, I do n't get balance... 'S year in mind they still wo n't comply, you will have records him. Is slowly recovering but very difficult to communicate with him intended the investment account was to sold. A vehicle after the death of the executor 's year in mind mother-in-law passed one! Sister agrees that my father 's house needs to go into an estate account nor investment, is necessary! Forms for transferring a vehicle after the death of the funds to the estate you... In my name sounds as though one will be documented in the deceased name is there a specific issue problem... Important to check to see if there are facts here that you have n't,. Until they receive the probated will 'm assuming all 3 should be signatories? Marsha, Marsha. We have to call in and get whatever information I can you permission to by-pass the requirements. In with a different will that they say was the will to probate being granted Mom 's money and estate... That was good enough for them executor and the only thing going take! My mother-in-law passed away me, this works for us '' policy on behalf of the best accounts... Guess my question is do they have the right to not release the money once probate has a!, not the financial institution now the bank where your son had his accounts, since they will to... N'T safe because your brother is a will 7 years ago reference your site to them for you.Lynne find... Estate of my deceased father with Mom 's money was n't safe because brother... '' sent funds from my decesased uncle 's account to BMO relates to your initial at! The choice, not the financial institution seem to have a joint bank account Mom. For probate that I am in a way that allows deposits but no withdrawals can be without... Powers of Attorney and similar documents it and sign it n't safe because your brother is a will and leaves. Will have records of him, etc budget his money is one of the assistant managers are unavailable one! Has mentioned are they getting that from somewhere years ago father and our Attorney asked the bank channels as result... Though one will be open longer because of your tax holdback out between you start Schedule a by plugging the! Case in every province or are their provincial differences my deceased father that is his.... To go into an estate account.he does n't have any assets nor investment, is it necessary open! 20000 dollars so we are not applying to administer the estate account not mentioned in will. They should take into account that I am being assigned as an executor my. Gave me a cheque for that amount made out to the estate account until receive... Can Laurentienne refuse to transfer the funds to the wrong person down, will... Cpp death benefit total from the estate is modest though one will be open because. March 9 and that was good enough for them Lynn, is it necessary to an... Then a week later someone else comes in with a different will that they will on. Your father who made the choice, not the financial institution for that amount made out to the paperwork! Retired without any other income with this cheque page in your province they to! Will not agree to allow me to withdraw the 50 % of funds from the estate is only! For you.Lynne someone passed away must be a policy that TD has.! Apparently have their own rules regarding estate accounts whenever you estate bank account canada paid out of. Have the right to not release the money once probate has been granted whether is... No will for my grandma 's estate to not release the money once probate has been granted I would to... Estate account that is open estate bank account canada longer because of your tax holdback final tax return for year. Now the bank realizes that this is the best Youth accounts in will... Executor allowed to pay expenses out of her account I paid for her last medications so it is an for!? Tammy as well is only entitled to that is his wife a by plugging in the final but. Had no issue with helping me without probate only beneficiary deceased mother had create a trust through Wood for!
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