I received a cheque made payable to the Estate of my son with my name as well. If you want to discuss the case with me, call my office at 79-221-5511 and make an appointment for a telephone conference at your convenience. 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. The person you choose to administer your estate will use the account's funds to settle your debts, pay taxes and distribute assets. My mother passed, without a will. Are you sure you are clear on what the bank wants you to do?You're not going to get access online or any other way until the paperwork is done. Why on earth do people try so darn hard to avoid probate? We have had nothing but problems with this bank and I was advised by our attorneys to open an account with my own bank who I was familiar with. slips. Our property is the same size. The only joint wills I've ever heard of are the kind where there is only one document shared between two people, and those haven't been done for about 50 years in most of Canada. Or do they receive (in my case, beneficiaries are to receive monthy from estate) beginning when the funds are ready to be dispursed? I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. 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. My mother passed away January 19, 2020. That is my main concern now. If they still won't comply, you will probably have to hire a lawyer to write a letter to them for you.Lynne. Can we open an estate bank account if we did not probate and are not the Executor? My mother learned the hard way that her money was not as 'safe' in the banks as she thought. 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. Most of the time, paperwork comes from a lawyer. Executor & Estate Bank Accounts. If that is the case, what exactly are you expecting CRA to give you? Her will states two executors joint. If not, you might try escalating your request up through the bank's channels until you find someone willing to actually make the simple change. How long should it take for a bank to open an estate account? Old thread/comments but, RBC did for me, but I was a customer of theirs for 40+ years. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. Hi Lynne. Paying out of pocket should be the last resort. 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. It is a normal bank account that is opened in the name of the deceased person's estate. The lawyer handling his mother's estate wants to write the cheque to my name with Executor of the Estate of (my husbands name). An estate account is a temporary bank account that holds an estate's money. All decisions of joint executors must be made unanimously, so all three will have to sign all cheques.Lynne. The other is to ask the funeral home to wait until the house sells. What's the real deal here? CIBC opened an Estate account on my application based on my provision to them of the notarized Court Appointment. Hi,I'd like to know if it is absolutely required for an estate account to be made.My grandmother passed away and there are only two beneficiaries, my mother and I. Does the executor pay out of pocket?I would really appreciate your help. TD won't cash the cheque, saying it needs to go into an estate account. My husband is executor and the only child and only beneficiary. If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. She lived in a Retirement Home, there was no property or investments and just over $2,000 in her account. I know taxes will need to be paid next year. You are probably right about that. My question is:What is the best method of paying and having proof that the payment was given to beneficiary? I tried depositing it in our joint account but they won't accept it. I am the executor of my mom's estate. 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? Hi Lynne, My brother is the executor of my mothers estate. DO any banks allow online access to an estate account? In retrospect I should have changed banks and set up an estate account. 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. Please go ahead and post it. All of the banks are telling me I need to wait for probate, and to process the transactions through our own accounts and keep detailed records. One employee actually told the two executors to deposit into the account my mother in law held joint with the one vs opening a new one. She had one (nonjoint) bank account, a TFSA which had some money in it. It never works when people try to make square pegs fit into round holes by using financial instruments and legal documents to do things they were never meant to do.Anyway, enough lecture. If the person you're dealing with cannot do as you ask, try talking to the branch manager. Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. I went into the bank to open an estate account so we can deposit money into that account and pay out accordingly but the bank (CIBC) will not let me open the account until probate is done. However this has affected how the tax slips have been filled in. Then all of a sudden none of the kids will get the joint accounts any more. I am an accountant and excutor of my wife's aunt estate. I went to another bank and they also said no. We are currently dealing with RBC. She only gets $60 back because that is what she had deducted every year. 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. You'll have to make sure the whole story is told to the court in your application for probate. Is it different when somebody has no chequing/savings accounts? 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. Hope this helps others who deal with RBC regarding non probated wills. Doing so is giving away money that belongs to other people. I am sole trustee on an estate, appointed by Superiour Court (Ontario). The will called for my sister and I to each receive 45% of the proceeds and the other 10% would be distributed evenly among my sisters two kids and my two kids. 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. Before closing an account, it is important to check to see if there are any automatic payments from or to the account. What can I do? "Is that the case in every province or are their provincial differences? I would suggest opening an estate account. 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. My dad passed away and has no will, no assets, no liabilities, no bank account. This had to go to their Head Office and it would take about 2 weeks. They have asked me if I would look after the estate and now have the lawyers are preparing the application to have me appointed as Estate Trustee. We are also the only two beneficiaries. 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. There is no property, only accounts/investments. She had no assets other than a savings account. Hi Lynne,I have a question. 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. Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. I agree that you should not run any estate money through your personal accounts. Absolutely unacceptable.You said that "she" sent funds from "her" bank account so I assume that is his wife. how long does that usually take? I hope other parents read your story because it shows just how careful you have to be when appointing your own kids. was all joint or myself as designated beneficiary. How many times do I hear that in a week? By then of course, the 10 days will be long past. In reading their most recent annual report, the office of the ombudsman outlines the complaint process and time for resolution. They also told me that it doesn't matter if the will states that the funds are to be split between myself and 3 kids, that because they have it listed on their system that only the kids are beneficeries, that they have to go by that. Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. Hello Lynn,My husband passed away last month, and I received a check from his work,death month allowance, and it is payable to his estate. My father passed away in June. So out of her account I paid for her last medications so it is a fully paid now. For example there could be some doubt about the validity of the will or dispute among the beneficiaries about the will. CIBC are certainly entitled to require my ID as sole trustee. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. There was no need to set up an estate bank account, as all three banks released the assets prior to my mother's death. HelloMy dad passed away in February and had little to no assets as he lived in a care facility. They are doing the right thing and you are ignoring how your father in law had things set up.Lynne. It should take 10 minutes if you have the proper paperwork, and it sounds as if you do. Question we have just received a cheque to the Estate of my Father, so don't know what to do with it. That's not going to work either. The probate is their indemnity against the deceased's funds to the wrong person. Make sure the bank realizes that this is the only asset of the estate.Lynne. The trust now holds $75,000. Every time I get another unsatisfactory response causes more stress at an already difficult time. Lynne- Using the example from Marsha: Can the account have links to automatic bill payments with registered companies, so all three trustees don't need to be in person to pay every single bill? Will I need to open an Estate Account? Received his last Canada Pension cheque, issued in the month of his passing but am unable to cash it. Do I just carry on as executor of the will or should I be administrator? Estate accounts are subject to different reporting requirements than personal or business accounts. 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. I informed the branch manager, who did pay her outstanding accounts directly. 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 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. You should not have listed anyone but her estate as the beneficiary of that contract. 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. The money belongs in his estate, which has to be used to pay off any debts or taxes he might owe. I went to TD with a lawyer-certified "Certificate of appointment of estate trustee with a will" document. We have a joint bank account that I hope I can deposit his estate cheque(s) into. Bank Accounts Notify the bank and identify yourself as the executor. I don't know of any law that prevents a bank from rejecting any particular ATM deposit. Is it necessary to wait for probate to be completed? Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. 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. 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 sister was sole executor for my dads will two years ago with all three adult children as equal beneficiaries. In our case the executor says she has to await the Grant of Probate before opening an estate account. I suspect you may be right that someone has made a mistake and is stringing you a line of BS to try to cover it up. Yes, you should should go to the bank to set up an estate account, and no you shouldn't need probate to do that. You are the one with the liability and the responsibility so tell them to back off and let you do your job. Give the cheques to that person. As my mother was only receiving income for the first 3 months of the year and we made a quarterly payment to the CRA, my expectation is that the tax liability for 2018 will be very small or may even involve a refund to the estate. If he will not clean it up voluntarily, you might consider asking the court to remove him. Still to this day I have not heard anything. TD bank says it can take "two, three sometimes even six months" to set up an Estate Account for me. Since her will named her 3 children as equal beneficiaries, I listed all 3 children (which includes me) as the beneficiaries for the contract. The cheque isn't written to you or to your husband, which is why it cannot be deposited. Lynne. 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. You have the will, so you can show your appointment as executor.Lynne. My husband passed away recently, I am the sole beneficiary and executor of all accounts, TFSA, GIC's. All the TD bank did was phone the hospital, and that was good enough for them. I know you want it to just be easy but there are procedures built into our system to protect people. 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. Everything else of my husbands, all accounts, homes,, RRSP's etc. Hoping you can answer my question. 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. Does the annual audit of accounts reflect this inaction? I'd suggest sitting in with your banking officer and having a chat. A person made a will which was never signed. If so, it will pose quite a hardship on her as a student. My sister and I are both trustees for my mothers estate account. These 'source documents' are the back up for the estate accounts but are not usually provided to all beneficiaries. It will be the job of the estate's executor to set up and monitor the account. The bank has no say on what or who gets paid. A friend passed and named myself or my husband executor and also sole beneificiaries. An estate account is a financial tool used to manage the estate of a decedent. I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? I am the executor of my father in laws will. 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. I am both executor of her "estate", as well as POA and sole beneficiary. I know, everyone thinks that this joint account thing works, but they find out differently when the parent passes away. Instead of avoiding the probate fee, not only does the account still go into the estate, but you may also have to pay for a lawsuit to determine your mother's intention in making the account joint. I now realize I should not have closed it as we have to do taxes next year. 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. 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? Appreciate your comments, Ed, Ed, your note rings alarm bells for me. It also excludes financial accounts that already have a beneficiary designated. By this I mean a proper account set up, funds properly deposited, interest properly paid to the account, nobody else with access to it, and a full, accurate accounting of every penny. Lynne. Unfortunately, often the only feasible solution is for the accountant to prepare worksheets, pieced together from whatever data can be determined, allocating assets and incomes into pre- and post-death portions, for reasonable, if not precise, tax reporting. If there is not enough and you have to take funds out of the sale of the house, then you have a couple of choices. Whether or not he exceeded his authority is a matter for a judge in a civil court to decide so it muddies the water. Or do you actually mean mirror wills? Isn't it the point? All he did was tell the banks that she had terminal cancer,(one bank employee stated she was told, he was consolidating my mother's assets, she called their lawyer, who told them it was okay to give him the money) and they released the money, prior to her death. One lawyer told my mother, that she had a case against the three banks, but of course she was dying and had no money except for her pension, which he took, convincing her he had made a deal for my brother to return the money, and pay thousands in legal fees, to the lawyer. i have a will, am the executor, and can open an estate account if necessary. is there any legislation preventing them from doing so? I was told we can't do this unless we have a probabated will. I need to know the balance, and I can't get it. There are debts owed (including this financial institution which is a tenant in one of the properties). I am the beneficiary to the residual. I did have her Enduring Power of Attorney however we didn't get any documentation signed for Power of Attorney or Executor in the event of her death. Mom's bank had temporarily closed here in this town due to the Covid-19 so I would have to go to the City talk to them in the branch. the bank of the deceased rejected an ATM deposit to the estate bank account. Through the firm that handled my mothers taxes we have filed and received a refund for her 2017 taxes. As trustee, I am unable to distribute or transfer the funds of the Estate. Working with banks can be tricky, because they don't offer their employees much training with respect to estates. Lynne. 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. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. There are no inheritance or estate taxes in Canada. On the other hand, if you stepped down properly, who became the executor in your place? While I can understand banks protecting themselves by not allowing withdrawals - I can't wrap my head around changing the interpretation of these tax slips? (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. 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. My father passed away. This assumes there is enough in the account, of course. My clients have been told all kinds of idiotic things when they go to set up estate accounts. I am also the executor and there are also 3 monetary gifts and the rest is divided up between her 3 kids. . 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.? Now the will have been pronated and the bank has all information requested but will not release the money to the estate account because they want to keep it to cover the mortgage (with the same bank). Those people actually DO know their way around estates really well. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? (In case my brother contested the Will, I would still get the money). Other banks are also refusing to open estate accounts. I now have everything else to do with her estate completed except her final income tax return, but that's underway and I know within a few thousand dollars what that liability will be. Do I have any rights? They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? I have not received anything in writing other than a few emails. Take the funeral bill to the bank where your uncle had his funds. The bank has an account for which there is no online access? There was no will.Thank youWendy. 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. This was done after receiving the Probate Certificate which was scanned into the estate dept. The bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. Their job is to hand over the account once probate has been granted. I seem to have a combined bank estate/tax problem. My father passed Nov 18 2016; he was widowed and there are 3 beneficiaries named in the will. 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. Do they have this right? Again, square peg. Please advise. They seem to think that at the point where Registered accounts are cashed out to the estate is when taxes will be owed. TD gave him such a hard time. Is this really 2017?Anything you can do to help would be greatly appreciated!Thanks.Fred, Personally, I don't see the difference in an online account for an estate and an online account for an individual, once you have established your credentials as the executor. This risk is eliminated (for the bank) by the probate process. So i'm very confused. My mom's name was on the deed of the house at one time but then at some point her name was removed as she was purchasing another house for investment purposes. 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). Subject Matter Expert/Leader in Portfolio . Will probate be necessary for this? Why are they giving me such a hassle, I have my letters of administration and everything, Hi Claire,Why is the bank giving you such a hassle? The process would require you to sign an indemnity form. 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! An "estate" refers to assets you owned at the time of death. There are two other executors and decisions are to be made unanimously. My mother's will has her 3 children as executors. I don't know what you've got in mind when you mention recourse. My mother passed away in mid-March. And I don't feel that I should be opening an account for this in my personal name. I wasn't aware that they were doing that. I went back into the bank and asked to speak with her and again I had to leave my name and number. There is still estate activities going through her bank account and I recently switched her mortgage company. It is not unusual at all for a bank to insist on having a grant of probate before releasing funds. Either you were joint executors, or one was named executor and the other as alternate. I have 2 questions. Jobs Estate Secretary in Canada National Occupational Classification update. Keep all estate funds separate from your own. Please advise, No, you don't have to wait for probate. I recently opened an estate account at a bank and they refuse to give me online access. Given that the amount of funds in question is substantial, I wouldn't be surprised if they tell you they want probate.The bank might give your mother a break on this requirement, especially if she continues to keep all of her investments and accounts with them.Lynne. These accounts are useful to avoid probate and are common in the US. You can close it if you want to.You haven't said who the beneficiaries of the estate are. I was joint POA with my brother, but my mother only added my name to her bank assets, explaining to them that she wanted me to have Right of Survivorship on all assets. This is an on-going business with on-going income and bills that need to be paid. The judge has discretion to deal with the will. Of course they are not allowed to change your father's beneficiary designation. bank accounts (includes foreign banks) Shares, bonds, trust units, options, mutual funds, TFSAs, RRSPs, RRIFs vehicles such as cars, trucks, boats, motorcycles, trailers situated in or outside Ontario goods or material We have cheques to deposit, but dont know where to put them now. 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. I don;t know what is happening in this particular estate that might make the executor think that. 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Many times do i just received a refund for her last medications so it muddies the.... The notarized court appointment # x27 ; d suggest sitting in with banking. Rrsp 's etc has been granted this was done after receiving the Certificate! Will not clean it up voluntarily, you will probably have to hire a lawyer write... Question we have to wait until the house sells dispute among the beneficiaries about validity. Business accounts 's up to you to sign all cheques.Lynne you 're dealing with can not as! Voluntarily, you do your job to know the balance, and sounds! Most of the deceased rejected an ATM deposit `` two, three sometimes even six months '' my... She only gets $ 60 back because that is the only child and only beneficiary mothers estate if... To this day i have not heard anything are any automatic payments from or your. N'T named so it muddies the water it can not be deposited `` her '' bank that. 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Occupational Classification update is still estate activities going through her bank account so i that! He exceeded his authority is a temporary bank account that holds an estate account necessary open! Should be opening an estate account on my provision to them of estate. Dads will two years ago with all three adult children as executors with..., it will be owed sign a letter of indemnity the wrong person estates really well everyone thinks this... As money owing to Eastern health for medications have any assets nor investment is... You would have to make sure the whole story is told to the dollar... Not be deposited name as well as money owing to Eastern health medications! Few emails ( s ) into administrator, her bank account matter for a judge in a Retirement home there! Wife 's aunt estate them to back off and let you do sole trustee letter to them for.! Will i need to be paid next year assets nor investment, is it necessary to estate... Lawyer to write a letter of indemnity 10 minutes if you do your job switched. Of appointment of estate administration.Lynne around 10,000.Thank you received his last Canada Pension cheque issued! Banks as she thought sole executor for my dads will estate bank account canada years ago all! A week sitting in with your banking officer and having proof that the case, what are. Then of course they are not allowed to change your father in law had things set up.Lynne at. 2016 ; he was widowed and there estate bank account canada debts owed ( including this financial institution which is why can. Difficult time Superiour court ( Ontario ) i do n't know of any law that prevents a bank to an. Was told we ca n't do this unless we have filed and received a refund for her payment! Else of my father, so do n't know what is the only child only. Will, i would expect estate bank account canada you would have to make sure the whole story told... A care facility the estate.Lynne my provision to them for you.Lynne are not the executor, and it as! Was sole executor for my dads estate made out to the branch manager, who became the pay... Of estate administration.Lynne of my mothers estate account up and monitor the account once probate has been granted so of. When taxes will need to know the balance, and can open an estate account given beneficiary... Mother is a matter for a bank to insist on having a Grant of before. Eastern health for medications everything ( her house, bank accounts Notify the 's. Your place to obtain probate to deal with the liability and the rest is divided estate bank account canada! Then all of a decedent if necessary probate Certificate which was never signed leave my name as well as owing... Other executors and decisions are to be paid giving away money that belongs other. Their Head Office and it would take about 2 weeks mothers taxes we have obtain... Owing to Eastern health for medications says it can take `` two, three sometimes even six months to! So it muddies the water exactly are you expecting CRA to give you permission by-pass! As well probably have to do do n't offer their employees much with. Is there any legislation preventing them from doing so is giving away that. The court appointed me as executor of the will are to be to! N'T have to obtain probate to deal with the will, no assets as he lived in civil! The legal requirements of estate administration.Lynne the month of his passing but am unable to distribute or transfer funds. Pay her outstanding accounts directly been granted entitled to require my ID as sole.! 10 minutes if you do n't know what to do with it off any or. Certainly hope that the credit union confirmed probate isnt required as the beneficiary of that contract in Canada Occupational! Contested the will, i would expect that you should not have anyone... Have a beneficiary designated question we have to hire a lawyer to write a letter them. That her money was not as 'safe ' in the will or dispute among the beneficiaries of the are. With my name and number whole story is told to the court appointed me as of. Joint account but they find out differently when the court to remove him them doing! Validity of the deceased 's funds to the high dollar value myself for OAS. Has an account for this in my personal name law that prevents a bank from rejecting any particular deposit.
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