Let's say my sister's name is Jane Doe and I'm Sara Smith. We have cheques to deposit, but dont know where to put them now. 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. I informed the branch manager, who did pay her outstanding accounts directly. The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? Thank you so much in advance! Have I waited long enough and should I get a lawyer and start litigation including the passing of the accounts? The bank will simply remove the parent's name from the account upon receiving proof of death, leaving the surviving account holder with full access to and legal ownership of the account. I'd suggest sitting in with your banking officer and having a chat. As the executor I am just starting the estate work. 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 What if my sister didn't put my name (co-executor) n the account? 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. 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. The bank will probably insist on having both signatures if the account is set up to require both signatures. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. 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 experience has been that they do not allow online access in other banks either.Lynne. There is no property involved all all bank accounts other than investments are joint with myself. Executors don't have to wait for the grant of probate. He was a financial broker and received commissions from the insurance company, These commissions are to continue to me but the insurance co. can only make them payable to my husband's name>(because they are only payable to a broker). The lawyer handling his mother's estate wants to write the cheque to my name with Executor of the Estate of (my husbands name). Apparently the estate wing of the bank does not inform the local branch where the papers were scanned if there is a problem. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. Getting a Taxpayer ID Number From the IRS. I am the executor to my deceased elder sister's estate. Lynne. 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. My mom's estate is about $325,000 cash, which is being managed by Wood Gundy. If you waste or steal the estate, that's not on them; it's on you. I have already paid the probate fee on the lesser amount. I'm frustrated that I can't create a single account in the estate's name to deal with everything. I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. There are two other executors and decisions are to be made unanimously. 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? I need to know the balance, and I can't get it. No, there is no time limit specified anywhere. Please advise. Asked by: Ozella Braun | Last update: February 9, 2022. 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. Not the same thing. It makes sense from their perspective to make sure they have the right executor. There were no investments just bank accounts in both our names, (my father and mine)so the money could pass seamlessly in the event of his passing. If the assets you have mentioned in your note are the only assets in the estate, you do not have to probate the will. Is there a dollar limit for banks? Hi Lynne,I have a question. I am not the executor, a relative who is a C.A. Utter incompetence on their part considering they should have informed me of this long ago. Stop letting them tell you things they have no right to decide. He had a will.. My mother passed away January 19, 2020. if opening an estate account is the route i must take how long before assets can be distributed? I don't have the big picture! My dad passed away and has no will, no assets, no liabilities, no bank account. We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. I know, everyone thinks that this joint account thing works, but they find out differently when the parent passes away. I know this because I spent 7 years at Scotiabank doing whatever I could to help out the front line staff dealing with estates. Will probate be necessary for this? 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. 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 agree that you should not run any estate money through your personal accounts. I was advised around that time by the branch manager that an account estate should be opened by the first week of August.It is now August 8 and there is still no estate account. If the person you're dealing with cannot do as you ask, try talking to the branch manager. Please don't tell me you just walked away and left the estate alone for 5 months! She has money due to her from the other UK source, but when I asked for the overseas sort code for her account I was told the deposit wouldn't be accepted because the account is not yet an estate account.Mylawyer tells me TD is even worse to deal with re estates, bottom line is check with a bank about their estate account policies before you have a bureaucratic nightmare on your hands. I paid the expenses (probate fees etc) personally as I was not allowed access to the funds. Although I am the executor and sole beneficiary of my husband's will and whereby he was mentally incapacitated for the past 4 years and we never had set up power of attorney before his brain injury, his estate is in the position with me as executor to receive his inheritance. Where do I even go for help on this? (In case my brother contested the Will, I would still get the money). Any advise? I have opened an Estate Account for my father, but the bank will *NOT* give me an updatable bank book or online access to the account. A friend passed and named myself or my husband executor and also sole beneificiaries. After someone passes away, their assets and debts will need to be accounted for and managed. I have 2 questions. In particular, the bit about being listed as executor per CRA. If the account is closed, you have to open a new one, as you have a legal obligation to deposit them and use them to pay any outstanding debts of the estate.Lynne. I am the beneficiary to the residual. Her affairs are simple and the estate is modest. A sizable amount ended up here. my father passed away and only had $960, which was held in trust by an organization. Paying out of pocket should be the last resort. 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. My question is when can I close the estate accounts? How can I get them to allow me to do this. In her will, all three adult children are both equal executors and beneficiaries. You're right, that is the hold-up. These accounts are useful to avoid probate and are common in the US. When a person dies, most or all of their property is held by their estate, and the executor of the estate must manage the estate through the probate process. I opened an Estate account with TD as well. 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? What if the deceased's will names you as the "Estate Trustee"?I'm starting to work on settling my mother's estate and one of her financial institutions is asking for a CAET "Certificate of Appointment as Estate Trustee". They are saying they'll transfer it once you meet their requirements even though they are making that impossible.Consider making an appointment with the branch manager. Sure he had a will but most of the time the banks will want the will to be probated or other supporting paperwork to be provided. Hello Lynn,Is an executor allowed to pay expenses out of the estate account prior to probate being granted? Probate is slow because her state pension came from UK along with a small occupational pension. Getting the will to Probate is going to take a bit of time. My husband is the executor of his fathers account. As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. My mother being executor & beneficiary of all his assets, we did not think probate was necessary, so no application has been made. You have the will, so you can show your appointment as executor.Lynne. Your mother's money wasn't safe because your brother is a crook. Hi LyneI am the executor of my mother's estate . She did have a will but unfortunately it was not signed. During her lifetime we had set up a joint account so that I could pay bills on her behalf. The branch manager was also called into the room. 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? If the executor is the beneficiary can they then use the estate funds for personal since all financial obligations will come to them anyway? Please help. Keep all estate funds separate from your own. It must be a policy of the particular bank.Lynne. "Is that the case in every province or are their provincial differences? We two are the only benficaiaries. The sole real asses, a condo, sold in December of 2018. Your blog is very informativeThank you. so, this should be easy opening an estate account is just a formality, since all accounts go to me anyways. The loan would be repaid with interest before the final disbursements. Hi Lynne, my deceased father's will dated 2015 names my Mother as a sole beneficiary of his entire estate, however does not list every single account he had. 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. What are the alternatives if a bank will not open an estate bank account without probate? Per the CRA website a T4RRSP/T4LIF/T4RRIF should be issued showing fair market value on date of deat, and interest earned from DOD until the end of the year. Since I am solely responsible for doing this, am I able to disburse some of the funds right away as long as enough is left in the account to cover income tax and any unpaid bills? I am a retired Branch Manager from another financial institution, so her attitude did not sit well with me and basically this manger argued with me on the phone. He did not leave a will. He has a spouse. Meanwhile my brother received it but I did not. but i have a tax refund cheque payable to the estate of xxxxx. She is also the executor, which means that ultimately she is the one who will take responsibility for the payment of the funds.So, what is their risk? If they won't transfer the funds directly, empty the accounts by having the bank prepare drafts written to the estate. Payable on death accounts A bank account where a beneficiary is named is called a payable on death (POD) account. The 2nd was sent in September from a different lawyer and got "lost in the mail", it never occurred to me with the pandemic and my work to ask to pick it up, I also didn't clue in that she had changed lawyers for the 3rd time without telling me. He had no assets. If it is only bank policy and not law, however, I am going to protest this, as my brother was laid off a while back and could really use his share of the funds now. I would much rather deal with my Bank. I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). 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. You don't have to wait until the will is probated. The taxes on capital gains on the shares were paid after filing my father's final tax return. One is that the two of you work it out between you. For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. 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. I am the executor of my uncle's estate. She will not sign it. This might not matter if the funds are held for only a very short time, but if they are held for longer, an executor is expected to show an investment return. Otherwise, this could end up being worked out with lawyers for the bank, which in my experience is like hitting your head repeatedly on a brick wall.Lynne. They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. We also offer guidance on tax strategies to maximize your family's wealth over time, managing assets, setting up trusts, and developing estate plans that cross jurisdictions. There isn't an estate department in the branches, but there is one in Toronto.If you have Letters of Administration, you now have the right to collect the deceased's assets. This is certainly not the law, but must be an internal policy of the bank. My mother learned the hard way that her money was not as 'safe' in the banks as she thought. Don't let them dictate what is appropriate for you to do, when you are the only one who bears responsibility for the funds.Lynne. What about interest, death, separation/divorce etc.2 - He has advised us it will take 4 years before money can be distributed since Canada and the Ontario Ministry of Finance have a 4 year window to assess/reassess estates. Is it different when somebody has no chequing/savings accounts? How long should it take for a bank to open an estate account? If anything goes missing, it's all on the executor and the bank bears no blame for it.Lynne. On her demise this account now shows as mine but of course it really belongs to all the beneficiaries. He died in Quebec, and the Public Curator there has handled all the paperwork. Lynne. I am sole trustee on an estate, appointed by Superiour Court (Ontario). Since I haven't heard from the bank I have taken the money she had in there and put it in a separate account at my bank and it will sit in there until everything is done. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. An estate account is a financial tool used to manage the estate of a decedent. Again, square peg. I live in the USA, my son lived in Canada and passed this year. 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. We are currently dealing with RBC. My dad had no will, no spouse and i am his only child. 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'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. Based on your comment in the second paragraph, how would this apply to funds held with a financial institution in an investment account?If I am executor of my father's estate, and he had an investment account of $500,000, does the financial institution have to pay it out to me as executor if I instruct them to?Isn't it basically standard practice for them to require a probated will before they will liquidate an investment account?Thanks. 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. There are only two options. It's quite possible that they will insist on probate. I am her executor and sole beneficiary. Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? Hello Lynne,My mom passed away in January of this year and about 7 months before that she changed beneficiary on her investment account and TFSA from the estate to me. One thing to note before closing an account is whether it is an interest-bearing account. Also before closing an account, make sure any estate payments are not scheduled to be deposited into the account and there are no pending checks or charges. My financial institution says that they are not allowed, but will make concessions for burial costws and probate application only. Hi Lynne, our mother passed away in February this year. 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. I did not get a call back. The ONLY cheque to come in was a refund from the cable company (5 months after I cancelled her account, PRIOR to her passing), and it is made payable to her estate, with my name and address underneath. I recently opened an estate account at a bank and they refuse to give me online access. No, not that I know of. Do I get bank drafts and a contract made up?One beneficiary is a minor. She does not want me to see or access any of our moms personal documentation, banking information or personal paperwork she has in her possession. I suggest you read the 2007 Supreme Court of Canada cases called Pecore and Saylor. 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