estate bank account canada

Any advise? Does the executor pay out of pocket?I would really appreciate your help. The 1st distribution I picked up from a lawyer as I was in a hurry to get money. Currently, I'm asking the bank to add my name by changing the account to Sara Smith, Administrator of the Estate of Jane Doe and they said no. The strategy is usually accomplished through the writing of a Will and establishing Powers of Attorney and similar documents. I am her executor and sole beneficiary. The simple answer is that the people in the branch have no idea how to deal with estates. 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.? The banks have always agreed to this (with only one exception) because the funds aren't going to the executor or anyone else besides the court. Try to take the wishes of the beneficiaries into consideration if you can. Hi Lynne, i am sole beneficiary of my mothers estate. 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. As the executor I am just starting the estate work. (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. Hope this helps others who deal with RBC regarding non probated wills. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. If the assets you have mentioned in your note are the only assets in the estate, you do not have to probate the will. Thanks for your help. Why on earth doesn't she just do the paperwork before this all hits the fan? 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. My elderly (74) sister has made 2 partial distributions (3 siblings equal parts) and left enough for the CRA in the Estate account (says she has applied for a certificate). 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? The estate accounts usually contain the amount of compensation claimed by the executor. I have yet to open an estate account and her accounts remain open. I don't know what you've got in mind when you mention recourse. the bank of the deceased rejected an ATM deposit to the estate bank account. The bank is treating my moms registered accounts with no beneficiaries (rrsp/lif/rrif) as frozen until probate is received. I'm in Ontario, btw. Stop letting them tell you things they have no right to decide. 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. Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. Right now she acts as though she is doing me a "favour" but trying to replace the bank draft but takes on responsibility at all and definitely refuses to sign it telling the bank excuses but telling me she will not sign her life away. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. It's a fairly small estate, about 80k in RIFF's, chequing account. Isn't it the point? I paid the expenses (probate fees etc) personally as I was not allowed access to the funds. I have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. Can I open an estate account and deposit his cheque into it. 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. It clearly names me as the Estate Trustee. Everything has been done for the estate. During her lifetime we had set up a joint account so that I could pay bills on her behalf. I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. Safe Deposit Boxes You will need the key to any safe deposit box so you can list the contents and access any important documents it may contain. My dad passed away and has no will, no assets, no liabilities, no bank account. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. 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. 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. 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. I am the person who paid for the funeral and I already applied for the CPP death benefit. Thank you for your answer! I am executor for an estate of someone who lived and died in Alberta. I attempted to open an estate bank account along with my co-executor and was told I would have to wait until the Court issues the probate letters. Lynne. We two are the only benficaiaries. What do I need to do with this cheque? I want to pay his bills first and then divide up whats left when I know there are no more debts to pay. I guess my question is do they have the right to not release the money once probate has been granted? In order for that to happen, there has to be a will that appoints you. 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. Hello, I have a two-part question.I am the executor listed in the will of my deceased mother. You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. The rest of it does not. 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. 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. My question is can someone replace him without electing a new executor? Their job is to hand over the account once probate has been granted. Accounts are not always frozen. Could I be charged with fraud?Thank you for your blog BTW, it's been very informative and helpful. I'm very sorry to hear about your son. Your question is why the bank is refusing to add your name to an estate bank account. He had no assets. I was told by my mother's doctor, at the time, that she may have as little as 4 weeks to live (but she lived just over 3 years, so it was a hardship, as it was over $100,000 in total) but in less than 2 weeks the money was gone, before the doctor even talked to me. My husband is executor and the only child and only beneficiary. 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? There are only two options. I think that's all they've been used for to date. i have a will, am the executor, and can open an estate account if necessary. Her affairs are simple and the estate is modest. Do I have to go open an estate account for,this one cheque. As of now he has 2000.00 in the estate account and I have a death benefit cheque to deposit. Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada, Great article. What should I do? Still to this day I have not heard anything. The bank has closed the account and sent the cheque to the estate. Thanks. Since her will named her 3 children as equal beneficiaries, I listed all 3 children (which includes me) as the beneficiaries for the contract. 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? Some are told they need the original will, many are told they have to get probate first, and some are told they need the consent of beneficiaries. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. I am the executor of my father in laws will. 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. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. After months of us complaining they offered us to prepare a Disclaimer(?) 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? 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. I am an only child. Can we just deposit the cheques in our own account? They will continue to do this until a beneficiary sues them. I am executor of the will. 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. This does seem like a genuine mistake, but certainly a preventable one. 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. 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. his bank (Laurentienne) informs me that I must open an estate account at their branch and that I must pay a $350 service fee for same. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. Take the will, a copy of the death certificate (or funeral director's statement) and your I.D. Do I just carry on as executor of the will or should I be administrator? Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. Sat-Sun 8 a.m.-8 p.m. ); Your joint executors might have a strained or non-existent . This risk is eliminated (for the bank) by the probate process. My husband is the executor of his fathers account. Does my daughter have to pay taxes on this as income for the year? 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. Estate Plan: A written document that outlines an individual's strategy for the disposition and administration of their property at their death, incapacity or total disability. When they are one and the same person, the executor must only use the estate funds to pay estate costs and debts. There is enough money in the account to pay the lump sum payments and still cover any surprises that may come up before final tax clearance is issued. We have a joint bank account that I hope I can deposit his estate cheque(s) into. I am the executor of my uncle's estate. Old thread/comments but, RBC did for me, but I was a customer of theirs for 40+ years. Not every will is probated, and the banks are well aware of that, particularly if some of your joint assets were held there. Ask them to pay the bill from his chequing 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. Or I could simply present a copy of the Will to the financial institution that I am the executor? She only gets $60 back because that is what she had deducted every year. He had all the necessary documents but I guess in their mind the estate was not worth their time. Thanks, Yes, the executor has complete control over the bank account.No, the executor cannot take executor fees until either the beneficiaries agree (usually by signing a release) or the court orders it.Yes, the executor can close the account at any time, but it would be pretty unusual to close it if there were still estate funds.Lynne. 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. As trustee, I am unable to distribute or transfer the funds of the Estate. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. You are probably right about that. Those people actually DO know their way around estates really well. All debts of the estate have been paid. to the bank and they should open the account with no problem. It has been a great help to our family.My question relates to your initial post at the top. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. You don't have to wait until the will is probated. 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. So what I'm saying is that they have no reason to try to supervise what you're doing once you have provided the proof that you're the executor. 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 no property involved all all bank accounts other than investments are joint with myself. My mother died in Feb 2017 and her account was at RBC. Is there a dollar limit for banks? Therefore she can open the account, receive funds on behalf of the estate, pay bills etc all before she gets the probate.Lynne. Lynne. 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. Hello Lynn,I'm setting up an estate account for my mother. The trust now holds $75,000. Really well or administrator might have a joint bank account that I could present. 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