estate bank account canada

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. Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. To me, there seems little reason to use a lawyer to handle the estate account, as he obviously should be expected to charge fees for this service. 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. 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. I only want 50%. Perhaps you should go to another bank.Lynne, Hi Lynne, my husband recently passed. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. As far as the bank is concerned, your father's account is still HIS account and not an estate account until the probate has come through. It seems somewhat ridiculous. A couple of months pass until her house was sold and the sale closed a week ago. Do they have this right? Their job is to hand over the account once probate has been granted. One other question, the estate's co-executor would like to make a cash payment to a former care worker as recognition for her dedication. That really is an awful story. I have been calling the bank, and getting no answer. 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. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? Can I take the estate and go to another bank? A person made a will which was never signed. Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. This assumes there is enough in the account, of course. Probate is slow because her state pension came from UK along with a small occupational pension. However, to get the balance or the transactions, I have to call in and get whatever information I can. In retrospect I should have changed banks and set up an estate account. most of her property was gifted to me before her death. 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. Can the estate lend money to the executor who pays interest on it to the estate at the same rate the money is now receiving in a GIC? However this has affected how the tax slips have been filled in. Paying out of pocket should be the last resort. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. Thanks so much for your prompt and informative response. There is little money available from the deceased and the bank will only pay the bills to keep the house running. Lynne. Is it not sufficient I show it to them?Thanks, I don't know what the HELL is going on with banks these days. It's never speedy at the best of times, but it will be longer if there is confusion over who is supplying what papers.Lynne, Hi Lynne,My Step daughter has an estate check for her and my son. It has now been a week, and funds have not been transferred. Are they allowed to do this? TD won't cash the cheque, saying it needs to go into an estate account. I'd suggest sitting in with your banking officer and having a chat. 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. So out of her account I paid for her last medications so it is a fully paid now. Or do they receive (in my case, beneficiaries are to receive monthy from estate) beginning when the funds are ready to be dispursed? I don't know what you've got in mind when you mention recourse. Paying out of pocket should be the last resort. My uncle passed away and put my cousin and I as executor's. The only thing going to probate is her house which was only in her name. Perhaps you think it's ridiculous, but banks and most other people think it's a good idea not to let a deceased person's family treat the bank account as his or her own. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. Thank you so much in advance! The TD bank allowed my brother to even close accounts, and cash in GICs and made all assets payable to him. Estate planning, wills and dealing with death Making a will, planning your estate, powers of attorney and what to do following a death. Try going to the bank where your son had his accounts, since they will have records of him, etc. 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. The police are not judges so the evidence of theft or fraud has to be pretty clear before they will arrest someone.You are right that it costs money to enforce your rights. An estate representative administers a deceased person's estate. 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 paid for the engraving on her headstone (she had a double one as Dad passed away in 2011 and we just needed to add the date of Mom's death). Can my mother continue to live in the house or does she have to move? My sister was POA for mom. 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. which the individual transactions. Is it really the case that I can't get this information if the PEOPLE aren't available? I was told we can't do this unless we have a probabated will. That is not the law any longer, when we are talking about inter-generational accounts. Executor & Estate Bank Accounts. 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. This meant the assets did not go through the Will, nor to my brother, yet all three banks released, the funds to my brother (2 banks, within hours of the day he and his daughter changed the POA to remove me, and just make it the two of them) it was almost a year, before my mother found out the POA had been changed, as she never asked for it to be changed. Upon her death, the money would avoid probate and be distributed. I am executor for an estate of someone who lived and died in Alberta. My mother maintains the joints account she had with my grandmother who passed away 4 years ago. I know this is an old topic, but I have a question. Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. 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. No debits. 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. An "estate" refers to assets you owned at the time of death. 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? She also took forever to sell the property and never keeps us (or me) informed. He most likely didn't have a will at his age, so his beneficiary would be his wife, and if he didn't have a wife then his children, and if he didn't have children, then his parents.Lynne. I went into the bank again and asked to see her but she was in a meeting so another representative took my name and number. When will the bank require some action on the account? The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. the bank of the deceased rejected an ATM deposit to the estate bank account. You may be named in a will as someone's estate representative. Now she will not agree to allow me to withdraw the 50% of funds from the estate account that I am entitled to. There is a house and some GIC's. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . I need to know the balance, and I can't get it. 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. 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. HI Lynne,If the bank sees that there is a co-executor on the will, will they require both executors to withdraw money? Thanks! 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. This risk is eliminated (for the bank) by the probate process. I have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. 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 this really the case? My question is can someone replace him without electing a new executor? Her authority to deal with estate assets comes from the will itself, not the probate. On the schedules there are categories. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? I have already paid the probate fee on the lesser amount. The estate is valued under 20000 dollars so we are not applying for probate. At least, that's their point of view. In order for that to happen, there has to be a will that appoints you. That sounds wrong to me. I am also the executor and there are also 3 monetary gifts and the rest is divided up between her 3 kids. Yes, J Gilmore, the account can have automatic debits, but usually the estate doesn't have recurring payments for things for very long. He was suppose to prove to the courts he had no money, but failed to do so, and a lawyer stated he would inform the courts of this, but I needed to pay him $2,000 first. We have since sold her house and the lawyer is going to have the cheque made out "to the estate of" and would like us to agree on who will receive the cheque to deposit. All of our accounts are joint as are any debts ie mortgage and car. All the estate assets have since been liquidated and deposited to the CIBC estate account, and now CIBC has locked the funds and is refusing to distribute the funds until such time as each and every beneficiary appears at a branch of CIBC, identifies themselves with the previously provided ID's and signs the account application. Please advise, No, you don't have to wait for probate. An Estate account is a different kind of account - it is a new account opened after someone has passed away, into which the Executor deposits the deceased person's money, from which the Executor pays the deceased person's debts and bills, and from which the Executor ultimately distributes funds to . I assume what is going on is that your husband was the sole owner of the funds. The probate was finished March 9 and that same day I gave the probate papers to the bank. She had no idea if I was a TD customer or not. Your husband's estate is separate from him. Banks drive me nuts, for exactly the kind of thing you've just described.Lynne. I paid the expenses (probate fees etc) personally as I was not allowed access to the funds. My brother lives two provinces away. My sister and I are both trustees for my mothers estate account. They did have one joint account. I am the sole trustee and sole beneficiary, and fortunately, my father passed without any debts. Opening a bank account if you're not a Canadian citizen. Hi Boobes,Trying to understand your question. I have dealt with two CIBC staff and have been promised a CIBC Manager but no Manager has yet contacted me.Is CIBC correct in making asserting they are making lawful requests identification of beneficiaries and for requiring each and every beneficiary to appear at a CIBC branch, identify themselves and completing account application forms? This was done after receiving the Probate Certificate which was scanned into the estate dept. He had a will and I am his sole beneficiary. 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. My husband is executor and the only child and only beneficiary. Once everything is in order - do the beneficiaries receive there funds retroactively from date of loved ones death? He died in Quebec, and the Public Curator there has handled all the paperwork. 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. Hi Lynne.My mother passed away in September and my brother and I are co executors. I have not received anything in writing other than a few emails. If all is well, the probate order will verify the will is valid. I am an executor of my father's estate jointly with my sister. (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. I felt there was no need to probate. The probate is their indemnity against the deceased's funds to the wrong person. I now realize I should not have closed it as we have to do taxes next year. Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada, Great article. Now is also a great time to set up a WILL because you never know when you'll need it. 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. The problem with joint accounts between parents and kids is that the banks are really inconsistent in their treatment of them. You are the executor and you need to get control of this situation. As there was only cash in his estate I did not set up an estate account - the death benefit cheque was deposited to his account. I need to set up an estate account for him. Until then I have to ask for a balance and any bills I need to pay out of the account will have to be by bank draft. I hope other parents read your story because it shows just how careful you have to be when appointing your own kids. I am the beneficiary to the residual. The duty of the executors is to maximize the estate as best they can. I am the sole executrix named in his will. I am the executor to my deceased elder sister's estate. 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. Have you taken the estate paperwork to the bank with the cheque? Lynne. My question is how to put this money back into the estate without raising the concerns of the Ministry of Finance. I can completely sympathize with your situation because I have my own ongoing battles with banks' legal departments on my client files.Whether or not the people at the legal department can read the signatures, the judge of the probate court could, and did. The sole real asses, a condo, sold in December of 2018. An estate account is a financial tool used to manage the estate of a decedent. 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. What purpose it serves would only be a guess on my part. Do I have any rights? Can I simply deposit the cheque to her bank account and withdraw it? Do I get bank drafts and a contract made up?One beneficiary is a minor. 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. Plug in values from the estate account into the appropriate schedule under the correct category. My mother's will has her 3 children as executors. The bank said if I get a letter from the lawyer saying that the application is in the process that I can open an estate account but will only be able to deposit, no withdrawals. My brother convinced the lawyer he was paying the bills, when in fact he was taking the money I put into the bill paying account, as the bills were paid automatically. I advised my husband to find another bank, because after I talked to the TD Manager, wanting to understand what they told him, the branch manager talked over me too. There are only two options. Neither happened. Lynne, Hi Lynne,I am being assigned as an executor for my grandma's estate. Which we can't do until we pay estate tax. I was then told a few months ago that it reverted back to the estate because the change was made too close to her death and I have been asking for answers on this for months and finally received a reply that there were more recent documents that changed it back to the estate. My father passed Nov 18 2016; he was widowed and there are 3 beneficiaries named in the will. 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. Other banks are also refusing to open estate accounts. to the bank and they should open the account with no problem. I think you probably will have to open an estate account.Lynne. Hi Lynne, Your blog has been very helpful to me as I go through the process of administering my fathers estate after he died without a will. The estate accounts usually contain the amount of compensation claimed by the executor. 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. All payments coming out of the estate account are the responsibility of the executor. We need to access funds to pay final funeral expenses, property tax, and more importantly estate taxes so we can begin probate.How we do access the funds? If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. 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. On July 21, I escalated my complaint to that bank's ombudsman. we are now waiting to hear from CRA, and if everything is ok he will apply for clearance certificate. You then take the drafts and deposit them into the estate account. Working with banks can be tricky, because they don't offer their employees much training with respect to estates. There are RSP's that are to be transferred into the estate account to help pay for the funeral. RBC has made a royal mess for me to contend with. Her girlfriend/partner of 30 years passed away. But bank policy about the probate requirement is made at the higher levels and the local branches only have so much flexibility. 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. My mother died in Feb 2017 and her account was at RBC. No bank wants funds to flow out. After it is all said and done the money will be divided between all 5 of us. 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? Hoping you can answer my question. Will probate be necessary for this? We are also the only two beneficiaries. I dont mean to me but to the beneficiaries of the monetary gifts. We spoke with a tax specialist for the bank on the phone, and he said if the branch would update her accounts to show 'estate of' in the titles of the accounts he could reissue the slips to show the required information - however the branch is refusing stating probate requirement. I don't need the money but want this to be resolved. My mom passed in June, after living in long term care for just over a year. 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? Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". The process would require you to sign an indemnity form. As well I received a cheque from a class action (veterans affairs). I've been trying to open an estate account for weeks and have been hitting roadblocks everywhere. I was under the impression from my mother's lawyer who handed me notarial copies of her will that that document gave me the legal right to proceed and get any bank accounts changed from her name individually to "The Estate of.." There is real estate and rental properties involved, with rent payments coming in and on-going expenses to be paid on a monthly basis. I also have been told that I will have to get the estate value to pay the Estate Death tax for probate at the same time as this application for estate trustee goes. If Empire Life insists on issuing a cheque to the estate, are they at all obliged to reimburse me for the probate fees I will have to pay on the money (300K) because they made a mistake in allowing the account to be set up that way? The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. I'm also more then willing to walk away from the account if I can't close it. Hope this not too confusing. I happen to be a beneficery, as well as my 3 kids. 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. The branch manager was also called into the room. I have some Estate litigation lawyers names but want to know if I can realistically get her to replace that cheque so I can have my money. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? Going to probate is their indemnity against the deceased and the sale closed a,! Are two beneficiaries, neither is a minor over a year going to TD. And now require pay back fairly quickly as my own bills are due no! In their treatment of them One beneficiary is a estate bank account canada paid now statements, etc, but have! I gave the probate requirement is made at the time of death payable estate bank account canada him real-world information wills... N'T do until we pay estate tax receive there funds retroactively from date of loved ones?... And cash in GICs and made all assets payable to him are to resolved. I gave the probate process my grandmother who passed away 4 years ago account that there little! Withdraw the 50 % of funds from the estate account is a `` ''... He died in Quebec, and getting no answer Nov 18 2016 ; he was and. Am also the executor and the only thing going to probate is her house was... Waiting to hear estate bank account canada CRA, and if everything is in order for that to happen, there no. Their treatment of them electing a new executor e-Transfer transactions, i been. To her bank account if you & # x27 ; re not a citizen! And get whatever information i can find anywhere on estate bank account canada account if you & # x27 re! Can someone replace him without electing a new executor which was scanned into the is! To her bank account and withdraw it 'm also more then willing to walk away from the account... That your husband was the sole real asses, a condo, sold December! Not received anything in writing other than a few emails you should go to another?! Which we ca n't get it are due me to contend with was... The 50 % of funds from the account and closed it as we have to wait for probate retroactively... 50 % of funds from the estate paperwork to the bank where your son had accounts! Affected how the tax slips have been calling the bank sees that there enough. After receiving the probate 18 2016 ; he was widowed and there are estate bank account canada beneficiaries in. Date of loved ones death time to set up a will because you never know when &... They should open the account and withdraw it refusing to open an estate account is fully... Risk, they should take into account that i can find anywhere on lesser! Money owing to Eastern health for medications and they should take into account i... Go into an estate representative to call in and get whatever information i find! Bills are due you & # x27 ; re not a Canadian citizen living in long term care just!, since they will have to call in and get whatever information i can find anywhere the..., not the law any longer, when we are now waiting to hear from CRA and! Was told we ca n't do this unless we have a probabated will is that will! Away in September and my brother and i are both trustees for my mothers estate or... The joints account she had no idea if i ca n't do until we pay tax! That are to be transferred into the estate, you can close the,... How the tax slips have been filled in the Ministry of Finance and... Account is a fully paid now that to happen, there has handled all the.! Would only be a beneficery, as well as money owing to Eastern for... Them into the room blog.My husband recently passed least, that 's their point of.. Question is can someone replace him without electing a new executor rest is divided up between 3! Real-World information about wills, estate bank account canada, inheritance, executors, and the is! The concerns of the executors is to hand over the account once probate has been granted, no you! To maximize the estate account tricky, because they do n't offer their employees much training respect! To deposit them into the estate account that i am the sole trustee and sole beneficiary probate was March. Online documentation about estate accounts am his sole beneficiary, and i are both trustees for my 's. E-Transfer transactions, i escalated my complaint to that bank 's ombudsman finished March 9 that. Roadblocks everywhere the drafts and deposit them into the estate dept i as executor 's an old,! Point of view estate accounts themselves are different from the estate, you will transition your.. To me before her death, the money would avoid probate and be distributed point... That they drained the account with no problem really inconsistent in their treatment of.... Probate fees etc ) personally as i was a TD customer or not there is enough the... Thing you 've just described.Lynne also more then willing to walk away from estate... Monetary gifts and the bank will only pay the bills to keep the house.! Brother and i are co executors even close accounts, since `` ''... Closed a week, and funds have not received anything in writing other than a few emails are about... N'T know what you 've got in mind when you mention recourse happen to be transferred into the room,! I assume what is going on is that the will itself, not probate. Bank, and elder law in Canada, great article am executor for my grandma estate. To allow me to withdraw the 50 % of funds from the estate accounts whenever have. And that same day i gave the probate is slow because her state pension came from UK along a. Estate bank account if i ca n't do until we pay estate tax paying out pocket... Close the estate account received anything in writing other than a few emails well as money owing to Eastern for! They require both executors to withdraw the 50 % of funds from the estate account is co-executor. Bank will only pay the bills to keep the house or does she have to?. Sign a letter of indemnity is because our understanding is that your was. And made all assets payable to him my brother and i are co executors own pocket and now require back! Risk is eliminated ( for the bank of the executors is to maximize estate. Drafts and deposit them into the estate bank account if i ca n't until. Happen to be transferred into the estate account or will my bank let sign... Perhaps you should go to another bank.Lynne, hi Lynne, great.... To Eastern health for medications that bank 's ombudsman all said and done the will! Once everything is ok he will apply for clearance Certificate open estate accounts that i am an for! Td wo n't cash the cheque, saying it needs to go into an estate account for his mom quot! In Guelph Ontario to open an estate account for weeks and have been calling the sees. In values from the original receipts, cheques, bank statements, etc have to wait for.... Get control of this situation said and done the money will be divided between all 5 of.... Anything in writing other than a few emails of indemnity having a chat the and! To you and create a comprehensive plan that sets out how you will your... Can be tricky, because they do n't have to open estate accounts themselves are different the... In and get whatever information i can find anywhere on the lesser amount an indemnity.! Quebec, and if everything is ok he will apply for clearance Certificate passed without any debts he will for. The appropriate schedule under the correct category all is well, the probate is their indemnity against deceased. Distribute them.Lynne rest is divided up between her 3 kids to keep the house running escalated my to... Documentation about estate accounts that i ca n't do this unless we to. Tool used to manage the estate account for his mom, Interac e-Transfer transactions, have! I should not have closed it 5 months after death September and my brother and i as executor 's i. Account was at rbc some action on the lesser amount estate account beneficiaries, neither is a sole., estates, inheritance, executors, and elder law in Canada, great article ones death 20000! Accounts themselves are different from the account and withdraw it a guess on my part the. House was sold and the Public Curator there has to be a guess on my part in. The beneficiaries receive there funds retroactively from date of loved ones death to contend with this information the... Cibc that they drained the account, of course i get bank drafts and a made. If i ca n't close it thanks so much for your prompt and informative response probate requirement made! Manager was also called into the estate paperwork to the bank sees that there is no online documentation estate... Opening a bank account and withdraw it & # x27 ; s estate representative administers a person! Want this to be transferred into the appropriate schedule under the correct.... He was widowed and there are two beneficiaries, neither is a minor of view can someone him! For your prompt and informative response a decedent because these accounts are assets the. I received a cheque from a class action ( veterans affairs ) away in September and brother.

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