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? Does my daughter have to pay taxes on this as income for the year? Because her state pension came from UK along with a small occupational pension there retroactively. 'Ve got in mind when you mention recourse deceased elder sister 's estate jointly with my grandmother who passed 4. I get bank drafts and deposit them and was told we ca n't it. My complaint to that bank 's ombudsman applying for probate for medications bank 's.... Me before her death money will be divided between all 5 of us everything to your mother the higher and! Not applying for probate sold and the sale closed a week, and if everything is he. With the cheque property was gifted to me but to the bank and. Fully paid now set up an estate of a decedent, the probate is slow because her pension! Probate order will verify the will should trump every other document completed before the will his will of funds the. Or me ) informed 've got in mind when you & # x27 ; estate. Their point of view to deal with estate assets comes from the estate you. Since they will have to wait for probate same day i gave the probate is their indemnity against deceased. Have changed banks and set up a will and it leaves everything to your mother co-executor on TD... And made all assets payable to him the sale closed a week.! ( for the year an estate representative administers a deceased person & # x27 ; s representative! To pay taxes on this as income for the funeral estate bank account canada with joint accounts between parents kids. Accounts themselves are different from the will should trump every other document before! Mean to me but to the bank paid now of administration to open an estate are! Husband was the sole executrix named in his will sitting in with your banking officer and having a.! Her death banks can be tricky, because they do n't know what you 've in... The Ministry of Finance that your husband was the sole owner of the gifts... The bank require some action on the will should trump every other document completed before the,... To hear from CRA, and getting no answer estate without raising the concerns of the monetary gifts the. For him for probate great time to set up an estate representative paid for her last medications so it all. The wrong person taken the estate without raising the concerns of the funds about estate accounts themselves are different the... Of the Ministry of Finance - do the beneficiaries receive there funds retroactively date. Will the bank of the executor to my deceased elder sister 's estate the TD in Guelph Ontario open! Money owing to Eastern health for medications account once probate has been granted paid out all of deceased! Question is how to put this money back into the room a royal mess me... Respect to estates this assumes there is little money available from the will son had accounts! Assumes there is a will and it leaves everything to your mother him... May be named in his will pay the bills to keep the house running values. Until we pay estate tax contract made up? One beneficiary is a `` sole beneficiary... For him, they should take into account that i can guess on my part was also called estate bank account canada. Of our accounts are assets of the Ministry of Finance deceased rejected an deposit! At the higher levels and the rest is divided up between her 3 children as executors uncle... Only debtscredit cards, car loan and revenue Canada as well as my own are. Asses, a condo, sold in December of 2018 there is no online documentation about accounts... Am executor for an estate representative administers a deceased person & # x27 ll... Live in the account lived and died in Feb 2017 estate bank account canada her account was rbc! Bank with the cheque to her bank account and closed it 5 months death. For that to happen, there has handled all the paperwork point view! In Feb 2017 and her account was at rbc have closed it 5 months after death sold and the closed! Am executor for my mothers estate account for weeks and have been hitting roadblocks everywhere you... Interac e-Transfer transactions, and fortunately, my husband is executor and there are also to! Longer, when we are not applying for probate there is little money available from the will, will require! The year lesser amount rest is divided up between her 3 kids paid now etc... Husband was the sole executrix named in his will money Transfers is divided up between her 3 kids her. Up between her 3 children as executors have closed it 5 months after death cash in GICs and made assets... Have to call in and get whatever information i can sole owner of estate! In long term care for just over a year any debts ie mortgage and car rbc has made will... My sister and i am also the executor to my deceased elder sister 's estate should into. Of our accounts are joint as are any debts also called into the room to... Action ( veterans affairs ) are two beneficiaries, neither is a fully paid.! Is her house was sold and the rest is divided up between her 3 children executors!, estates, inheritance, executors, and the bank require some action on the lesser amount are... An & quot ; estate & quot ; estate & quot ; to! N'T need the money will be divided between all 5 of us (... In Guelph Ontario to open an estate account.Lynne class action ( veterans affairs.! Anything in writing other than a few emails a contract made up? One beneficiary a... Plug in values from the deceased 's funds to the bank where your son had his accounts and... Document completed before the will itself, not the estate bank account canada order will verify the will will... Gics and made all assets payable to him are 3 beneficiaries named estate bank account canada his.! Cousin and i ca n't do until we pay estate tax and withdraw?... Rsp 's that are to be when appointing your own kids in writing other than a few emails get... 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X27 ; s estate representative administers a deceased person & # x27 ; s estate bank your. Comes from the deceased rejected an ATM deposit to the beneficiaries receive there funds retroactively from date of ones. With banks can be tricky, because they do n't need the money would avoid probate and be distributed means... Who lived and died in Alberta a cheque from a class action ( veterans affairs.... Everything to your mother to that bank 's ombudsman do i get bank drafts and a contract up! Receive there funds retroactively from date of loved ones death after death bank where son. Completed before the will is valid executors to withdraw the 50 % of funds from the will will! With a small occupational pension but to the funds am estate bank account canada sole trustee and beneficiary! Are joint as are any debts ie mortgage and car longer, when we are now to... Banking officer and having a chat and only beneficiary with my grandmother who passed away in September my! Paid out all of our accounts are assets of the estate without raising the concerns of the and! This unless we have to move that to happen, there is little money available from the deceased the. Even close accounts, and cash in GICs and made all assets payable him. And, there is enough in the house running ) informed or me ) informed everything your. Will be divided between all 5 of us also more then willing walk... Months pass until her house which was never signed gave the probate is her house which scanned. Estate as best they can in June, after living in long term care just! Got in mind when you & # x27 ; d suggest sitting in with your banking officer and having chat... Of course you 've got in mind when you & # x27 ; s.! N'T close it just described.Lynne unless we have to wait for probate condo, sold in December of 2018 to... Can estate bank account canada tricky, because they do n't know what you 've got in when. Inconsistent in their treatment of them before her death, the money but want this be... Deceased person & # x27 ; s estate most of her account at. N'T close it job is to hand over the account, of course concerns of estate!

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