estate bank account canada

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. Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. Their process says I should have received a written agreement that is to be signed and returned to them. I'm frustrated that I can't create a single account in the estate's name to deal with everything. None of that is true and I seriously have to wonder if banks have anyone working there who has any idea what is going on. I don't know what you've got in mind when you mention recourse. Your authority comes from the will, not the probate.Lynne. Take the will, a copy of the death certificate (or funeral director's statement) and your I.D. My mom's estate is about $325,000 cash, which is being managed by Wood Gundy. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? My context for the question was a little different: an estate account with two trustees specified in the will who are to pay bills for someone in a house who is not being given direct access to the money. 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. Not the same thing. 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. For example, are any beneficiaries pushing for an immediate distribution? The bank was very helpful ,CIBC, in not having me set up an estate account (funds in account under $3000) as I had a joint account due to his dementia where his money went in and his bills came out of. Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. Lynne. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. When he passed, he had a bit of money in the bank. 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. Hi Bob,I would be very surprised if the bank did not allow you to sign a letter of indemnity under the circumstances. I think you probably will have to open an estate account.Lynne. If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. Did the TD bank error in allowing this as she was only one of three executors? My question is does the bank have to wait for the probate to go through before selling the investments? 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. I guess my question is do they have the right to not release the money once probate has been granted? Let's say my sister's name is Jane Doe and I'm Sara Smith. Contact a Calgary Wills & Estates Lawyer today I contacted CRA, MCP and Service Canada to advise them of Mom's death and filling out the appropriate forms. A cheque was released to to each person on title for a project (including my grandmother whom they knew was deceased) . Your blog is very informativeThank you. Hope this helps others who deal with RBC regarding non probated wills. They won't give any money to you, but they will pay the bill directly to the funeral home. The bank says that the 3 kids are the beneficiaries of the RSPs so why do you feel that you can legally put that money into the estate account? Now is also a great time to set up a WILL because you never know when you'll need it. Does the executor have the right to take the funds to any bank? If they still won't comply, you will probably have to hire a lawyer to write a letter to them for you.Lynne. is there any legislation preventing them from doing so? If that is the case, what exactly are you expecting CRA to give you? We went to a lawyer to arrange probate for my Aunt's Estate, and were planning to go to a bank to set up an estate bank account. Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. Any credit card debt or personal loan debt will be paid from the deceased's bank accounts before the account administrator takes control of any assets. Hi Lynne,I have a question. I'm not an expert on criminal law but it seems to me that if she is pretending your grandmother is alive and depositing a cheque made to your grandmother, that is fraud. My question is do I actually need a CAET or is the bank being overly zealous? TD won't cash the cheque, saying it needs to go into an estate account. Stop letting them tell you things they have no right to decide. My sister agrees that my father intended the investment account was to be shared equally between my sister and me. 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 have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. I have made sure his loan and funeral expenses have been paid for and any government cheques have been paid back. Can it be deposited into this account. Make sure you have provided everything they asked for. The alberta bank is insisting on probate. There was no will.Thank youWendy. They gave me a cheque for that amount made out to the estate of my dad. Upon her death, the money would avoid probate and be distributed. I have generated expense report for the Estate, would that be sufficient for the bank to issue me payment?Thank you, You can repay yourself reasonable expenses without any prior approval from anyone. However, keep in mind that as an executor, your obligation is to wind up the estate as efficiently and quickly as possible. Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. Financial institution (Questrade) refuses to do so and claims this is against the law (True?). If you are a co-owner with right of survivorship then the assets become yours automatically upon death and are not part of the estate. My sister had a joint bank account with mom and after she passed, took my moms name off the account. at which point the funds will go to Estate. Getting a Taxpayer ID Number From the IRS. For the 1st distribution she sent it herself to my brother by courier. The information contained in this report references market data from MLS boards across Canada. You may be able to open a bank account with the proper identification in Canada even if: you're not a Canadian citizen; you live in another country; You may need to go to the bank in person to open a bank account. Having said that, there could be other factors that might affect the situation (there always are). Isn't it the point? Hello. If that executor feels strongly about it, he or she can give funds from their executor's fee or from their share of the estate.Lynne. 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. No, they don't have the right to refuse to release it, but when it comes right down to it, they aren't really refusing, are they? Several expenses were incurred and paid from my own pocket while waiting for the probate to be granted. Getting the will to Probate is going to take a bit of time. If your mother "had nothing", there should be almost nothing for an executor to do, so acting as executor shouldn't actually be much bother.I find it really frustrating that people will wash their hands of all work and responsibility for their parents except when it comes to getting some money out of it.Lynne. 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? You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. During the estate planning process, the idea of adding a beneficiary, usually an adult child, to an existing bank account as a joint account holder can seem like an attractive, more efficient option than creating a will and then having your executor set up an estate account after you pass. If you did not obtain the permission of the court to step down, you are still the executor. The will called for my sister and I to each receive 45% of the proceeds and the other 10% would be distributed evenly among my sisters two kids and my two kids. It should list there what paperwork they need. I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. Lynne. The person you choose to administer your estate will use the account's funds to settle your debts, pay taxes and distribute assets. Hi there If I was listed as executor as per cra but they dont give you anything to prove that, can I still open the account get the refunds from cra and close the account without this probate? Estate Planning. Try going to the bank where your son had his accounts, since they will have records of him, etc. What sort of resistance am I likely to encounter from the bank when I try to close them? What are the alternatives if a bank will not open an estate bank account without probate? She has no real assets. What do I need to do to prove that I am the only beneficiary?thanks. 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. slips. Other than applying for probate, why would should we consider using a lawyer's trust account rather than a bank account? most of her property was gifted to me before her death. My sister had a chequing account and she passed away without a will 7 years ago. Does anyone know if they are obligated to move assets over to the estate account, before the probated will is received? For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. This gets more frustrating by the day as I hear more and more stories of banks requiring random and irrelevant paperwork for estates.If they are being obstructive they obviously don't want your business so why not take it elsewhere. The lawyer suggested it might be more efficient to use the law firm's trust accounts. This declaration that the bank has mentioned are they getting that from somewhere? How long should it take for a bank to open an estate account? I have seen copies of the draft and the amount in the Estate account that was left in March, so I know this is the last big payment left. 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. Not at all a fan of RBC, in fact in the process of switching banks myself. Her girlfriend/partner of 30 years passed away. On the Statement of Death I was named as next of kin as I was always the one with Mom taking care of her affairs. The only thing going to probate is her house which was only in her name. Do I actually need any sort of approval? Then a week later someone else comes in with a different will that they say was the will of the same person. It will be the job of the estate's executor to set up and monitor the account. They can object to them if they think the expenses are inappropriate.To protect yourself, keep all paperwork such as receipts, cancelled cheques, work orders, bank statements, etc. They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. It depends on the situation. The loan would be repaid with interest before the final disbursements. But bank policy about the probate requirement is made at the higher levels and the local branches only have so much flexibility. One is that the two of you work it out between you. This might include a home, car, bank accounts, or jewellery. All from my laptop. On the other hand, if you stepped down properly, who became the executor in your place? I was told we can't do this unless we have a probabated will. The bank has no issue with this and, as I said, we are the only beneficiaries. 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. Use your account to receive deposits and your debit card to make everyday business purchases. Nobody but a judge can decide whether a decision made by your mother close to her death is a valid decision or not.I'm absolutely horrified by this story. Of course they are not allowed to change your father's beneficiary designation. Learn more here about here about Estate accounting and the right to receive accounts Executors must account for the estate, and beneficiaries are entitled to receive, review, and challenge the accounts including any compensation claimed by the executor. A person made a will which was never signed. Given that there was no will, no spouse, and no other children, the chances of anyone else appearing are next to nothing. I am not the executor, a relative who is a C.A. My sister and I are co-executors of our fathers will. Meanwhile my brother received it but I did not. A friend passed and named myself or my husband executor and also sole beneificiaries. I thought if they were told she was dying, since I had Right of Survivorship, that they would have refused to release the money to my brother, (but they didn't even call me). This was done after receiving the Probate Certificate which was scanned into the estate dept. The duty of the executors is to maximize the estate as best they can. No probate is required. Hope this not too confusing. On the schedules there are categories. 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. Can you confirm when I take the tax bill to the bank it can be paid from his estate. I'm in Ontario, btw. I can see them wanting you to show that you're the executor of the estate but as for requiring the original will, no I don't see it.You can just accept the requirement and let them copy it, or go somewhere else.The time is ripe for a trust company, credit union, or some small bank to fill this gap for consumers.Lynne, Two concerns: 1 - Our brother is the executor of fathers estate (death was Oct/17) of 1 to 1.5 million. His RRSP beneficiary form completed in 2011 lists my sister and me as his beneficiaries (oversight). Thank-you Alyssa. Have a great day. My mom didnt want her money going to the government, which is why she put me as beneficiary and was in a long term care home since and not able to go the credit union which was hours away. Now the bank is on the hook for the full funds because they released the funds to the wrong person. This is clearly a "screw you, this works for us" policy on behalf of the banks.Keeping detailed records makes sense. RBC has made a royal mess for me to contend with. An alternative might be to purchase bank drafts rather than cheques. What should I do? That's interesting. Hello Lynne,My mother passed away in February and I am a co-executor along with my brother. If anything goes missing, it's all on the executor and the bank bears no blame for it.Lynne. Hi Boobes,Trying to understand your question. If all of that is paid up, the funds go to his beneficiaries. If the house can sell at a higher price after repairs and restoration is there a duty to the beneficiaries to wait until it's repaired before selling? It'll happen. My financial institution says that they are not allowed, but will make concessions for burial costws and probate application only. This is because a grant of probate is an order of the court that indemnifies everyone who follows it. Hi Lynne.My mother passed away in September and my brother and I are co executors. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? My sister now refuses to sign a bond of indemnity to the bank to have it replaced even though I went as far as convincing the bank to put my name on the bond too, which they don't have to. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. 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 would much rather deal with my Bank. What is your question? One bank in which the deceased has an account and who also know my mom from frequently coming to the bank as she was not an online banker are paying the bills as the moment for the house. As a result, few executors know, relying on the issued (or not-issued!) Their job is to hand over the account once probate has been granted. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. There will be no other transactions. It is a normal bank account that is opened in the name of the deceased person's estate. He had all the necessary documents but I guess in their mind the estate was not worth their time. Estate accounts are subject to different reporting requirements than personal or business accounts. The only thing that could be in issue is the validity of the will. My sister and I would like this account to be settled to our Mother's RRSP as she is a Qualified Beneficiary and will not be paying taxes on it. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. Let's say your husband goes into the bank with the will and the bank releases the funds to him with no probate. (The cops have had the 'case' for 6 years)So be warned some banks are willing to release funds prior to the (joint) account holders death,(whether it be weeks, or years) and that the money while insured, is not insured for theft or fraud, so you won't be getting any money back from the bank if they 'made a mistake' even though according to one manager 'it happens all the time'. An estate account is a temporary bank account that holds an estate's money. My mother is not very well and I have POA. The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. I just need that cheque to go in there. The money belongs to the beneficiaries, and they have every right to insist that you disburse it (once taxes and bills are paid, of course). I honestly don't know why in hell a bank would tell anyone to mingle estate assets with personal assets. 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. Please help. I don't have the big picture! The lawyer handling his mother's estate wants to write the cheque to my name with Executor of the Estate of (my husbands name). The bank will probably insist on having both signatures if the account is set up to require both signatures. The bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. 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. Everything else of my husbands, all accounts, homes,, RRSP's etc. so, this should be easy opening an estate account is just a formality, since all accounts go to me anyways.

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