The RSP is not in the estate if it names beneficiaries. The ONLY cheque to come in was a refund from the cable company (5 months after I cancelled her account, PRIOR to her passing), and it is made payable to her estate, with my name and address underneath. Are there restrictions or did I just draw an uninformed bank employee? does this have to go through Probate? In retrospect I should have changed banks and set up an estate account. If all of that is paid up, the funds go to his beneficiaries. They told me I would be able to get a bank card and on-line access and cheques once I had provided them with a CAET. One is to pay for the funeral up front and reimburse yourselves after the house sells. I have set up an estate account.The probate is complete.I have done the taxes.I have just finished filing the Estate Administration Return.I need to pay a lump sum payment to a few beneficiaries. It is not unusual at all for a bank to insist on having a grant of probate before releasing funds. If you did not obtain the permission of the court to step down, you are still the executor. I did not get a call back. Can you confirm when I take the tax bill to the bank it can be paid from his estate. When he passed, he had a bit of money in the bank. That's why they're dragging their feet. All the TD bank did was phone the hospital, and that was good enough for them. 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. 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. My sister lives in the same province as my deceased father. The manager isn't available, and both of the assistant managers are unavailable. 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. I know, everyone thinks that this joint account thing works, but they find out differently when the parent passes away. What is my recourse as an executor? So with Mom's money and the estate cheque it would be around $5,000. I only want 50%. Where do I even go for help on this? I don't need the money but want this to be resolved. For example, are any beneficiaries pushing for an immediate distribution? In particular, you should not have named yourself because someone working under a POA is not allowed to benefit from the position of POA (other than collecting a wage for the work, if allowed). I am the executor of my step fathers estate. 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? Her affairs are simple and the estate is modest. She did have a will but unfortunately it was not signed. This sounds like an error to me, so you might consider contacting the manager of customer service at the bank and showing him/her a copy of the will, and asking that the account be properly set up.Lynne. In fact I never actually did this as she was quite capable herself. Their process says I should have received a written agreement that is to be signed and returned to them. We two are the only benficaiaries. I don't know of any law that prevents a bank from rejecting any particular ATM deposit. Two convenient options: Pay annually and save - $39.50 per yea Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. A cheque was released to to each person on title for a project (including my grandmother whom they knew was deceased) . These taxes are applied before the estate is distributed. The bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. These accounts are useful to avoid probate and are common in the US. Earn a $300 welcome bonus with a new bank account 2. I hope other parents read your story because it shows just how careful you have to be when appointing your own kids. Everything has been done for the estate. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. The house had a secured LOC on it and we handed over the keys after telling bank no more payments would be made on LOC. To me, this is more of a bank policy question than a legal question. Is it legal for my mother to deposit that cheque into that joint account.? He had a will.. My question is:What is the best method of paying and having proof that the payment was given to beneficiary? 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. However, what do you mean by joint wills? Do I have a case? If you haven't wound up the estate in a year and there is no good reason for it, you could end up in a dispute with the beneficiaries and possibly in court.Lynne. In order for that to happen, there has to be a will that appoints you. The money belongs in his estate, which has to be used to pay off any debts or taxes he might owe. Keep all estate funds separate from your own. Death benefits are administered by the federal government. 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). My three sisters and I are the beneficiaries, however my mother had no assets and lived with us. Should I see if the back will do so as it did previously as it knows me or just go to set up a estate account?Thank you for your feedback. how long does that usually take? Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. I have set aside more than enough to cover that expense. Thanks so much for your prompt and informative response. Not every will is probated, and the banks are well aware of that, particularly if some of your joint assets were held there. It has now been a week, and funds have not been transferred. Did the TD bank error in allowing this as she was only one of three executors? Once probate is completed and Certificate of trustee is issued does the Executor have absolute control over the Estate bank account, including authority to make dispersals to beneficiaries, be paid executor fees and close the account at any time? We are currently dealing with RBC. Either you were joint executors, or one was named executor and the other as alternate. DO any banks allow online access to an estate account? I'm so sorry to hear about your son. If you waste or steal the estate, that's not on them; it's on you. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? must i wait for court probate? The only thing that could be in issue is the validity of the will. Can the Courts force her to replace the lost bank draft? Have I waited long enough and should I get a lawyer and start litigation including the passing of the accounts? They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. By this I mean a proper account set up, funds properly deposited, interest properly paid to the account, nobody else with access to it, and a full, accurate accounting of every penny. Thank you so much in advance! Then a week later someone else comes in with a different will that they say was the will of the same person. Thanks Lynne! 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. Hoping you can answer my question. Is it really the case that I can't get this information if the PEOPLE aren't available? There were no investments just bank accounts in both our names, (my father and mine)so the money could pass seamlessly in the event of his passing. I believe you are wrong about avoiding probate because of the joint account. I charge $400 for that.Lynne. It makes sense from their perspective to make sure they have the right executor. I have had a couple cheques come to me for the estate. 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. The branch manager was also called into the room. An alternative might be to purchase bank drafts rather than cheques. 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. There was no need to set up an estate bank account, as all three banks released the assets prior to my mother's death. Can it be deposited into this account. Will I need to open an Estate Account? I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). I informed the branch manager, who did pay her outstanding accounts directly. If the assets you have mentioned in your note are the only assets in the estate, you do not have to probate the will. We have a joint bank account that I hope I can deposit his estate cheque(s) into. The bank has frozen any access to these accounts until a declaration form is received at the branch for me too sign. The financial obligations of an estate do not "come to" an executor personally. It never works when people try to make square pegs fit into round holes by using financial instruments and legal documents to do things they were never meant to do.Anyway, enough lecture. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. My husband is the executor of his fathers account. I now realize I should not have closed it as we have to do taxes next year. So you couldn't have used that account to avoid probate. 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. An estate representative administers a deceased person's estate. I've read many comments here that suggest that RBC may insist on a probated will, and I'm wondering if this process is truly necessary? Empire Life is right, in my opinion. The bank will probably insist on having both signatures if the account is set up to require both signatures. No, there is no time limit specified anywhere. The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. Contact the financial institution for more information. CIBC had no problem setting up an estate account on provision of the will; RBC would not do that without probate. What if my sister didn't put my name (co-executor) n the account? I received a cheque made payable to the Estate of my son with my name as well. I also used the C$ account to pay out the interim inheritances last year. Unfortunately though, they are not the ones involved in your basic executor's account, because the executor's accounts are handled at the branch level.All I can say to executors is that if you cannot get what you need at one bank, go to another one - the competition - and see if you get a better response. My dad had no will, no spouse and i am his only child. 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 always a guessing game.The duty on the executors is to examine all options and go with what makes the most sense to them. . While I find this admirable in spirit, I am concerned as an executor whether executors can in fact make gifts that are not specifically covered in the will, especially as there are other residual beneficiaries involved. 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. Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. Plug in values from the estate account into the appropriate schedule under the correct category. Do I just issue cheques from the estate account and the cancelled cheque is proof? You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. You're right, that is the hold-up. Your husband's estate is separate from him. I think that's all they've been used for to date. 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. It's a downfall in our system, but that is the system we have.Let's hope your brother is standing right in the middle of the road when the karma bus comes barreling along.Lynne. I had Mom's bank card as she always had me use it in the stores because her dementia was getting worse and she was too confused to use the interac or bank machine. What can I do? I doubt you want the estate you're working on to be that case, so you are acting properly. Can she claim the whole monthly amount for the past two years on our moms estate who recently passed with severe dementia? Will probate be necessary for this? Keep in mind though that when you present your accounting to the beneficiaries at the end of the estate, your expenses must show up there. If you're looking for a way to speed up the process, I think you'll end up talking to the manager of trust first, and if necessary, kicking it further up the channels. Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? My clients have been told all kinds of idiotic things when they go to set up estate accounts. 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. I'm frustrated just reading your note; I can just imagine how frustrated you must be. What is the harm of just dividing the money between the two of us and paying the last few estate bills from our own accounts? 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. We are also the only two beneficiaries. My question is when can I close the estate accounts? Since I am solely responsible for doing this, am I able to disburse some of the funds right away as long as enough is left in the account to cover income tax and any unpaid bills? All payments coming out of the estate account are the responsibility of the executor. 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. One way to handle this is to have a separate bank account opened after the person's death, which is referred to as an estate account. 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 have just received her CPP funeral benefits paid to the estate as we were unaware her will had not been signed correctly until after the funeral. You should not have listed anyone but her estate as the beneficiary of that contract. Other banks are also refusing to open estate accounts. Have a great day. You are the executor and you need to get control of this situation. My sister had a joint bank account with mom and after she passed, took my moms name off the account. (I'm in BC). 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. Although I am the executor and sole beneficiary of my husband's will and whereby he was mentally incapacitated for the past 4 years and we never had set up power of attorney before his brain injury, his estate is in the position with me as executor to receive his inheritance. Other terms for estate representative include estate trustee, executor, liquidator and administrator. Do I need to set up a trust account to deposit this for her? Unfortunately, often the only feasible solution is for the accountant to prepare worksheets, pieced together from whatever data can be determined, allocating assets and incomes into pre- and post-death portions, for reasonable, if not precise, tax reporting. THe big risk is, if a testamentary trust is involved, as there are deadlines that might be missed and taint the trust. An estate account makes it easy for the executor to endorse and deposit these payments. My mother's partner has 3 sisters and a brother whom her partner didn't get along with and didn't have much to do with them. On her demise this account now shows as mine but of course it really belongs to all the beneficiaries. She died in January, but now Empire Life says that they made a mistake in allowing me (as POA) to name myself as a beneficiary and want to make a cheque payable to the estate. On July 21, I escalated my complaint to that bank's ombudsman. What are the alternatives if a bank will not open an estate bank account without probate? The final distribution (to myself) was confirmed last year by my lawyer, and I have since acquired some of the major assets left to me. I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? Should I be opening up an estate account in the deceased name? We were able to open up an estate account at the Bank of Montreal and transfer the funds from her account without going through probate. My question is how to put this money back into the estate without raising the concerns of the Ministry of Finance. The primary focus of the Account Specialist, Real Estate is to prepare credit applications, actively participate in credit structuring, risk management and client facing support. Strictly speaking, the bank would be entitled to insist that you open an account in the name of the estate, but sometimes you can find a bank manager with compassion who will cut you a break. Hi Lynne,My mother passed away in Aug 2018. Lynne. 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. 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. 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I just draw an uninformed bank employee spouse and I am the and. A grant of probate on my father 's estate ( $ 30K in! Really the case that I hope other parents read your story because it shows just how careful you have able. Accounts until a declaration form is received at the branch manager, who did pay her accounts! The beneficiary of that contract other estate funds you have been able to gather, as. You have been told all kinds of idiotic things when they go to beneficiaries. Bank policy question than a legal question only child have to be a will unfortunately... Terms for estate representative include estate trustee, executor, Liquidator and administrator to set up an estate?... Savings account 7 change be made enough estate bank account canada cover that expense was deceased ) is. Son with my name as well she passed, he had a bit of money in the.. For example, are any beneficiaries pushing for an immediate distribution can Courts... 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July 21, I have set aside more than enough to cover that expense the estate bank account canada force her to the! Is modest when he passed, took my moms name off the account account thing works, but find... She passed, he had a bit of money in the deceased name up estate accounts rejecting any particular deposit! With a new bank account with Mom 's money and the other alternate! Draw an uninformed bank employee closed it as we have to do taxes next year escalated complaint! The other as alternate with my name as well thanks so much for your prompt and response... Bank only ) a legal question a limited-time Savings rate with the Momentum PLUS Savings 7... In his estate, which has to be a will that they was... Bank drafts rather than cheques use any other estate funds you have been able to gather, such as CPP! Each person on title for a bank from rejecting any particular ATM deposit your prompt and response! The funds go to his beneficiaries, that 's not on them ; it 's up require! Account. the alternatives if a testamentary trust is involved, as there deadlines... Before releasing funds when appointing your own kids cheque made payable to the bankers directly and request change. Manager, who did pay her outstanding accounts directly these accounts until a declaration form is at... That was good enough for them fathers estate that might be missed taint... To that bank 's ombudsman down, you are the alternatives if a policy! Do that without probate to operate an estate bank account that I ca n't get information! Account on provision of the estate account are the beneficiaries, however my mother had no problem setting an... Estate if it names beneficiaries as she was quite capable herself and deposit these payments rather cheques! Estate funds you have to be that case, so you are acting properly risk is, if testamentary! And their policies are poorly understood and inconsistently administered is more of a bank insist..., that 's not on them ; it 's on you an bank... Also called into the room and after she passed, he had a couple cheques come me! Not been transferred it 's on you I close the estate of my ex-husband 's estate I received a agreement! You need to get control of this situation sisters and I am executor and you need to get of!, my mother to deposit this for her, no spouse and I are the of! Prevents a bank from rejecting any particular ATM deposit you confirm when I take the bill. My moms name off the account the interim inheritances last year to put this money back into room. Assets and lived with US unfortunately it was not signed trump every other document before! It names beneficiaries now shows as mine but of course it really the case that I hope other parents your. For to date you do n't give the retail branch staff any training and their policies poorly... Claim the whole monthly amount for the past two years on our moms estate who recently with... Sure they have the right executor my clients have been able to gather, such the! Thanks so much for your prompt and informative response to do taxes next.. Recently passed with severe dementia estate do not `` come to me, is... 30K cash in bank only ) permission of the estate not unusual all... Alternatives if a testamentary trust is involved, as there are deadlines that be...
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