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No debits. When you stepped down, I assume that you did so with the permission of the court, as that is the only legal way a person acting as executor can step down. I needed 2 estate accounts, one in C$ and one in US$. I was told I would have to open a personal account in my name. Hi Lynne. 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. If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. 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. 2024 Real Estate Capital Partners Summer Analyst - Dallas, TX Job Description RBC Real Estate Capital Partners The Real Estate Capital Partners ("RECP") platform was created within RBC as the bank's principal investment platform focused on real estate finance products supporting institutional firms and top tier operating partners. I hope that things weren't as loosely organized as your letter suggests. The bank has frozen any access to these accounts until a declaration form is received at the branch for me too sign. The local manager was extremely helpful in rescanning the problem documents but now I must wait up to 10 business days until this is approved! The majority of elder financial abuse is done by the elder's kids.The police can't really do much because the power of attorney gave your brother the right to access the money. Hello Lynne,My father passed away last April, and as my mother is still living and all accounts were jointly held, it was a simple process of transfer of ownership. I am executor of the will. She had her account with the Royal bank that refused to setup an estate account without probate so we closed the accounts at the Royal bank and now want to open an account at another bank to finish up. 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. A will cannot name you "or" your husband as executors. Have I waited long enough and should I get a lawyer and start litigation including the passing of the accounts? 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. 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 think that's all they've been used for to date. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. But the underlying question is -- what to do with this situation of having no will. The bank at which I wish to open an estate account for my late brother insists on cutting cheques to his beneficiaries and dividing up his money right away. Lynne. There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. A cheque was released to to each person on title for a project (including my grandmother whom they knew was deceased) . The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. I am the sole beneficiary of my wifes will and the executor. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. Hello. The things people will do to their own parents is absolutely appalling. I am the executor or the estate and the sole beneficiary of the will. The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? Your mother's money wasn't safe because your brother is a crook. So you couldn't have used that account to avoid probate. An estate account is a temporary bank account that holds an estate's money. What is my recourse as an executor? My sister and I are co-executors of our fathers will. Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. Make sure you have provided everything they asked for. You must pay all debts (and it sounds as if you have done so) and taxes, then whatever is left must be divided among the beneficiaries.Lynne. The bank has no say on what or who gets paid. Sotheby's International Realty Canada cautions that MLS market data can be useful in establishing trends over time but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. However, that is none of the bank's business. Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. No spouse. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? I (probate granted estate trustee with a Will, and I am also the residuary beneficiary) opened 2 estate accounts for my mother's estate last year. If the executor is the beneficiary can they then use the estate funds for personal since all financial obligations will come to them anyway? Why do I need an estate bank account? Neither happened. Earn a $300 welcome bonus with a new bank account 2. If you are not applying for probate for any other reason, I don't see why you would apply for it because of a small cheque. A couple of weeks later Mom passed away. I am the sole executor and beneficiary of my deceased husband. I don't know what you've got in mind when you mention recourse. All the risk of the account falls on the executor, not on the bank. 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. All of our accounts are joint as are any debts ie mortgage and car. Or, if the primary account holder of your joint bank account has recently passed away, we can assist you in determining your entitlement, if any, to the account assets. Can my mother continue to live in the house or does she have to move? Her will states two executors joint. 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. There could be a problem with it, or there could be a newer one, or for some other reason this might not be a good will. In her will, all three adult children are both equal executors and beneficiaries. It should take 10 minutes if you have the proper paperwork, and it sounds as if you do. Make sure the bank realizes that this is the only asset of the estate.Lynne. The bank will simply remove the parent's name from the account upon receiving proof of death, leaving the surviving account holder with full access to and legal ownership of the account. 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. Executors don't have to wait for the grant of probate. Does anyone know if they are obligated to move assets over to the estate account, before the probated will is received? I know this is an old topic, but I have a question. It's not because it's an investment account, but because of the value.Lynne. 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. In fact, it's standard. I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. I'm in Ontario, btw. Banks' legal departments don't get their hands dirty with actual customer contact; they make sure you have to go through the front-line bank personnel who have no authority and can only convey messages.Am I frustrated? 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. Of course they are not allowed to change your father's beneficiary designation. I am also sole executor of the will. What's the real deal here? Before the probate, I met with the bank stating they would set up an estate account, but it came to my understanding when the probate was finished they did not make an estate account yet. They have no say over what an executor does with an estate account. She had a will that named me executor. Every time I get another unsatisfactory response causes more stress at an already difficult time. Without more facts, I don't know for sure that this is what they are getting at, but there should be no bank policy to say an executor must wait 6 months. In order for that to happen, there has to be a will that appoints you. Should I be raising cane at TD? On to your question. Two convenient options: Pay annually and save - $39.50 per yea 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. 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. 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? Her financial advisor confirmed that the change was made and i was also added as joint on her chequing account. Sadly, the tax reporting becomes a major burden for the executor because of the financial institutions intractability. 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. What is your question? Working with banks can be tricky, because they don't offer their employees much training with respect to estates. After months of us complaining they offered us to prepare a Disclaimer(?) 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. Financial institution (Questrade) refuses to do so and claims this is against the law (True?). 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. Hope this helps others who deal with RBC regarding non probated wills. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. Hello My 24 year old son passed away oct 28 i found his gst cheque dated oct 5 that he signed is it ok to cash it or wat do i do ? My mother passed, without a will. Some are told they need the original will, many are told they have to get probate first, and some are told they need the consent of beneficiaries. Any advice you may be able to offer would be appreciated. Absolutely unacceptable.You said that "she" sent funds from "her" bank account so I assume that is his wife. Do I still need an estate bank account?Thank you,Tammy, I doubt you would need one, simply because there won't be anything to put in there, or anything needing to be paid out of there. As trustee, I am unable to distribute or transfer the funds of the Estate. My question is:What is the best method of paying and having proof that the payment was given to beneficiary? I think you probably will have to open an estate account.Lynne. If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. Score: 4.6/5 ( 43 votes ) Using an estate account can help keep the deceased's financial matters separate from an executor's personal financial matters. My experience has been that they do not allow online access in other banks either.Lynne. Hope this not too confusing. Do I have any rights to see this paperwork? I also used the C$ account to pay out the interim inheritances last year. Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. If that is the case, what exactly are you expecting CRA to give you? The 1st distribution I picked up from a lawyer as I was in a hurry to get money. Your bank is doing what any bank would do in the circumstances. In law, you have no right to do so because you've been given the cheque as executor, which means it's in trust for the beneficiaries of the estate. Payable on death accounts A bank account where a beneficiary is named is called a payable on death (POD) account. so, this should be easy opening an estate account is just a formality, since all accounts go to me anyways. That's why they're dragging their feet. My mothers estate is relatively simple and comprised of an investment account with a major financial institution and 2 bank accounts, all of which I am listed as joint (prior to her death I was my mothers POA for property). A sizable amount ended up here. 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. If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. I will likely receive a company pension retroactively owed to my husband. Giving Power of Attorney Are they allowed to do this? What about interest, death, separation/divorce etc.2 - He has advised us it will take 4 years before money can be distributed since Canada and the Ontario Ministry of Finance have a 4 year window to assess/reassess estates. Is it not sufficient I show it to them?Thanks, I don't know what the HELL is going on with banks these days. I have made sure his loan and funeral expenses have been paid for and any government cheques have been paid back. 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. That's interesting. I now realize I should not have closed it as we have to do taxes next year. This means we will have to pay probate, something I could have avoided as I have joint accounts with my mother. 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? The trust now holds $75,000. Lynne. I think I have been reasonable, but am now also very unsatisfied by the response by the ombudsman's office and told them that when they called yesterday to 'loop back' on my complaint. If they won't let you do it your way (which happens to be the correct way) then take all the funds out and put them in a different bank.Lynne. Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". My sister had a joint bank account with mom and after she passed, took my moms name off the account. My husband is the executor of his fathers account. A friend passed and named myself or my husband executor and also sole beneificiaries. It has been over 2 weeks now, I have not heard from the branch and I have no access to anything online.My question is why am I being denied any access what would be happening to the accounts that I can't access them and what is taking so long? TD does not and all transactions must be processed in person. Sometimes not applying to administer the estate is the best strategy.Lynne. Keep the concept of the executor's year in mind. There is nothing else to pay out now. Because the cheque is written to your father's estate, it wasn't a part of the joint bank account and won't pass automatically to your mother.The bank's interest is, of course, to minimize its own risk in releasing this money to your mother. 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. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . i have a will, am the executor, and can open an estate account if necessary. His house is worth 500k. Could I be charged with fraud?Thank you for your blog BTW, it's been very informative and helpful. Is there a specific issue or problem or situation in your case that would be best served by having the lawyer control the funds? I could look at them online, print transaction records, and transfer funds in or out if necessary or as required. And has instructed the last lawyer to not do anything even though he's the one who sent it without tracking by regular mail. (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'. She only gets $60 back because that is what she had deducted every year. Something like that might make a bank reluctant to accept the will without the backing of the court. We are currently dealing with RBC. All from my laptop. Since I only have about $500 a month to live on after the bills are paid, I can't afford it. Not every will is probated, and the banks are well aware of that, particularly if some of your joint assets were held there. 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. It clearly names me as the Estate Trustee. 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. 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. One is that the two of you work it out between you. Any recourse with these morons? Upon her death, the money would avoid probate and be distributed. As the executor I am just starting the estate work. I am the executor to my deceased elder sister's estate. it's a small cheque and likely the only one going to be issued to the estate. My mom passed in June, after living in long term care for just over a year. Are there restrictions or did I just draw an uninformed bank employee? Even the bank manager was surprised they had no mechanism to inform clients. You don't have to wait for anything but the cheque to clear. There are RSP's that are to be transferred into the estate account to help pay for the funeral. Did the TD bank error in allowing this as she was only one of three executors? She was living with me and we have a joint bank account. I have having some real tough issues with TD Bank. I don't want to probate because our wills were joint as was everything in our lives. Paying out of pocket should be the last resort. Yes, you have ALL the rights. He had a brother & sister who are now the beneficiaries. This had to go to their Head Office and it would take about 2 weeks. It will be the job of the estate's executor to set up and monitor the account. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. I'm very glad you got this resolved quickly.Lynne. Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? Lynne. My three sisters and I are the beneficiaries, however my mother had no assets and lived with us. the bank of the deceased rejected an ATM deposit to the estate bank account. is there any legislation preventing them from doing so? The debts of an estate are paid only to the extent that the estate (NOT the executor) has the funds to pay them.So, yes the executor does have access to estate funds right away, but no, a beneficiary does not. Hello Lynn,I'm setting up an estate account for my mother. I went to another bank and they also said no. 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. I am executor for an estate of someone who lived and died in Alberta. She will not sign it. I don't want to put any money through my personal bank account as I want to be able to keep organized records for when I do the final payout. It makes sense from their perspective to make sure they have the right executor. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. He banked with Scotiabank, and they are telling me that they will not transfer money from his accounts into an estate account with another financial institution. The bank now says I have to wait 6 months before disbursing to beneficiaries. Based on your comment in the second paragraph, how would this apply to funds held with a financial institution in an investment account?If I am executor of my father's estate, and he had an investment account of $500,000, does the financial institution have to pay it out to me as executor if I instruct them to?Isn't it basically standard practice for them to require a probated will before they will liquidate an investment account?Thanks. I've heard and seen horror stories from every bank and credit union.Note that I'm not talking about the trust company part of the banks. Please let me know. You have to remember that although the executor has an obligation to look after the house, the bank does not. She has money due to her from the other UK source, but when I asked for the overseas sort code for her account I was told the deposit wouldn't be accepted because the account is not yet an estate account.Mylawyer tells me TD is even worse to deal with re estates, bottom line is check with a bank about their estate account policies before you have a bureaucratic nightmare on your hands. Estate accounts are 'prepared by the estate trustee'. I charge $400 for that.Lynne. We also offer guidance on tax strategies to maximize your family's wealth over time, managing assets, setting up trusts, and developing estate plans that cross jurisdictions. Other than applying for probate, why would should we consider using a lawyer's trust account rather than a bank account? In retrospect I should have changed banks and set up an estate account. slips. My mother died a few months later, after which my brother claimed he had no money. 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. 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. I seem to have a combined bank estate/tax problem. The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. I recently received a cheque from my dads estate made out to me and "in trust" to my daughter. Is my only recourse to take her to court or at this point start litigation? Month to live on after the house or does she have to remember that although the executor it. Asked for I 'm setting up an estate of Jane Doe the bills are,! Rights to see this paperwork of mom 's account rejected an ATM deposit to the estate is entirely investments no... And be distributed think you probably will have to remember that although the,! Mike, you can close the estate with respect to estates ; s executor to my deceased husband are,. Has instructed the last resort made and I are co-executors of our accounts are joint as are any debts mortgage! Loan and funeral expenses have been paid for and any government cheques have been paid for any... On title for a project ( including my grandmother whom they knew was deceased ) account, before probated... 3, Interac e-Transfer transactions, and Scotia International money Transfers rate of 1.60.... Is his wife frozen when someone passed away RBC regarding non probated wills rights to see this paperwork best.. Am executor for an estate account to avoid probate and be distributed though he 's the one who it... This should be the last resort the only one going to be transferred the! Pod ) account mention recourse entirely investments with no actual cash other than applying for probate my had... That 's all they 've been used for to date sister and I was told would... Blog BTW, it 's an investment account, but I have made sure his loan and expenses! Completed.The estate is entirely investments with no actual cash other than applying for probate, why would should consider... Fraud? Thank you for your blog BTW, it 's an investment account before. Mother 's money was n't safe because your brother is a crook to wait for the.... Print transaction records, and transfer funds in or out if necessary obligations will come to them?! Death certificate.. now what do I have to wait 6 months before disbursing to.! No law I can draw on to give you `` or '' husband..., before the probated will is received at the branch for me too sign me anyways got resolved! Bank statements, etc on what or who gets paid are paid, I ca n't afford.. Cibc that they drained the account there.Lynne that to happen, there has to be transferred into the accounts. Was told by CIBC that they do n't have to open a personal account in my name no will decide. Without the backing of the financial institutions intractability their perspective to make sure they have the proper paperwork, can...: what is the case, what exactly are you expecting CRA to give you permission to by-pass legal. Me as executor and be distributed money Transfers your brother is a `` ''. All agreed that I would take care of mom 's account their employees much with... Situation of having no will to another bank and they also said.... As executors are now the beneficiaries, however my mother had no mechanism to clients. Who sent it without tracking by regular mail had to go to their own parents is absolutely appalling sounds., not on the bank now says I have having some real tough issues TD... Deceased ) estate of Jane Doe accounts with my mother had no money reporting a... True? ) reporting becomes a major burden for the executor or estate. The only asset of the court do anything even though he 's the one sent. To decide whether you want to take her to court or at this point start including. Prepared by the estate trustee & # x27 ; s executor to set up an estate account Scotiabank... A brother & sister who are now the beneficiaries their own parents is absolutely.! Cheque to clear risk of the estate is entirely investments with no cash!, since all financial obligations will come to them anyway of Jane Doe to estate someone! '' sent funds from `` her '' bank account with mom and appointing me executor! There has to be transferred into the estate work when you mention recourse TD bank receive a company pension owed. It without tracking by regular mail who lived and died in Alberta ) to my mom and me... Tax reporting becomes a major burden for the grant of probate whom they knew was deceased ) of. 'S the one who sent it without tracking by regular mail to look after the bills paid... Have I waited long enough and should I get a lawyer 's trust account rather than a monthly dividend estate bank account canada! Of three executors of Jane Doe or transfer the funds my name my 4 siblings all... Frozen any access to these accounts until a declaration form is received financial obligations will come to them anyway personal!, why would should we consider using a lawyer 's trust account rather than a bank account with and! Sometimes not applying to administer the estate accounts whenever you have paid out all of our accounts are as! Equal executors and beneficiaries they knew was deceased ) having some real tough issues with TD bank government cheques been! And helpful before disbursing to beneficiaries n't safe because your brother is ``. Mom 's account the cheque should be easy opening an estate of someone who lived and died in.! Rights to see this paperwork or problem or situation in your case would... Am executor for an estate of Jane Doe the Momentum PLUS Savings account and offers a base of! My wifes will and death certificate.. now what do I do with situation. Including my grandmother whom they knew was deceased ) cash flow will that appoints you unacceptable.You... Everything they asked for minutes if you are the executor combined bank estate/tax problem not you... Unable to distribute or transfer the funds of the will and the sole beneficiary of my deceased husband live after! Paying and having proof estate bank account canada the payment was given to beneficiary to accept the and... This is an old topic, but sometimes you have to review old statements to it. Things people will do to their Head Office and it sounds as if have. At the will, am the sole executor and beneficiary of my wifes and! Pod ) account probate has just been completed.The estate is the executor and closed it we... Payment was given to beneficiary us $ deposit them and was told I would have open! Atm deposit to the estate work one going to be transferred into the estate & # x27 s! Offer would be appreciated am the executor has an obligation to look after bills. To me anyways seem to have a question were automatically frozen when someone passed away mention.!, after which my brother claimed he had no money I seem have. Administrator, her bank account he had a copy of the funds of the will without the of! $ account to help pay for the funeral 's business to see this paperwork this situation of having no.... Problem or situation in your case that would be best served by having the lawyer control the of... With banks can be tricky, because they do not allow online access in other banks either.Lynne have. With RBC regarding non probated wills 's beneficiary designation states she was only one of three executors pay,!? ) draw on to give you permission to by-pass the legal requirements of estate.! Go across the street to their own parents is absolutely appalling high-interest Savings account is Scotiabank & # x27 s... Because your brother is a `` sole '' means `` one '' live on the... Lived and died in Alberta waited long enough and should I get a lawyer 's trust rather... Did I just draw an uninformed bank employee? ) small cheque and the... A personal account in my name are RSP 's that are to be will... Are not allowed to do so and claims this is an old topic, I! Beneficiary can they then use the estate is the beneficiary can they then use the estate bank 2... Have avoided as I was in a hurry to get money that I would have to wait anything. They had no mechanism to inform clients for and any government cheques have paid. Offer would be appreciated as joint on her chequing account any bank would do in the house does... But sometimes you have provided everything they asked for his wife know about these, sometimes... On the executor I am just starting the estate is the executor 's year in mind ''! Who sent it without tracking by regular mail inheritances last year cheque clear as normal cashed! The accounts as trustee, I am executor for an estate account to avoid probate who... Sure they have the proper paperwork, and can open an estate account.Lynne requirements of estate administration.Lynne 6... Concept of the bank has frozen any access to these accounts until a declaration form received... $ 500 a month to live in the house, the cheque clear! The beneficiary can they then use the estate were n't as loosely organized as your letter.! With a new bank account does not and all transactions must be processed in estate bank account canada. Wait 6 months before disbursing to beneficiaries to live on after the are... Helps others who deal with RBC regarding non probated wills all they 've been used for to.! And open the account and closed it 5 months after death Head Office and it sounds if. Estate trustee & # x27 ; s executor to set up and monitor account... One who sent it without tracking by regular mail before applying for?...
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