HiMy mom past away.There was no will and no court ordered executor.I payed for the funeral as her son because someone had too.I do not want to be executor as my mother had nothing so its not worth the trouble.I will let the government deal with my moms affairs..My question is the funeral home gave me a form to apply for cpp death benifit and said to me that it will help cover costs of the funeral.I payed in full 7000 for funeral and received a cheque from government for 2000 but its not in my name its in the name of my mothers estate.How do i get the cheque put in my name as there is no will or executor..Or do I just throw cheque out and suck up the the 7000 funeral bill.Any help would be appreciated.ThanksRon, The government isn't going to deal with your mom's affairs. Banks drive me nuts, for exactly the kind of thing you've just described.Lynne. 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. If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. HelloMy dad passed away in February and had little to no assets as he lived in a care facility. Did the TD bank error in allowing this as she was only one of three executors? Thanks. The judge has discretion to deal with the will. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. His RRSP beneficiary form completed in 2011 lists my sister and me as his beneficiaries (oversight). Lynne. The only thing going to probate is her house which was only in her name. I assume what is going on is that your husband was the sole owner of the funds. This means we will have to pay probate, something I could have avoided as I have joint accounts with my mother. A friend passed and named myself or my husband executor and also sole beneificiaries. However, this doesn't mean that property and assets left to heirs will not be taxed. There are debts owed (including this financial institution which is a tenant in one of the properties). It's under $75,000. My question is does the bank have to wait for the probate to go through before selling the investments? You are the one with the liability and the responsibility so tell them to back off and let you do your job. They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. This bit about the banks not allowing executors to open an estate account until probate has been granted is relatively new, and only works for the bank. It's not what they're used to, I expect, but the law should not require you to get probate.Lynne. I have set up an estate account. Sadly, the tax reporting becomes a major burden for the executor because of the financial institutions intractability. 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. 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. Apparently, they were under no such obligation, in fact the manager of one bank stated, that since my brother was POA, he could do what ever he wanted with my mother's money, and the first thing he did was put a couple thousand towards a loan payment (don't know to which bank - but it does mean they benefited). However in the last through s of her life when I could see the end was at hand I put as much available cash in this account because I knew joint accounts would avoid probate. Is it different when somebody has no chequing/savings accounts? National Bank Trust is a subsidiary of National Bank of Canada. Use your account to receive deposits and your debit card to make everyday business purchases. 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. This declaration that the bank has mentioned are they getting that from somewhere? Will taxes apply to your estate in Canada? If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. Stop letting them tell you things they have no right to decide. I have received the probate, and can access to the Estate bank account, and wonder if I could just go to the bank and withdraw money for my reimbursement? How do I go about cashing this in to divide amongst our family?Tammy. 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 somehow doubt this, but if yes, what additional documentation would be required?2.What are the ramifications of moving money from her account as it is today to myself for repayment? I just received an insurance cheque made out to " The Estate of ". The only reason that some banks are still paying out joint accounts to the kids is that nobody has sued the banks yet. I know you want it to just be easy but there are procedures built into our system to protect people. This seems to directly contravene the CRA website for these types of 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? 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. My question is this cheque can ONLY be deposited into the estate account( we still have one set up) and not a personal account correct?Thank you so much. It's quite possible that they will insist on probate. TD bank estate account has not been closed and balance on the account has been in the estate account for seven years. . I opened up an estate account when my mother's CPP Death Benefit came in. 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. We two are the only benficaiaries. I've been advised by the bank they need to "take" a copy of the original will.Why do they need to copy it and send it to their estate dept.? Now the will have been pronated and the bank has all information requested but will not release the money to the estate account because they want to keep it to cover the mortgage (with the same bank). The only thing that could be in issue is the validity of the will. Does my daughter have to pay taxes on this as income for the year? Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. Someone at the bank is a bit too enthusiastic and I'm sure they are trying to help, but they are giving you wrong advice. I am not happy with RBC at all. 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. It makes sense from their perspective to make sure they have the right executor. They are doing the right thing and you are ignoring how your father in law had things set up.Lynne. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? Hello Lynne,My mom passed away in January of this year and about 7 months before that she changed beneficiary on her investment account and TFSA from the estate to me. You may be named in a will as someone's estate representative. Is this an honour system, or does the bank verify estate accounts by looking at the will? I wasn't aware that they were doing that. If the judge is not fully satisfied with it, you may be directed to prove the will more formally.Lynne, Lynne,I hope you can help. With great rewards, interest and unlimited and free transactions and Interac e-Transfers, it rivals and beats all other youth accounts in the country. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. If the cheque was signed by the POA after your client passed away, it is not valid because the authority of the POA ends upon the death of the donor.You will probably have to speak with the executor of the estate to have the cheque replaced.Lynne. My father had a joint investment account with my sister with a right of survivorship which held shares and cash which the bank has put into her name to deal with as she sees fit. When they are one and the same person, the executor must only use the estate funds to pay estate costs and debts. I contacted CRA, MCP and Service Canada to advise them of Mom's death and filling out the appropriate forms. I'm also more then willing to walk away from the account if I can't close it. 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. 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. . Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. My husband is the executor of his fathers account. Sorry.my question is actually can I deposit this cheque to my account or cash it? Well, I posted the above,on July 16tth along with the other person who also had issues with Royal bank on July 8th. So far I have issued one cheque to myself and one to my sister in equal amounts, (as will states it is 50-50 between us) and we are leaving several thousand in the account to cover bills as they come in. In particular, the bit about being listed as executor per CRA. I was told in the beginning the less money in the account the easier it will be to close out I have a felling this isn't so. I went into the bank to open an estate account so we can deposit money into that account and pay out accordingly but the bank (CIBC) will not let me open the account until probate is done. She did have a will but unfortunately it was not signed. Hi Lynne, If the executor is also the beneficiary do they get access to the funds right away since the financial obligation will come to them regardless? 8. I don't know what you've got in mind when you mention recourse. If that is the case, what exactly are you expecting CRA to give you? Also, they finally said they will release all the funds via bank draft payable to the estate.? 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. In reading their most recent annual report, the office of the ombudsman outlines the complaint process and time for resolution. At least, that's their point of view. You then take the drafts and deposit them into the estate account. I went to another bank and they also said no. Hi Lynne.My mother passed away in September and my brother and I are co executors. My uncle passed away and put my cousin and I as executor's. My question is, do I need to apply for a probate grant before I go to a financial institution to open an estate account? You may have to show some of these to justify your expenses in the future.Generally speaking, executors don't have too much trouble with the expenses as long as they really do keep them reasonable.Note that while the ability to repay yourself applies to expenses, it does not apply to your executor fee.Lynne, I also meant to add that you don't have to ask the bank to issue your repayment. My sister and I were listed as co-executors and my sister has since renounced her position as executor (legally documented with the lawyer that held my mothers will). The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. It's just an expense and a bother if it's not needed. She was living with me and we have a joint bank account. He had a brother & sister who are now the beneficiaries. Went in to my local branch to start distributing funds to the beneficiaries when to my utter shock was informed the Probate papers had been rejected by the Estate Dept's legal wing due to the inability to read to signatures on the will, thus not allowing me to touch any of the funds. 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. Let's say my sister's name is Jane Doe and I'm Sara Smith. No debits. The manager has told me that if she isn't available one of the other manager can help.Well, today is that day. In our case the executor says she has to await the Grant of Probate before opening an estate account. 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. That's not going to work either. Is there a specific issue or problem or situation in your case that would be best served by having the lawyer control the funds? 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. Opening a bank account if you're not a Canadian citizen. 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. My dad passed away and has no will, no assets, no liabilities, no bank account. An estate account is a financial tool used to manage the estate of a decedent. My mother passed away in mid-March. 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. Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. Hi Lynne: Great and informative blog.My husbands uncle died recently. I'm in Ontario, btw. 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). An estate account makes it easy for the executor to endorse and deposit these payments. 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. In fact, it's standard. Then all of a sudden none of the kids will get the joint accounts any more. The problem with joint accounts between parents and kids is that the banks are really inconsistent in their treatment of them. Will I need to open an Estate Account? Bank Accounts Notify the bank and identify yourself as the executor. So out of her account I paid for her last medications so it is a fully paid now. The bank has frozen any access to these accounts until a declaration form is received at the branch for me too sign. However, an executor does have the right to use whatever bank he or she chooses, and it makes sense to go where you feel comfortable and have received good service. My clients have been told all kinds of idiotic things when they go to set up estate accounts. So with Mom's money and the estate cheque it would be around $5,000. Are you telling me that these are decisions being made by the bank or the financial advisor?? Her girlfriend/partner of 30 years passed away. I don't want to probate because our wills were joint as was everything in our lives. However, to get the balance or the transactions, I have to call in and get whatever information I can. When will the bank require some action on the account? When the final payouts are made after the tax clearance certificate is received. the cheque was made payable to the estate. There are no inheritance or estate taxes in Canada. It should take 10 minutes if you have the proper paperwork, and it sounds as if you do. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. Then a week later someone else comes in with a different will that they say was the will of the same person. I know, everyone thinks that this joint account thing works, but they find out differently when the parent passes away. I certainly know plenty of executors who have online access to their estate accounts. 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? If they still won't comply, you will probably have to hire a lawyer to write a letter to them for you.Lynne. Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. Thank you so much in advance! The rest of it does not. Royal bank will not allow me to open an Estate bank account, without a probated Will. The money belongs in his estate, which has to be used to pay off any debts or taxes he might owe. Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. 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). In the next breath the employee told the other executor, the old account is now yours and you can take the Money and run. Is there anyway around this? Hi Lynne, our mother passed away in February this year. Lynne. 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? How can I keep track of what cheques have cleared? to the bank and they should open the account with no problem. The bank now says I have to wait 6 months before disbursing to beneficiaries. Lynne. Let's say your husband goes into the bank with the will and the bank releases the funds to him with no probate. Can I open an estate account and deposit his cheque into it. Jobs Estate Secretary in Canada National Occupational Classification update. Try to take the wishes of the beneficiaries into consideration if you can. I think you probably will have to open an estate account.Lynne. the bank of the deceased rejected an ATM deposit to the estate bank account. My husband passed away recently without a will. I suggest you read the 2007 Supreme Court of Canada cases called Pecore and Saylor. (In case my brother contested the Will, I would still get the money). 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. We have a joint bank account that I hope I can deposit his estate cheque(s) into. Thanks. His house is worth 500k. 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. Once the letter of probate has been granted and presented to the bank where the estate account has been set up, does the bank have any further right to "approve" payments coming out of the estate account. I'm frustrated just reading your note; I can just imagine how frustrated you must be. Open an account online in about 20 minutes or apply in-branch. It should list there what paperwork they need. 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. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. HI Lynne,If the bank sees that there is a co-executor on the will, will they require both executors to withdraw money? It's 2500.00. I would certainly hope that a bank would allow you to cash a government-issued cheque without opening a new account for it. All payments coming out of the estate account are the responsibility of the executor. Now the bank is on the hook for the full funds because they released the funds to the wrong person. You don't have to wait until the will is probated. I am also the executor and there are also 3 monetary gifts and the rest is divided up between her 3 kids. My mother passed away in April, and I met with her bank on April 26 primarily to be sure no further deposits were made. The first stage of estate planning is preparation. Do I have a case? 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. Or I could simply present a copy of the Will to the financial institution that I am the executor? Have I waited long enough and should I get a lawyer and start litigation including the passing of the accounts? The sole real asses, a condo, sold in December of 2018. Lynne. My question is how to put this money back into the estate without raising the concerns of the Ministry of Finance. Will probate be necessary for this? There is little money available from the deceased and the bank will only pay the bills to keep the house running. I have since gone to CIBC and they had no issue with helping me without probate. The cheque is not payable to your mom, but to her estate. 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. Of course they are not allowed to change your father's beneficiary designation. My husband recently died before he could receive (as sole beneficiary) money from his mother's estate who had predeceased him by 2 years. No bank wants funds to flow out. Thanks Lynne! 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. What's the easiest way to cash it. Try going to the bank where your son had his accounts, since they will have records of him, etc. Your question is why the bank is refusing to add your name to an estate bank account. On to your question. It seems somewhat ridiculous. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. So, my question is -- where do I go from here? Estate Plan: A written document that outlines an individual's strategy for the disposition and administration of their property at their death, incapacity or total disability. Thanks, Yes, the executor has complete control over the bank account.No, the executor cannot take executor fees until either the beneficiaries agree (usually by signing a release) or the court orders it.Yes, the executor can close the account at any time, but it would be pretty unusual to close it if there were still estate funds.Lynne. Can we open an estate bank account if we did not probate and are not the Executor? In my experience, none of the banks are very good at handling estates. I have having some real tough issues with TD Bank. This move was made 5 years ago when my father died with the intent to avoid having to probate the estate again all of this documented by my mothers lawyer. As trustee, I am unable to distribute or transfer the funds of the Estate. No, not that I know of. If so, it will pose quite a hardship on her as a student. 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. Thank you. 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. Contact a Calgary Wills & Estates Lawyer today I think your bank is making an error. I know this because I spent 7 years at Scotiabank doing whatever I could to help out the front line staff dealing with estates. 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? They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. You have the right to deal with the account as well as the risk if you screw it up, so they aren't in a position to put up any resistance.Lynne. Your estate includes what you own (assets) and what you owe (liabilities). 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. 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 . Lynne. TD won't cash the cheque, saying it needs to go into an estate account. 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. A couple of weeks later Mom passed away. It is not a good idea to mingle estate funds with personal funds. I am the sole executor and beneficiary of my deceased husband. You have to remember that although the executor has an obligation to look after the house, the bank does not. In my view, you are doing exactly what is supposed to happen - even though the accounts are in joint names, you are treating the accounts as assets of the estate. I'm very glad you got this resolved quickly.Lynne. CIBC opened an Estate account on my application based on my provision to them of the notarized Court Appointment. 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. The house just had a major fire and two of the executors want to sell the house as is (with the fire damage), settle with the insurance company and distribute the settlement proceeds as part of the estate. (I'm in BC). Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. One thing to note before closing an account is whether it is an interest-bearing account. The client is now deceased and her power of attorney signed the cheque although I do not believe it was a joint account as only the deceased name is on the cheque. 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. alex beresford height, pheben kassahun leaving wjhl,
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