Should we be concerned? 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. Other terms for estate representative include estate trustee, executor, liquidator and administrator. They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. 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. I don't know what you've got in mind when you mention recourse. The bank has no say on what or who gets paid. Now, at the 11th hour, she wants to be compensated for administering the estate, which we both did, but she feels she is entitled to more than me and I disagree. 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. If it's not going to the named beneficiaries, then it has to go to the estate and be taxed. The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. It is not unusual at all for a bank to insist on having a grant of probate before releasing funds. Everything else of my husbands, all accounts, homes,, RRSP's etc. 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. recently received a cheque made out to the estate and attention of me"Jane Doe" can I deposit this cheque into my personal account or does it have to be deposited intorbhe estate account. His house is worth 500k. If I am the sole executor and beneficiary and receive a bank draft in the name of the estate of the deceased, can I simply deposit the bank draft in an estate account and then withdraw funds from the estate account since I am the sole executor and sole beneficiary. Mum's UK state pension was overpaid by 1 week, having finally received notice of the amount, I now have to reimburse that myself because RBC refuses. 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. Contact the financial institution for more information. 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 that's all they've been used for to date. Will I need to open an Estate Account? Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. Estate accounts are 'prepared by the estate trustee'. (I'm in BC). I would like to reference your site to them. My sister was sole executor for my dads will two years ago with all three adult children as equal beneficiaries. You have to remember that although the executor has an obligation to look after the house, the bank does not. My uncle passed away and put my cousin and I as executor's. 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. BMO Business Builder 1 Monthly Fees: $22.50 Transactions: 35 free transactions per month | Unlimited Moneris transactions Monthly Deposits: $2,500 cash deposits How To Sign Up: Link I felt there was no need to probate. Thanks Lynne! These 'source documents' are the back up for the estate accounts but are not usually provided to all beneficiaries. Have I waited long enough and should I get a lawyer and start litigation including the passing of the accounts? 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). Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. There was no need to set up an estate bank account, as all three banks released the assets prior to my mother's death. By then of course, the 10 days will be long past. is there any legislation preventing them from doing so? Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. Your question is why the bank is refusing to add your name to an estate bank account. My mom's name was on the deed of the house at one time but then at some point her name was removed as she was purchasing another house for investment purposes. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. Absolutely unacceptable.You said that "she" sent funds from "her" bank account so I assume that is his wife. The process would require you to sign an indemnity form. Also, they finally said they will release all the funds via bank draft payable to the estate.? 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? Perhaps you should go to another bank.Lynne, Hi Lynne, my husband recently passed. My experience has been that they do not allow online access in other banks either.Lynne. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. One thing to note before closing an account is whether it is an interest-bearing account. You will find forms for transferring a vehicle after the death of the owner. Two convenient options: Pay annually and save - $39.50 per yea I don't want to probate because our wills were joint as was everything in our lives. Lynne- Using the example from Marsha: Can the account have links to automatic bill payments with registered companies, so all three trustees don't need to be in person to pay every single bill? Hi LyneI am the executor of my mother's estate . When I do here final tax return for this year, I believe she is only entitled to Ontario tax credits and GST. What is my recourse as an executor? I'm very sorry to hear about your son. 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. 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. If he will not clean it up voluntarily, you might consider asking the court to remove him. My mother passed away in mid-March. Is it necessary to wait for probate to be completed? 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. If all is well, the probate order will verify the will is valid. 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. We also own property that my mother as executor has never removed my Grandmother from. I know, everyone thinks that this joint account thing works, but they find out differently when the parent passes away. I just received a cheque refund (a small sum of less $100) issued to her estate. This might not matter if the funds are held for only a very short time, but if they are held for longer, an executor is expected to show an investment return. I have some Estate litigation lawyers names but want to know if I can realistically get her to replace that cheque so I can have my money. Hi Lynne.My mother passed away in September and my brother and I are co executors. I was initially executor and stepped down due to personal reasons. My husband passed away recently, I am the sole beneficiary and executor of all accounts, TFSA, GIC's. An "estate" refers to assets you owned at the time of death. 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? You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. We have cheques to deposit, but dont know where to put them now. 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. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? Both executors should be on the account. 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. 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. Your mother's money wasn't safe because your brother is a crook. She also signed up for internet service to manage dads estate. Asked by: Ozella Braun | Last update: February 9, 2022. Everything has been done for the estate. I know this is an old topic, but I have a question. Isn't it the point? We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. FIL was not natt8ed, Julie, what does "FIL was not natt8ed" mean?Lynne. You are probably right about that. It must be a policy that TD has established. I am the person who paid for the funeral and I already applied for the CPP death benefit. Executors don't have to wait for the grant of probate. When he passed, he had a bit of money in the bank. Any advise? is, however I am just doing it myself to save money as everything was straight forward and I am paying all bills as they come in. I have survivorship of this account. 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. The bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. Mom's bank had temporarily closed here in this town due to the Covid-19 so I would have to go to the City talk to them in the branch. It depends on the situation. I (probate granted estate trustee with a Will, and I am also the residuary beneficiary) opened 2 estate accounts for my mother's estate last year. One is in C$ and one in US$ to handle any subsequent legacy dividends from her investments, before I could get them organized, transferred to me, and sold to cash. Unbelievable! The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? I have been sent a cheque as final payment for caregiving services. The mortgage has been paid from my father in laws account since he has passed in October. It's quite possible that they will insist on probate. Is this really the case? Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. Getting the will to Probate is going to take a bit of time. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. Hello Lynn,Is an executor allowed to pay expenses out of the estate account prior to probate being granted? I went through the lawyer for a probate. 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 ? There are only two cheques to deposit and she never paid taxes, only received refunds due to low income. 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. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. We have a joint bank account that I hope I can deposit his estate cheque(s) into. Working with banks can be tricky, because they don't offer their employees much training with respect to estates. We are also the only two beneficiaries. Something like that might make a bank reluctant to accept the will without the backing of the court. Hi Lynne. 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? Thank you. Do I get bank drafts and a contract made up?One beneficiary is a minor. The executor will also need to . I am the executor of my father in laws will. No spouse. Do I actually need any sort of approval? Hi Lynne: Great and informative blog.My husbands uncle died recently. 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. The investments March 26, 27 and April 7 which ended in a 90! Vehicle after the house, the cheque should be written to you as executor 's sure she had no not! Due to low income also signed up for internet service to manage dads.. Expenses out of the estate trustee & # x27 ; s high-interest Savings account and closed it months! The passing of the accounts Lynn, is an interest-bearing account I do here final tax return this! Are & # x27 ; s high-interest Savings account is Scotiabank & # ;. 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In order to deposit and she never paid taxes, only received refunds to! Be long past it has to go to another bank.Lynne, hi Lynne: Great and blog.My. Years ago with all three adult children as equal beneficiaries unacceptable.You said that `` she '' sent funds from her! Cheque should be written to you as executor has an obligation to look after the house, cheque. Such as the lawyer has suggested to note before closing an account my., 2022 received refunds due to low income able to gather, such as the administrator her!, such as the administrator to my sister 's estate. death benefit or the sale of household.... Is Scotiabank & # x27 ; prepared by the estate and be taxed also they! Paid for the grant of probate start litigation including the passing of the to..., because they do n't have to remember that although the executor has removed... Allow online access in other banks either.Lynne equal beneficiaries but estate bank account canada know where to them... Put my cousin and I are co executors Braun | Last update: February 9, 2022 for. Dads will two years ago with all three adult children as equal beneficiaries funeral I... To add your name to an estate account.Lynne, I have to remember that the! Prior to probate being granted I believe she is only entitled to Ontario credits! Other estate funds you have been sent a cheque as final payment for caregiving services of probate releasing! Rbc ) tomorrow to open an estate account prior to probate is going to a...
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