The bank has all information needed, and said that it should only take a day or two to have funds transferred. The person you choose to administer your estate will use the account's funds to settle your debts, pay taxes and distribute assets. 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. 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. Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. A friend passed and named myself or my husband executor and also sole beneificiaries. What are the alternatives if a bank will not open an estate bank account without probate? That is not the law any longer, when we are talking about inter-generational accounts. Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. Sadly, the tax reporting becomes a major burden for the executor because of the financial institutions intractability. Waste of time.It takes sometimes up to a year or more to probate a Will, but bills need to be paid before that. 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. Until then I have to ask for a balance and any bills I need to pay out of the account will have to be by bank draft. I certainly know plenty of executors who have online access to their estate accounts. Ask them to pay the bill from his chequing account. 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. The RSP is not in the estate if it names beneficiaries. Subject Matter Expert/Leader in Portfolio . Plug in values from the estate account into the appropriate schedule under the correct category. On the Statement of Death I was named as next of kin as I was always the one with Mom taking care of her affairs. My mother died in Feb 2017 and her account was at RBC. He was a financial broker and received commissions from the insurance company, These commissions are to continue to me but the insurance co. can only make them payable to my husband's name>(because they are only payable to a broker). And has instructed the last lawyer to not do anything even though he's the one who sent it without tracking by regular mail. Hi Boobes,Trying to understand your question. I informed the branch manager, who did pay her outstanding accounts directly. Probate was approved in August and our attorney asked the bank to surrender all funds to their office in my name. She had no idea if I was a TD customer or not. A person made a will which was never signed. The alberta bank is insisting on probate. Will I need to open an Estate Account? 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. (I was not asking any info on the account only about their requirements for an Estate Account) but she jumped on him immediately and would not listen. 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. Estate accounts are subject to different reporting requirements than personal or business accounts. I have seen copies of the draft and the amount in the Estate account that was left in March, so I know this is the last big payment left. They have asked me if I would look after the estate and now have the lawyers are preparing the application to have me appointed as Estate Trustee. They also commit to resolving complaints within 90 days, which would take the matter to the end of October. Your husband's estate is separate from him. I am executor of the will. Lynne. Hi Lynne, I had POA for my mum, who had dementia. 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. Offer available to Eligible Personal Clients without a Personal Banking Account with Royal Bank of Canada as of April 1, 2022 or in the five year period before April 1, 2022, who open their first new Eligible Personal Banking Account by May 31, 2022 and who comply with all other terms and conditions. Real Estate in Ontario, such as a house, condo, apartment or cottage, in the name of the deceased or as tenants in common. Thanks. 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. How do I go about cashing this in to divide amongst our family?Tammy. 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? Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. Both executors should be on the account. Since I am sole beneficiary and will receive the cheques to his estate, how do I set up the estate bank account. Are they allowed to do this? If you go to the bank that cashed out her account to you, they may agree to cash it, simply because they know you, and they know that you are the executor. (I'm in BC). THe big risk is, if a testamentary trust is involved, as there are deadlines that might be missed and taint the trust. The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. Hi Lynne,I have a question. Do I have a case? My mother is not very well and I have POA. Can Laurentienne refuse to transfer the funds from my decesased uncle's account to BMO? 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). This risk is eliminated (for the bank) by the probate process. You may be able to open a bank account with the proper identification in Canada even if: you're not a Canadian citizen; you live in another country; You may need to go to the bank in person to open a bank account. We have updated this page to reflect the transition to the 2021 version of the National Occupational Classification (NOC).This means that the occupation "estate secretary" was moved from the group Legal administrative assistants (NOC 1242) to the group Legal administrative assistants (NOC 13111). 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. If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. 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. The things people will do to their own parents is absolutely appalling. Canadian Western Bank (CWB) is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. Not at all a fan of RBC, in fact in the process of switching banks myself. Can I take the estate and go to another bank? There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. Unfortunately, what you are trying to do is completely against all estate law, which is based on the documents that exist, not the documents that might have existed or could have existed.Your father left the RRSP beneficiary form with named beneficiaries. The other financial company with all the investments left, did not require probate and it was a significant sum. It sounds as though one will be open longer because of your tax holdback. I opened an estate bank account in BC where I live. but i have a tax refund cheque payable to the estate of xxxxx. Perhaps you think it's ridiculous, but banks and most other people think it's a good idea not to let a deceased person's family treat the bank account as his or her own. An "estate" refers to assets you owned at the time of death. TD bank estate account has not been closed and balance on the account has been in the estate account for seven years. Lynne. That really is an awful story. I have been sent a cheque as final payment for caregiving services. Prior to Mom passing away I went to the Mom's bank and spoke to a representative who had me sign a doc so that it would be on file that I had her Enduring Power of Attorney. Or I could simply present a copy of the Will to the financial institution that I am the executor? I have having some real tough issues with TD Bank. However, this doesn't mean that property and assets left to heirs will not be taxed. I am the executor or the estate and the sole beneficiary of the will. In my experience, none of the banks are very good at handling estates. As of now he has 2000.00 in the estate account and I have a death benefit cheque to deposit. (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'. I'm also more then willing to walk away from the account if I can't close it. I know taxes will need to be paid next year. Should I be opening up an estate account in the deceased name? Your blog is very informativeThank you. However, keep in mind that as an executor, your obligation is to wind up the estate as efficiently and quickly as possible. I also used the C$ account to pay out the interim inheritances last year. You are probably right about that. The executor will also need to . It should list there what paperwork they need. I contacted CRA, MCP and Service Canada to advise them of Mom's death and filling out the appropriate forms. I would suggest opening an estate account. Since I haven't heard from the bank I have taken the money she had in there and put it in a separate account at my bank and it will sit in there until everything is done. This assumes there is enough in the account, of course. It's just an expense and a bother if it's not needed. I now realize I should not have closed it as we have to do taxes next year. Thank you. He did not leave a will. Do they have this right? My clients have been told all kinds of idiotic things when they go to set up estate accounts. 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. how long does that usually take? I could look at them online, print transaction records, and transfer funds in or out if necessary or as required. 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? She did have a will but unfortunately it was not signed. The only reason that some banks are still paying out joint accounts to the kids is that nobody has sued the banks yet. This declaration that the bank has mentioned are they getting that from somewhere? She had one (nonjoint) bank account, a TFSA which had some money in it. There is still estate activities going through her bank account and I recently switched her mortgage company. I have already paid the probate fee on the lesser amount. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. I want to pay his bills first and then divide up whats left when I know there are no more debts to pay. The branch manager says this is not possible because there are two co-executors which needs to sign and the only way is to send her a letter of direction each time we need a bill paid. You will find forms for transferring a vehicle after the death of the owner. 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! Hi Lynne, my deceased father's will dated 2015 names my Mother as a sole beneficiary of his entire estate, however does not list every single account he had. Everything else of my husbands, all accounts, homes,, RRSP's etc. It's quite possible that they will insist on probate. One is that the two of you work it out between you. It's a fairly small estate, about 80k in RIFF's, chequing account. All of our accounts are joint as are any debts ie mortgage and car. My mother passed away January 19, 2020. Your authority comes from the will, not the probate.Lynne. You tell them. 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. He had power of attorney. Your bank manager will be familiar with the process.If you do that, you can take control of the account, so you will be able to pay the taxes from it. I'm frustrated that I can't create a single account in the estate's name to deal with everything. 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. Estate accounts are 'prepared by the estate trustee'. The mistake is just as much yours, as a person under a POA instructing them to do something you weren't allowed to do in the first place.I know this probably isn't the answer you wanted, but that's how I see it.Lynne, Hi Lynne. Clip: "If you're an executor, however, you can open the [estate] account at any time once you take charge of the estate. CIBC are certainly entitled to require my ID as sole trustee. For example there could be some doubt about the validity of the will or dispute among the beneficiaries about the will. She was living with me and we have a joint bank account. 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). 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. 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. 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. When a person dies, most or all of their property is held by their estate, and the executor of the estate must manage the estate through the probate process. By then of course, the 10 days will be long past. Once everything is in order - do the beneficiaries receive there funds retroactively from date of loved ones death? In our case the executor says she has to await the Grant of Probate before opening an estate account. The probate is their indemnity against the deceased's funds to the wrong person. It's a lot of money for me when there are no assets. Which we can't do until we pay estate tax. 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