estate bank account canada
And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? The duty of the executors is to maximize the estate as best they can. Upon her death, the money would avoid probate and be distributed. I am in a similar situation with no will for my deceased father. I wish they had better training because they waste a lot of time for executors and lawyers. I cant help but think that the financial advisor was incompetent and forgot to file the paperwork as I have been told too many conflicting stories. I just need that cheque to go in there. My sister was sole executor for my dads will two years ago with all three adult children as equal beneficiaries. I want to pay his bills first and then divide up whats left when I know there are no more debts to pay. If you don't get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. Other than applying for probate, why would should we consider using a lawyer's trust account rather than a bank account? She did have a will but unfortunately it was not signed. Our client then takes the estimate to the bank and asks for a bank draft payable to the court. Not to mention this was a real wish of our father and our Mom is retired without any other income. 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 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? There are only two cheques to deposit and she never paid taxes, only received refunds due to low income. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. Anyone can make a mistake but that's not a mistake; thinking they outrank the court is arrogance.As for not telling you about the problem they were having, yes, they should have told you. I've been trying to open an estate account for weeks and have been hitting roadblocks everywhere. Do I need to open up an estate account to transfer the money to myself. Please let me know. Hi Lynne,I have a question. I'm not an expert on criminal law but it seems to me that if she is pretending your grandmother is alive and depositing a cheque made to your grandmother, that is fraud. I have since gone to CIBC and they had no issue with helping me without probate. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. To open an estate account, you need to go to the bank and request that they open an estate account. In her will, all three adult children are both equal executors and beneficiaries. I will ask the bank. My mother passed, without a will. That sounds wrong to me. To open any bank or investment account, you'll need a taxpayer ID number for the estate, which is itself a taxpayer. i have a will, am the executor, and can open an estate account if necessary. Thanks for your help. Accounts are not always frozen. She had no assets other than a savings account. 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? Lynne. I suggest you read the 2007 Supreme Court of Canada cases called Pecore and Saylor. 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. When he passed, he had a bit of money in the bank. 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. What do I need to do with this cheque? All of her finances had us listed as 50/50 beneficiaries and have been paid out to us, including her bank account of 24000. Hi Bob,I would be very surprised if the bank did not allow you to sign a letter of indemnity under the circumstances. However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. Thanks! You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. Asked by: Ozella Braun | Last update: February 9, 2022. My mother passed away January 19, 2020. All he did was tell the banks that she had terminal cancer,(one bank employee stated she was told, he was consolidating my mother's assets, she called their lawyer, who told them it was okay to give him the money) and they released the money, prior to her death. I'd suggest sitting in with your banking officer and having a chat. Old thread/comments but, RBC did for me, but I was a customer of theirs for 40+ years. As trustee, I am unable to distribute or transfer the funds of the Estate. Giving Power of Attorney My sister had a chequing account and she passed away without a will 7 years ago. Let's say your husband goes into the bank with the will and the bank releases the funds to him with no probate. Thanks! My elderly (74) sister has made 2 partial distributions (3 siblings equal parts) and left enough for the CRA in the Estate account (says she has applied for a certificate). All of our accounts are joint as are any debts ie mortgage and car. An estate representative administers a deceased person's estate. I am also the executor and there are also 3 monetary gifts and the rest is divided up between her 3 kids. It's 2500.00. My experience has been that they do not allow online access in other banks either.Lynne. CIBC requested personal ID documentation for each and every beneficiary on the account which I supplied although I was hesitant to believe the Money Laundering Act actually requires it. Apparently the estate wing of the bank does not inform the local branch where the papers were scanned if there is a problem. I hope that things weren't as loosely organized as your letter suggests. Is there a time limit on how long an estate account can stay open? Hi Lynne, My brother is the executor of my mothers estate. Hi,I'd like to know if it is absolutely required for an estate account to be made.My grandmother passed away and there are only two beneficiaries, my mother and I. In fact, it's standard. I need to set up an estate account for him. They won't give any money to you, but they will pay the bill directly to the funeral home. In particular, you should not have named yourself because someone working under a POA is not allowed to benefit from the position of POA (other than collecting a wage for the work, if allowed). There is still estate activities going through her bank account and I recently switched her mortgage company. 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. There are only two options. No, the executor cannot make gifts that were not mentioned in the will. Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". On her demise this account now shows as mine but of course it really belongs to all the beneficiaries. That costs nothing. Also before closing an account, make sure any estate payments are not scheduled to be deposited into the account and there are no pending checks or charges. 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. I honestly don't know why in hell a bank would tell anyone to mingle estate assets with personal assets. At least, that's their point of view. My mother-in-law passed away one month ago, she was in an assisted living apartment. 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. Thx. My sister and I are both trustees for my mothers estate account. 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. Our property is the same size. Two convenient options: Pay annually and save - $39.50 per yea It'll happen. Will I need to open an Estate Account? Their concern is allowing money to be paid to someone, then finding out later there were other beneficiaries that should have been included. 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. Hi Lynne: Great and informative blog.My husbands uncle died recently. Check the motor vehicles registry web page in your province. I was told by my mother's doctor, at the time, that she may have as little as 4 weeks to live (but she lived just over 3 years, so it was a hardship, as it was over $100,000 in total) but in less than 2 weeks the money was gone, before the doctor even talked to me. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. Do we really have to go through probate? I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. I have been sent a cheque as final payment for caregiving services. If so, it will pose quite a hardship on her as a student. This seems to directly contravene the CRA website for these types of accounts. However in the last through s of her life when I could see the end was at hand I put as much available cash in this account because I knew joint accounts would avoid probate. I did not get a call back. One is in C$ 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. 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. i still have a joint back account that is open. 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. Hope this not too confusing. I have already paid the probate fee on the lesser amount. I am the executor of my mom's estate. I was told by a local lawyer that if there were no assets that there would be no point spending approximately $3500.00 dollars to become an administrator. It also excludes financial accounts that already have a beneficiary designated. Do I actually need any sort of approval? Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. Thanks for your opinions. my father passed away and only had $960, which was held in trust by an organization. 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? If it is simply her account, then you need to close it and open an estate account in your name as administrator. In order for that to happen, there has to be a will that appoints you. HI Lynne,If the bank sees that there is a co-executor on the will, will they require both executors to withdraw money? 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. The things people will do to their own parents is absolutely appalling. You can apply for an ID number online, at www.irs.gov. Subject Matter Expert/Leader in Portfolio . In the next breath the employee told the other executor, the old account is now yours and you can take the Money and run. Empire Life is right, in my opinion. Yep. Thank you so much in advance! 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. 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. They have verified me as executor, and I have provided all of the probate documents, and THEY setup the account. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. He had a will.. If you haven't wound up the estate in a year and there is no good reason for it, you could end up in a dispute with the beneficiaries and possibly in court.Lynne. I don;t know what is happening in this particular estate that might make the executor think that. She had no idea if I was a TD customer or not. I know this because I spent 7 years at Scotiabank doing whatever I could to help out the front line staff dealing with estates. National Bank Trust is a subsidiary of National Bank of Canada. There are RSP's that are to be transferred into the estate account to help pay for the funeral. I have had a couple cheques come to me for the estate. I have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. I only want 50%. I went into the bank again and asked to see her but she was in a meeting so another representative took my name and number. There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. One way to handle this is to have a separate bank account opened after the person's death, which is referred to as an estate account. Lynne. My context for the question was a little different: an estate account with two trustees specified in the will who are to pay bills for someone in a house who is not being given direct access to the money. Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. 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. 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. It seems somewhat ridiculous. Well, I posted the above,on July 16tth along with the other person who also had issues with Royal bank on July 8th. 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. She has no real assets. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. My question is when can I close the estate accounts? I have been calling the bank, and getting no answer. Try going to the bank where your son had his accounts, since they will have records of him, etc. The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. Those people actually DO know their way around estates really well. My mother passed away in mid-March. On to your question. How can he sign papers, cheques if he is not physically able to do so? Therefore she can open the account, receive funds on behalf of the estate, pay bills etc all before she gets the probate.Lynne. Just be sure to keep detailed records of what came in and how you used the funds so that you can explain it all later.Lynne, My mother was killed suddenly and although she requested I be her executor she neglected to sign her will properly. I know taxes will need to be paid next year. No, there is no time limit specified anywhere. It depends on the situation. We also own property that my mother as executor has never removed my Grandmother from. No. Not at all a fan of RBC, in fact in the process of switching banks myself. Plug in values from the estate account into the appropriate schedule under the correct category. You can't just add your name to an existing account, as that would suggest that your sister is alive and you two are joint owners, which obviously cannot be the case.This is the only thing that makes sense to me in the context of your question. 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. The cheque is not payable to your mom, but to her estate. If I open an estate account and deposit the funds from both accounts(100,000) dos that account have to be probated? The only reason that some banks are still paying out joint accounts to the kids is that nobody has sued the banks yet. You have not just a right to see the paperwork but it is your responsibility to straighten all of this out.Definitely use some of the money to pay bills. Meanwhile my brother received it but I did not. By this I mean a proper account set up, funds properly deposited, interest properly paid to the account, nobody else with access to it, and a full, accurate accounting of every penny. Her girlfriend/partner of 30 years passed away. We were able to open up an estate account at the Bank of Montreal and transfer the funds from her account without going through probate. I might have to put in a call to a financial advisor I know over there to see what I can find out about this.Lynne. An estate account is a financial tool used to manage the estate of a decedent. 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? $300 welcome bonus 2. DO any banks allow online access to an estate account? CIBC are certainly entitled to require my ID as sole trustee. Hi Lynne,My mother passed away in Aug 2018. Something like that might make a bank reluctant to accept the will without the backing of the court. The bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. When will the bank require some action on the account? The RSP is not in the estate if it names beneficiaries. I would like to make a full distribution of the estate proceeds without waiting for her 2018 taxes to be filed next year. Make sure the bank realizes that this is the only asset of the estate.Lynne. And I don't feel that I should be opening an account for this in my personal name. The primary focus of the Account Specialist, Real Estate is to prepare credit applications, actively participate in credit structuring, risk management and client facing support. 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. Banks drive me nuts, for exactly the kind of thing you've just described.Lynne. I was initially executor and stepped down due to personal reasons. Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. the cheque was made payable to the estate. I was hoping to close it out so there will be final closure to his estate ( there is not much to it ). He was suppose to prove to the courts he had no money, but failed to do so, and a lawyer stated he would inform the courts of this, but I needed to pay him $2,000 first. Received his last Canada Pension cheque, issued in the month of his passing but am unable to cash it. 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. Opening a bank account if you're not a Canadian citizen. Stay open than a savings account brother is the executor of my ex-husband 's estate banks. 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