My father's house needs to be sold, we have to keep hydro on. No debits. You were correct when you suggested an account set up as "Administrator of the estate of Jane Doe". 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? Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. Just recently she sent everyone $50,000.00 cheques, from her bank account, so we could get some of the proceeds now rather waiting the 4 years.An Executor depositing Estate money into there own personal account just doesn't seem right! Rather than looking to legislation, it would probably be a better use of your time to go into the bank and have a chat with the manager and see what their policies are.Lynne. (In case my brother contested the Will, I would still get the money). She only gets $60 back because that is what she had deducted every year. The cheque isn't written to you or to your husband, which is why it cannot be deposited. Do I need to open up an estate account to transfer the money to myself. 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. An executor can never use estate funds for personal spending. Should I be opening up an estate account in the deceased name? You are the one with the liability and the responsibility so tell them to back off and let you do your job. The estate accounts usually contain the amount of compensation claimed by the executor. This might include a home, car, bank accounts, or jewellery. Upon her death, the money would avoid probate and be distributed. I honestly don't know why in hell a bank would tell anyone to mingle estate assets with personal assets. Lynne. 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? There is no property, only accounts/investments. He had no assets. 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. The executor is also a 50% beneficiary of the estate and the amount of the loan is less then 15% of the value of the estate. 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. We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. All decisions of joint executors must be made unanimously, so all three will have to sign all cheques.Lynne. Part of the probate process IS verifying the will, so you can do this all in one step. I know you want it to just be easy but there are procedures built into our system to protect people. Again, absolutely unacceptable.The situation needs to be cleaned up, and the quicker the better. Her will states two executors joint. Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. Hi Lynne,I have a question. The only thing that could be in issue is the validity of the will. Keep the concept of the executor's year in mind. Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. Don't let them dictate what is appropriate for you to do, when you are the only one who bears responsibility for the funds.Lynne. She was living with me and we have a joint bank account. Opening a bank account if you're not a Canadian citizen. but i have a tax refund cheque payable to the estate of xxxxx. My mom had around $800 000 of chequing and investment accounts. You may be named in a will as someone's estate representative. Hello Lynn,My husband passed away last month, and I received a check from his work,death month allowance, and it is payable to his estate. I opened up an estate account when my mother's CPP Death Benefit came in. So, my question is -- where do I go from here? Lynne. An estate account is a temporary bank account that holds an estate's money. This does seem like a genuine mistake, but certainly a preventable one. 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. I hope that things weren't as loosely organized as your letter suggests. My mother is not very well and I have POA. 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. 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. I have opened an Estate Account for my father, but the bank will *NOT* give me an updatable bank book or online access to the account. What do I need to do to prove that I am the only beneficiary?thanks. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. This declaration that the bank has mentioned are they getting that from somewhere? The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? THe big risk is, if a testamentary trust is involved, as there are deadlines that might be missed and taint the trust. Sat-Sun 8 a.m.-8 p.m. ); Your joint executors might have a strained or non-existent . It's a fairly small estate, about 80k in RIFF's, chequing account. When my husband left , he said they did not care, they were not there to help, they would not listen and talked over him.Needless to say, no estate account was opened. A sizable amount ended up here. As my mother was only receiving income for the first 3 months of the year and we made a quarterly payment to the CRA, my expectation is that the tax liability for 2018 will be very small or may even involve a refund to the estate. She also signed up for internet service to manage dads estate. My father passed away in June. I am the executor of my step fathers estate. These accounts are useful to avoid probate and are common in the US. My dad had no will, no spouse and i am his only child. to the bank and they should open the account with no problem. He had no will. Will I need to open an Estate Account? There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. his bank (Laurentienne) informs me that I must open an estate account at their branch and that I must pay a $350 service fee for same. My husband is executor and the only child and only beneficiary. Thank you. Once you are proven to be the executor, the bank has no control over what you do with the money because they bear no liability. Once everything is in order - do the beneficiaries receive there funds retroactively from date of loved ones death? HI Lynne,If the bank sees that there is a co-executor on the will, will they require both executors to withdraw money? She has no real assets. She does not want me to see or access any of our moms personal documentation, banking information or personal paperwork she has in her possession. Sure he had a will but most of the time the banks will want the will to be probated or other supporting paperwork to be provided. The financial obligations of an estate do not "come to" an executor personally. I guess my question is do they have the right to not release the money once probate has been granted? Everything has been done for the estate. What if the deceased's will names you as the "Estate Trustee"?I'm starting to work on settling my mother's estate and one of her financial institutions is asking for a CAET "Certificate of Appointment as Estate Trustee". My mother died in Feb 2017 and her account was at RBC. This is clearly a "screw you, this works for us" policy on behalf of the banks.Keeping detailed records makes sense. Can we open an estate bank account if we did not probate and are not the Executor? Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. The branch manager was also called into the room. Which we can't do until we pay estate tax. must i wait for court probate? Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. Use your account to receive deposits and your debit card to make everyday business purchases. If that gets around, that bank is going to see every cent owned by a deceased person put into estate accounts in other banks that are more reasonable.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. I think you probably will have to open an estate account.Lynne. The bank also notified me that they can't open an account in branch and I would have to wait 2 weeks for the estate account to be set up. My father passed away. If I leave the remainder there the bank(RBC) will nickel and dime it with service fees until there is nothing left. I am an executor of my father's estate jointly with my sister. 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 final distribution (to myself) was confirmed last year by my lawyer, and I have since acquired some of the major assets left to me. It is absolutely unworkable for executors.What we do for our clients here is calculate the probate fee and prepare a document that we call an estimate but looks much like an invoice for that amount. In such a situation, the funds in a joint account would then transfer over to your child, who can then distribute the funds according to your wishes without having to go through probate. She had no idea if I was a TD customer or not. Have you taken the estate paperwork to the bank with the cheque? It's always a guessing game.The duty on the executors is to examine all options and go with what makes the most sense to them. She asked each bank was this a problem, each said it was not a problem. Is there a dollar limit for banks? I am an accountant and excutor of my wife's aunt estate. 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! 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. We have heard from others that other banks did not pull this. That costs nothing. Do I have any rights? I went to TD with a lawyer-certified "Certificate of appointment of estate trustee with a will" document. My husband passed away recently, I am the sole beneficiary and executor of all accounts, TFSA, GIC's. After it is all said and done the money will be divided between all 5 of us. 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. There is no property involved all all bank accounts other than investments are joint with myself. The duty of the executors is to maximize the estate as best they can. I have set aside more than enough to cover that expense. 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. Paying out of pocket should be the last resort. No, there is no time limit specified anywhere. There are only two cheques to deposit and she never paid taxes, only received refunds due to low income. The executor will also need to . There is a house and some GIC's. 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. However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. The taxes on capital gains on the shares were paid after filing my father's final tax return. You are the executor and you need to get control of this situation. The two of us are the only beneficiaries. To me, there seems little reason to use a lawyer to handle the estate account, as he obviously should be expected to charge fees for this service. Also, they finally said they will release all the funds via bank draft payable to the estate.? Hi Lynne, My brother is the executor of my mothers estate. If that doesn't work, it would be way cheaper to courier the cheques to you to sign and send back, rather than fly there.Lynne. I certainly know plenty of executors who have online access to their estate accounts. Is this really the case? Give the cheques to that person. This had to go to their Head Office and it would take about 2 weeks. I'm so sorry to hear about your son. 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 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. There is nothing else to pay out now. Thanks. That's very heavy-handed of them! Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. Whether or not he exceeded his authority is a matter for a judge in a civil court to decide so it muddies the water. If so, it will pose quite a hardship on her as a student. 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 1st distribution I picked up from a lawyer as I was in a hurry to get money. Lynne. I have 2 questions. Hello. 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. What is my recourse as an executor? Hi Lynne,My mother passed away in Aug 2018. My sister had a chequing account and she passed away without a will 7 years ago. 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. I'm also more then willing to walk away from the account if I can't close it. I have yet to open an estate account and her accounts remain open. What's the real deal here? My Dad just died and he had 2 bank accounts with myself as co-owner with right of survivorship. TD does not and all transactions must be processed in person. My mother passed away in mid-March. I just received an insurance cheque made out to " The Estate of ". 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. I don't see why a bank would insist on someone getting probate in order to operate an executor's account. Is there a time limit on how long an estate account can stay open? is there any legislation preventing them from doing so? 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. Ask them to pay the bill from his chequing account. It must be a policy of the particular bank.Lynne. Not every will is probated, and the banks are well aware of that, particularly if some of your joint assets were held there. What purpose it serves would only be a guess on my part. My father was a street person, so they helped to budget his money. In some states and in some estate situations, estate accounts are restricted. 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. We have since sold her house and the lawyer is going to have the cheque made out "to the estate of" and would like us to agree on who will receive the cheque to deposit. My mother maintains the joints account she had with my grandmother who passed away 4 years ago. These 'source documents' are the back up for the estate accounts but are not usually provided to all beneficiaries. Neither happened. Yes, all executors' names must be on it. None of that is true and I seriously have to wonder if banks have anyone working there who has any idea what is going on. What kind of taxes will estate have to pay and can estate have an RRSP account?? Probate is slow because her state pension came from UK along with a small occupational pension. Apparently the estate wing of the bank does not inform the local branch where the papers were scanned if there is a problem. If all of that is paid up, the funds go to his beneficiaries. Are you asking why you have to get probate (aka Certificate of Appointment)?Lynne. I went to another bank and they also said no. Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. Lynne. Well, I posted the above,on July 16tth along with the other person who also had issues with Royal bank on July 8th. My husband is the executor of his fathers account. It is not unusual at all for a bank to insist on having a grant of probate before releasing funds. What are the alternatives if a bank will not open an estate bank account without probate? 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. 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. My sister lives in the same province as my deceased father. 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. (I'm in BC). 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. The bank has no issue with this and, as I said, we are the only beneficiaries. Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. Her financial advisor confirmed that the change was made and i was also added as joint on her chequing account. They did have one joint account. Do I actually need any sort of approval? How can I keep track of what cheques have cleared? The probate was finished March 9 and that same day I gave the probate papers to the bank. 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. Every bank will have an estate department that deals with death and living wills. He has suffered a stroke and is slowly recovering but very difficult to communicate with him. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. Estate Administrator: A legal term referring to a person appointed by the court to administer the Estate of a deceased person who died without making a Will. The only thing going to probate is her house which was only in her name. Do I need to set up a trust account to deposit this for her? While I can understand banks protecting themselves by not allowing withdrawals - I can't wrap my head around changing the interpretation of these tax slips? However this has affected how the tax slips have been filled in. Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? My mother passed away January 19, 2020. Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. I know this because I spent 7 years at Scotiabank doing whatever I could to help out the front line staff dealing with estates. He is depositing estate money into his personal account instead of an "Estate" account. Executors don't have to wait for the grant of probate. Do I have a case? Nobody but a judge can decide whether a decision made by your mother close to her death is a valid decision or not.I'm absolutely horrified by this story. Perhaps you should go to another bank.Lynne, Hi Lynne, my husband recently passed. My mother's partner has 3 sisters and a brother whom her partner didn't get along with and didn't have much to do with them. Hope this not too confusing. Thank you. In particular, the bit about being listed as executor per CRA. I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). Hi Lynne, our mother passed away in February this year. As a result, few executors know, relying on the issued (or not-issued!) Lynne. Geography means I cannot do it in person. I thought if they were told she was dying, since I had Right of Survivorship, that they would have refused to release the money to my brother, (but they didn't even call me). In reading their most recent annual report, the office of the ombudsman outlines the complaint process and time for resolution. It has been a great help to our family.My question relates to your initial post at the top. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. It may seem inconvenient but there reasons for it, not the least of which is who is earning any interest on the account.Keep in mind that in law, that joint bank account belongs to your father, not to you, but that's a story for another post.Since I know nothing at all about your father, his marital situation, his assets, his debts, or anything else, I really couldn't say what you need to do. I have had a couple cheques come to me for the estate. I am an executor of my mother's will. An estate representative administers a deceased person's estate. 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. 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. Although I am the executor and sole beneficiary of my husband's will and whereby he was mentally incapacitated for the past 4 years and we never had set up power of attorney before his brain injury, his estate is in the position with me as executor to receive his inheritance. how long does that usually take? 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. The only joint wills I've ever heard of are the kind where there is only one document shared between two people, and those haven't been done for about 50 years in most of Canada. The lawyer suggested it might be more efficient to use the law firm's trust accounts. There are only two options. I happen to be a beneficery, as well as my 3 kids. Do I just issue cheques from the estate account and the cancelled cheque is proof? 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. Probate was approved in August and our attorney asked the bank to surrender all funds to their office in my name. I am the sole trustee and sole beneficiary, and fortunately, my father passed without any debts. The category names can change to accommodate the estate activity. In retrospect I should have changed banks and set up an estate account. What do I need to do with this cheque? You will find forms for transferring a vehicle after the death of the owner. 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 believe you are wrong about avoiding probate because of the joint account. Did the TD bank error in allowing this as she was only one of three executors? Ever.The executor must wait along with everyone else for the estate to be wound up to get his or her inheritance.Either you are mistaken about the financial obligations of an executor, or I'm reading your question incorrectly. It's not what they're used to, I expect, but the law should not require you to get probate.Lynne. We are currently dealing with RBC. 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? It should list there what paperwork they need. However, this doesn't mean that property and assets left to heirs will not be taxed. On to your question. What do I do with these cheques, how do I cash and divide them? Now the bank is on the hook for the full funds because they released the funds to the wrong person. Their process says I should have received a written agreement that is to be signed and returned to them. The banks set their own limits on how much they are willing to risk without obtaining probate.Lynne. 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. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. Can the estate lend money to the executor who pays interest on it to the estate at the same rate the money is now receiving in a GIC? 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. 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. Your mother's money wasn't safe because your brother is a crook. I fear they are aware we will be transferring all the money to another bank and that is the hold up. And has instructed the last lawyer to not do anything even though he's the one who sent it without tracking by regular mail. Asked by: Ozella Braun | Last update: February 9, 2022. We have had nothing but problems with this bank and I was advised by our attorneys to open an account with my own bank who I was familiar with. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. It'll happen. 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