bank accounts (includes foreign banks) Shares, bonds, trust units, options, mutual funds, TFSAs, RRSPs, RRIFs vehicles such as cars, trucks, boats, motorcycles, trailers situated in or outside Ontario goods or material Paying out of pocket should be the last resort. But the underlying question is -- what to do with this situation of having no will. I just need that cheque to go in there. Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. It clearly names me as the Estate Trustee. Executor & Estate Bank Accounts. My mother maintains the joints account she had with my grandmother who passed away 4 years ago. I have set up an estate account.The probate is complete.I have done the taxes.I have just finished filing the Estate Administration Return.I need to pay a lump sum payment to a few beneficiaries. We two are the only benficaiaries. The lawyer suggested it might be more efficient to use the law firm's trust accounts. I was told by a lawyer that since the death happened in Quebec (where he was living), that I do not have to put the money through probate in BC, No, you should not need probate if the estate was handled in Quebec. I'd suggest sitting in with your banking officer and having a chat. I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). Any advice you may be able to offer would be appreciated. If you are not applying for probate for any other reason, I don't see why you would apply for it because of a small cheque. Are they allowed to do this? Is there a dollar limit for banks? Lynne. My mother passed away in mid-March. If all of that is paid up, the funds go to his beneficiaries. 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. To open any bank or investment account, you'll need a taxpayer ID number for the estate, which is itself a taxpayer. $300 welcome bonus 2. They told me I would be able to get a bank card and on-line access and cheques once I had provided them with a CAET. Several expenses were incurred and paid from my own pocket while waiting for the probate to be granted. However, that is none of the bank's business. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. 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. Estate Planning. Working with banks can be tricky, because they don't offer their employees much training with respect to estates. The taxes on capital gains on the shares were paid after filing my father's final tax return. Use your account to receive deposits and your debit card to make everyday business purchases. Take the funeral bill to the bank where your uncle had his funds. 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. They also told me that it doesn't matter if the will states that the funds are to be split between myself and 3 kids, that because they have it listed on their system that only the kids are beneficeries, that they have to go by that. Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. He died in Quebec, and the Public Curator there has handled all the paperwork. 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. No spouse. Having been executrix of my husbands assets 30+ years ago, I should have known better; he had accounts at both CIBC and a smaller one at RBC. 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. 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. A cheque was released to to each person on title for a project (including my grandmother whom they knew was deceased) . The majority of elder financial abuse is done by the elder's kids.The police can't really do much because the power of attorney gave your brother the right to access the money. Can it be deposited into this account. Since her will named her 3 children as equal beneficiaries, I listed all 3 children (which includes me) as the beneficiaries for the contract. Are you telling me that these are decisions being made by the bank or the financial advisor?? 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. My sister lives in the same province as my deceased father. An estate representative administers a deceased person's estate. How can I keep track of what cheques have cleared? This might include a home, car, bank accounts, or jewellery. So you couldn't have used that account to avoid probate. Do I need to open up an estate account to transfer the money to myself. He did not leave a will. Old thread/comments but, RBC did for me, but I was a customer of theirs for 40+ years. My sister and I are both trustees for my mothers estate account. My father's house needs to be sold, we have to keep hydro on. There is enough money in the account to pay the lump sum payments and still cover any surprises that may come up before final tax clearance is issued. My question is can someone replace him without electing a new executor? FIL was not natt8ed, Julie, what does "FIL was not natt8ed" mean?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. In my experience, none of the banks are very good at handling estates. Lynne. I am the executor of my mom's estate. 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. This sounds like an error to me, so you might consider contacting the manager of customer service at the bank and showing him/her a copy of the will, and asking that the account be properly set up.Lynne. The lawyer handling his mother's estate wants to write the cheque to my name with Executor of the Estate of (my husbands name). What is your question? I need to set up an estate account for him. 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. Do I have a case? This declaration that the bank has mentioned are they getting that from somewhere? Do I have to go open an estate account for,this one cheque. Can my mother continue to live in the house or does she have to move? The bank has frozen any access to these accounts until a declaration form is received at the branch for me too sign. Other banks are also refusing to open estate accounts. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? 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. I was advised around that time by the branch manager that an account estate should be opened by the first week of August.It is now August 8 and there is still no estate account. They gave me a cheque for that amount made out to the estate of my dad. If so, it will pose quite a hardship on her as a student. Give the cheques to that person. Banks do have an alternate process in place for cases like this where the cost of probate would take the whole account. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. This assumes there is enough in the account, of course. What do I need to do with this cheque? There are only two cheques to deposit and she never paid taxes, only received refunds due to low income. My 29year old son died suddenly. Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. If the executor is the beneficiary can they then use the estate funds for personal since all financial obligations will come to them anyway? Estate accounts are 'prepared by the estate trustee'. The bank said if I get a letter from the lawyer saying that the application is in the process that I can open an estate account but will only be able to deposit, no withdrawals. 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. how long does that usually take? Nobody cares whether the legal department people can read them. Why is the bank refusing to add my name as the administrator to my sister's estate bank account? It's already hard enough losing a loved one but to not be able to manage her estate on behalf of her son is difficult when I've been appointed by the court and provided the document to the bank. The bank has no say on what or who gets paid. You can close it if you want to.You haven't said who the beneficiaries of the estate are. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. 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. Our mother had her checking and an investment account with them. Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. For example there could be some doubt about the validity of the will or dispute among the beneficiaries about the will. You're right, that is the hold-up. Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. Check the motor vehicles registry web page in your province. TD bank estate account has not been closed and balance on the account has been in the estate account for seven years. Is it legal for my mother to deposit that cheque into that joint account.? We have applied for probate and are selling the house. My mother passed, without a will. 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. 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). She has money due to her from the other UK source, but when I asked for the overseas sort code for her account I was told the deposit wouldn't be accepted because the account is not yet an estate account.Mylawyer tells me TD is even worse to deal with re estates, bottom line is check with a bank about their estate account policies before you have a bureaucratic nightmare on your hands. Is this an honour system, or does the bank verify estate accounts by looking at the will? . It should list there what paperwork they need. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? 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. Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. Is there any reason why my sister would not be able to transfer to me half of the shares and cash in the investment account at this time? 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? There isn't an estate department in the branches, but there is one in Toronto.If you have Letters of Administration, you now have the right to collect the deceased's assets. When I do here final tax return for this year, I believe she is only entitled to Ontario tax credits and GST. It has been a great help to our family.My question relates to your initial post at the top. On July 21, I escalated my complaint to that bank's ombudsman. The process would require you to sign an indemnity form. Royal bank will not allow me to open an Estate bank account, without a probated Will. I have since gone to CIBC and they had no issue with helping me without probate. But the bank refuse to do this. I was under the impression from my mother's lawyer who handed me notarial copies of her will that that document gave me the legal right to proceed and get any bank accounts changed from her name individually to "The Estate of.." There is real estate and rental properties involved, with rent payments coming in and on-going expenses to be paid on a monthly basis. Doing so is giving away money that belongs to other people. The TD bank allowed my brother to even close accounts, and cash in GICs and made all assets payable to him. There is no property involved all all bank accounts other than investments are joint with myself. Can the Courts force her to replace the lost bank draft? 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. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. The banks have always agreed to this (with only one exception) because the funds aren't going to the executor or anyone else besides the court. 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. 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. Financial institution (Questrade) refuses to do so and claims this is against the law (True?). And I don't feel that I should be opening an account for this in my personal name. We put it on our firm letterhead. The estate accounts usually contain the amount of compensation claimed by the executor. He had no assets. A couple of weeks later Mom passed away. Keep all estate funds separate from your own. The only thing going to probate is her house which was only in her name. Having said that, there could be other factors that might affect the situation (there always are). I only want 50%. 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. Not to mention this was a real wish of our father and our Mom is retired without any other income. What do I need to do to prove that I am the only beneficiary?thanks. The sole real asses, a condo, sold in December of 2018. I am the executor to my deceased elder sister's estate. If it is simply her account, then you need to close it and open an estate account in your name as administrator. Or do you actually mean mirror wills? (I'm in BC). My question is do I actually need a CAET or is the bank being overly zealous? Bank Accounts Notify the bank and identify yourself as the executor. 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. They are doing the right thing and you are ignoring how your father in law had things set up.Lynne. This is what the law says you are supposed to do. Lynne. I contacted CRA, MCP and Service Canada to advise them of Mom's death and filling out the appropriate forms. Hi Lynne, i am sole beneficiary of my mothers estate. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. Something like that might make a bank reluctant to accept the will without the backing of the court. My bank, BMO, charges nothing for an estate account. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. Appreciate your comments, Ed, Ed, your note rings alarm bells for me. Have you taken the estate paperwork to the bank with the cheque? It's a lot of money for me when there are no assets. The money belongs in his estate, which has to be used to pay off any debts or taxes he might owe. Yes, you should should go to the bank to set up an estate account, and no you shouldn't need probate to do that. It's under $75,000. Ask them to pay the bill from his chequing account. I don't need the money but want this to be resolved. If the person you're dealing with cannot do as you ask, try talking to the branch manager. If you don't have to go through probate, then by all means, don't. 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. Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. It's quite possible that they will insist on probate. She has no real assets. A joint account is not meant to be used to avoid probate so the courts have cracked down on it.In my view, given all of what I've said here, no, you'd never get them to pay the probate fee. 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. Contact a Calgary Wills & Estates Lawyer today This does seem like a genuine mistake, but certainly a preventable one. My father was a street person, so they helped to budget his money. I am the executor of my step fathers estate. Unbelievable! You're in charge of the account, not them. The other financial company with all the investments left, did not require probate and it was a significant sum. Thank-you Alyssa. 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 would certainly hope that a bank would allow you to cash a government-issued cheque without opening a new account for it. I've heard and seen horror stories from every bank and credit union.Note that I'm not talking about the trust company part of the banks. What kind of taxes will estate have to pay and can estate have an RRSP account?? There are only two options. 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. Currently, I'm asking the bank to add my name by changing the account to Sara Smith, Administrator of the Estate of Jane Doe and they said no. I would like to make a full distribution of the estate proceeds without waiting for her 2018 taxes to be filed next year. I now have everything else to do with her estate completed except her final income tax return, but that's underway and I know within a few thousand dollars what that liability will be. I am an only child. Could I be charged with fraud?Thank you for your blog BTW, it's been very informative and helpful. My husband recently died before he could receive (as sole beneficiary) money from his mother's estate who had predeceased him by 2 years. Will I need to go to a bank and set up an estate account and can I do this without needing probate? 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. 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? RBC has made a royal mess for me to contend with. DO any banks allow online access to an estate account? You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. That really is an awful story. There are debts owed (including this financial institution which is a tenant in one of the properties). By then of course, the 10 days will be long past. All of her finances had us listed as 50/50 beneficiaries and have been paid out to us, including her bank account of 24000. most of her property was gifted to me before her death. 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). Lynne. Do I actually need any sort of approval? She said I would receive an e-mail and/or a call. Death benefits are administered by the federal government. Hello. Why on earth doesn't she just do the paperwork before this all hits the fan? Not the same thing. The problem was resolved in a day after I fired off a couple of nasty emails to RBC's client centre, Trust wing and Ombudsman. If a CRA refund is the only asset in the estate, talk to the bank and ask if probate is really necessary under the circumstances. Hi Lynne,My mother passed away in Aug 2018. 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. Earn a $300 welcome bonus with a new bank account 2. No, an executor absolutely should not deposit money into his personal account. Will I need to open an Estate Account? The banks set their own limits on how much they are willing to risk without obtaining probate.Lynne. 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). As there was only cash in his estate I did not set up an estate account - the death benefit cheque was deposited to his account. Hello Lynne,My mother passed away in February and I am a co-executor along with my brother. While this may be slightly off topic, you advised people with a question to move to a blog with less than 200 questions. Once everything is in order - do the beneficiaries receive there funds retroactively from date of loved ones death? According to law, that was his wish. If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. My father passed away in June. Getting the will to Probate is going to take a bit of time. I am the executor of my uncle's estate. In some states and in some estate situations, estate accounts are restricted. 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