estate bank account canada

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'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. That sounds wrong to me. She also signed up for internet service to manage dads estate. I am an executor of my father's estate jointly with my sister. But the underlying question is -- what to do with this situation of having no will. I have having some real tough issues with TD Bank. If Empire Life insists on issuing a cheque to the estate, are they at all obliged to reimburse me for the probate fees I will have to pay on the money (300K) because they made a mistake in allowing the account to be set up that way? I would like to reference your site to them. 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. can i process the estate cheque through the joint account? Probate was approved in August and our attorney asked the bank to surrender all funds to their office in my name. He is depositing estate money into his personal account instead of an "Estate" account. I assume what is going on is that your husband was the sole owner of the funds. And has instructed the last lawyer to not do anything even though he's the one who sent it without tracking by regular mail. The cheque is not payable to your mom, but to her estate. My mother passed away in mid-March. Empire Life is right, in my opinion. Hello. Thanks for your help. What can I do? Lynne. Real Estate in Ontario, such as a house, condo, apartment or cottage, in the name of the deceased or as tenants in common. Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. The house had a secured LOC on it and we handed over the keys after telling bank no more payments would be made on LOC. Our mother had her checking and an investment account with them. Your question is why the bank is refusing to add your name to an estate bank 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. Hi Lynne: Great and informative blog.My husbands uncle died recently. 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. The RSP is not in the estate if it names beneficiaries. Sometimes not applying to administer the estate is the best strategy.Lynne. It will be the job of the estate's executor to set up and monitor the account. In reading their most recent annual report, the office of the ombudsman outlines the complaint process and time for resolution. I am in the process of opening an estate account for these commissions to go into and need to know if the funds will be accessible to me for paying bills & mortgage etc. After it is all said and done the money will be divided between all 5 of us. There are debts owed (including this financial institution which is a tenant in one of the properties). My husband recently died before he could receive (as sole beneficiary) money from his mother's estate who had predeceased him by 2 years. Contact a Calgary Wills & Estates Lawyer today Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. We have applied for probate and are selling the house. 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. Executors don't have to wait for the grant of probate. My husband is the executor of his fathers account. Hi Lynne, I had POA for my mum, who had dementia. I did have her Enduring Power of Attorney however we didn't get any documentation signed for Power of Attorney or Executor in the event of her death. She also took forever to sell the property and never keeps us (or me) informed. My current work situation is preventing me from scheduling a bank appointment to open an estate account for a month or possibly more.1.Can I authorize my sister to go to the bank and open the estate account in my Stead? They did have one joint account. 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. Can my mother continue to live in the house or does she have to move? The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. 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. How long should it take for a bank to open an estate account? Can the power of attorney for his will assume control of our mothers estate? That is not the law any longer, when we are talking about inter-generational accounts. 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. All decisions of joint executors must be made unanimously, so all three will have to sign all cheques.Lynne. No probate is required. The other is that a judge figures it out for you, which of course means legal fees to be paid.Lynne. Thank you. What purpose it serves would only be a guess on my part. I am an accountant and excutor of my wife's aunt estate. Waste of time.It takes sometimes up to a year or more to probate a Will, but bills need to be paid before that. This was done after receiving the Probate Certificate which was scanned into the estate dept. Tell him in advance that you are coming in to collect a cheque for the full amount of funds and you expect it to be ready. Instead of avoiding the probate fee, not only does the account still go into the estate, but you may also have to pay for a lawsuit to determine your mother's intention in making the account joint. 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. Right now she acts as though she is doing me a "favour" but trying to replace the bank draft but takes on responsibility at all and definitely refuses to sign it telling the bank excuses but telling me she will not sign her life 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. 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). I am paying their benefits to the court.Thank you for any help and advice. It's not what they're used to, I expect, but the law should not require you to get probate.Lynne. 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). 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. Lynne. Doing so is giving away money that belongs to other people. Upon her death, the money would avoid probate and be distributed. but i have a tax refund cheque payable to the estate of xxxxx. Do I have to go open an estate account for,this one cheque. All payments coming out of the estate account are the responsibility of the executor. As of now he has 2000.00 in the estate account and I have a death benefit cheque to deposit. I'm also more then willing to walk away from the account if I can't close it. the cheque was made payable to the estate. These accounts are useful to avoid probate and are common in the US. 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 am the executor to my deceased elder sister's estate. I am the executor of my step fathers estate. I am not happy with RBC at all. I am an executor of my mother's will. 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. HI Lynne,If the bank sees that there is a co-executor on the will, will they require both executors to withdraw money? 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. Lynne. 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. 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. One thing to note before closing an account is whether it is an interest-bearing account. I will ask the bank. The money belongs to the beneficiaries, and they have every right to insist that you disburse it (once taxes and bills are paid, of course). I charge $400 for that.Lynne. I am the beneficiary to the residual. Hi Lynne, i am sole beneficiary of my mothers estate. The lawyer suggested it might be more efficient to use the law firm's trust accounts. Hello Lynn,Is an executor allowed to pay expenses out of the estate account prior to probate being granted? It has been over 2 weeks now, I have not heard from the branch and I have no access to anything online.My question is why am I being denied any access what would be happening to the accounts that I can't access them and what is taking so long? A friend passed and named myself or my husband executor and also sole beneificiaries. So out of her account I paid for her last medications so it is a fully paid now. I don't need the money but want this to be resolved. What do I do with these cheques, how do I cash and divide them? Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. I don;t know what is happening in this particular estate that might make the executor think that. Lynne. Hi Lynne,I have a question. When I sold her house after she went into a nursing home, I invested the money in an Empire Life segregated fund contract as her financial advisor suggested. Your estate includes what you own (assets) and what you owe (liabilities). So what I'm saying is that they have no reason to try to supervise what you're doing once you have provided the proof that you're the executor. Not at all a fan of RBC, in fact in the process of switching banks myself. I have challenged them on this, and they keep telling me there is no estate department (I know this aint true, I have spoken with the estate department). Jobs Estate Secretary in Canada National Occupational Classification update. In retrospect I should have changed banks and set up an estate account. 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. This gets more frustrating by the day as I hear more and more stories of banks requiring random and irrelevant paperwork for estates.If they are being obstructive they obviously don't want your business so why not take it elsewhere. Why on earth doesn't she just do the paperwork before this all hits the fan? Their process says I should have received a written agreement that is to be signed and returned to them. She might have received wrong advice from a lawyer or from a banker. Are you supposed to be supplying it? 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. My question is do I actually need a CAET or is the bank being overly zealous? There are RSP's that are to be transferred into the estate account to help pay for the funeral. 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 bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? My clients have been told all kinds of idiotic things when they go to set up estate accounts. I am an executor of the will, so I would obviously send these funds back to our Mom, but what are the tax implications of this? The alberta bank is insisting on probate. Will probate be necessary for this? She only gets $60 back because that is what she had deducted every year. However this has affected how the tax slips have been filled in. You have the will, so you can show your appointment as executor.Lynne. 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 don't want to put any money through my personal bank account as I want to be able to keep organized records for when I do the final payout. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. 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. Please go ahead and post it. 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. They will continue to do this until a beneficiary sues them. 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. If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. How do I go about cashing this in to divide amongst our family?Tammy. 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. CIBC had no problem setting up an estate account on provision of the will; RBC would not do that without probate. This might be repairing and restoring or it might not. He has a spouse. 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. Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. It has now been a week, and funds have not been transferred. When the final payouts are made after the tax clearance certificate is received. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. Death benefits are administered by the federal government. So i'm very confused. 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. Hello Lynne, If an executor is aware that the total value of an estate is over $100k, but values are from multiple sources (i.e. Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. I was then told a few months ago that it reverted back to the estate because the change was made too close to her death and I have been asking for answers on this for months and finally received a reply that there were more recent documents that changed it back to the estate. Your husband's estate is separate from him. 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