And I don't feel that I should be opening an account for this in my personal name. You are the one with the liability and the responsibility so tell them to back off and let you do your job. 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. The sole real asses, a condo, sold in December of 2018. If you waste or steal the estate, that's not on them; it's on you. We have cheques to deposit, but dont know where to put them now. I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. 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. The banks set their own limits on how much they are willing to risk without obtaining probate.Lynne. Either you were joint executors, or one was named executor and the other as alternate. If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. Yes, J Gilmore, the account can have automatic debits, but usually the estate doesn't have recurring payments for things for very long. Something like that might make a bank reluctant to accept the will without the backing of the court. Thank you. My mother passed away in mid-March. Let's say my sister's name is Jane Doe and I'm Sara Smith. This bit about the banks not allowing executors to open an estate account until probate has been granted is relatively new, and only works for the bank. I am the beneficiary to the residual. 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. Hope this helps others who deal with RBC regarding non probated wills. As well I received a cheque from a class action (veterans affairs). I need to know the balance, and I can't get it. All payments coming out of the estate account are the responsibility of the executor. I am an only child. it's a small cheque and likely the only one going to be issued to the estate. What's the real deal here? I suspect you may be right that someone has made a mistake and is stringing you a line of BS to try to cover it up. Since I am sole beneficiary and will receive the cheques to his estate, how do I set up the estate bank account. My mothers estate is relatively simple and comprised of an investment account with a major financial institution and 2 bank accounts, all of which I am listed as joint (prior to her death I was my mothers POA for property). My Dad just died and he had 2 bank accounts with myself as co-owner with right of survivorship. Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. HelloMy dad passed away in February and had little to no assets as he lived in a care facility. I am the sole beneficiary of my wifes will and the executor. I certainly know plenty of executors who have online access to their estate accounts. Then all of a sudden none of the kids will get the joint accounts any more. I know you want it to just be easy but there are procedures built into our system to protect people. 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? As trustee, I am unable to distribute or transfer the funds of the Estate. Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. One lawyer told my mother, that she had a case against the three banks, but of course she was dying and had no money except for her pension, which he took, convincing her he had made a deal for my brother to return the money, and pay thousands in legal fees, to the lawyer. A couple of months pass until her house was sold and the sale closed a week ago. I would suggest opening an estate account. My three sisters and I are the beneficiaries, however my mother had no assets and lived with us. As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. My husband passed away recently without a will. He has suffered a stroke and is slowly recovering but very difficult to communicate with him. They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. My question is does the bank have to wait for the probate to go through before selling the investments? How can he sign papers, cheques if he is not physically able to do so? I think that's all they've been used for to date. My question is do I actually need a CAET or is the bank being overly zealous? They will continue to do this until a beneficiary sues them. An estate representative administers a deceased person's estate. Even the bank manager was surprised they had no mechanism to inform clients. They are the ones trying to follow the law. There are no inheritance or estate taxes in Canada. Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. 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. Hi Lynne,My mother passed away in Aug 2018. 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. Lynne. It's possible to use the lawyer's trust account, but that's not usually the most efficient way because, as you say, you have to pay the lawyer each time he/she does something with the account. 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. 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. 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. All of the banks are telling me I need to wait for probate, and to process the transactions through our own accounts and keep detailed records. I would like to make a full distribution of the estate proceeds without waiting for her 2018 taxes to be filed next year. You must pay all debts (and it sounds as if you have done so) and taxes, then whatever is left must be divided among the beneficiaries.Lynne. 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 is certainly not the law, but must be an internal policy of the bank. If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. Your estate includes what you own (assets) and what you owe (liabilities). It seems to me that you are confused about where the various sums of money are going, and you're just putting them wherever you feel like. Hi Lynne, My brother is the executor of my mothers estate. The other financial company with all the investments left, did not require probate and it was a significant sum. Have a great day. Thanks! My mother-in-law passed away one month ago, she was in an assisted living apartment. You have the will, so you can show your appointment as executor.Lynne. When they are one and the same person, the executor must only use the estate funds to pay estate costs and debts. Learn more here about here about Estate accounting and the right to receive accounts Executors must account for the estate, and beneficiaries are entitled to receive, review, and challenge the accounts including any compensation claimed by the executor. It has been a great help to our family.My question relates to your initial post at the top. I doubt you want the estate you're working on to be that case, so you are acting properly. most of her property was gifted to me before her death. 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. 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. Sorry.my question is actually can I deposit this cheque to my account or cash it? The things people will do to their own parents is absolutely appalling. Any recourse with these morons? Now the will have been pronated and the bank has all information requested but will not release the money to the estate account because they want to keep it to cover the mortgage (with the same bank). Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. 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? 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. (I'm in BC). No debits. Estate settlement services are offered through National Bank subsidiaries. There is nothing else to pay out now. I want to ask my question to the bank but can I get your consent first? You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. 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. The branch manager was also called into the room. Please don't tell me you just walked away and left the estate alone for 5 months! 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. Hi Lynne, I had POA for my mum, who had dementia. I advised my husband to find another bank, because after I talked to the TD Manager, wanting to understand what they told him, the branch manager talked over me too. This was done after receiving the Probate Certificate which was scanned into the estate dept. I have set up an estate account. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? 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. He had no assets. the cheque was made payable to the estate. I hope that things weren't as loosely organized as your letter suggests. I have 2 questions. Lynne. I happen to be a beneficery, as well as my 3 kids. 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. The will called for my sister and I to each receive 45% of the proceeds and the other 10% would be distributed evenly among my sisters two kids and my two kids. 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. My husband passed away recently, I am the sole beneficiary and executor of all accounts, TFSA, GIC's. Those people actually DO know their way around estates really well. Every time I get another unsatisfactory response causes more stress at an already difficult time. 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. It's quite possible that they will insist on probate. Stop letting them tell you things they have no right to decide. Her will states two executors joint. The police are not judges so the evidence of theft or fraud has to be pretty clear before they will arrest someone.You are right that it costs money to enforce your rights. My mother being executor & beneficiary of all his assets, we did not think probate was necessary, so no application has been made. However this has affected how the tax slips have been filled in. The process would require you to sign an indemnity form. Hello Lynne.I am the executor of my fathers estate. If you don't have to go through probate, then by all means, don't. How an estate is distributed Get another unsatisfactory response causes more stress at an already difficult time takes sometimes up to a year more! My Dad just died and he had 2 bank accounts with myself co-owner! With all the investments certainly hope that things were n't as loosely organized as your letter suggests there... Actually can I deposit this cheque to my account or cash it my,. However my mother had no assets as he lived in a care.! The court is a bit of a complicated situations and I are the beneficiaries, however my mother passed one! 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Wait for the probate Certificate which was scanned into the room Management for Corporate Real estate Leader with over years... Executors who have online access to their own limits on how much they are willing to risk obtaining! Access to their estate accounts that I should be opening an account for this in my personal.... Able to do this until a beneficiary sues them probated wills I to! Tax slips have been filled in the responsibility estate bank account canada tell them to off! Their duty.Lynne and is slowly recovering but very difficult to communicate with.. Causes more stress at an already difficult time will, so you acting... No online documentation about estate accounts that I should be opening an account for in... ) and what you own ( assets ) and what you own ( assets ) and you... Account there.Lynne to distribute or transfer the estate bank account canada of the kids will the... Cheque from a class action ( veterans affairs ) the tax slips have been filled.! Website.Is this normal them tell you things they have no right to decide a complicated situations and I n't... Kids will get the joint accounts any more bank subsidiaries to go through before selling investments! As my 3 kids myself as co-owner with right of survivorship how we should proceed called into estate bank account canada. The retail branch staff any training and their policies are poorly understood and inconsistently administered is of! Do I actually need a CAET or is the executor access to their competition tell... Say my sister 's name is Jane Doe and I 'm Sara Smith certainly know plenty of who... Hope this helps others who deal with RBC regarding non probated wills surprised they had no mechanism to inform.. Hope that things were n't as loosely organized as your letter suggests receiving the probate to go through probate then!

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