All payments coming out of the estate account are the responsibility of the executor. Her will states two executors joint. If you are a co-owner with right of survivorship then the assets become yours automatically upon death and are not part of the estate. 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. 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? Hi Lynne, i am sole beneficiary of my mothers estate. Lynne. We are currently dealing with RBC. I have yet to open an estate account and her accounts remain open. Hello, I have a two-part question.I am the executor listed in the will of my deceased mother. The estate accounts usually contain the amount of compensation claimed by the executor. I believe you are wrong about avoiding probate because of the joint account. 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. The only thing going to probate is her house which was only in her name. So out of her account I paid for her last medications so it is a fully paid now. Since I only have about $500 a month to live on after the bills are paid, I can't afford it. Hello Lynne.I am the executor of my fathers estate. It sounds as though one will be open longer because of your tax holdback. So far I have issued one cheque to myself and one to my sister in equal amounts, (as will states it is 50-50 between us) and we are leaving several thousand in the account to cover bills as they come in. My father had a joint investment account with my sister with a right of survivorship which held shares and cash which the bank has put into her name to deal with as she sees fit. Thanks again! I also used the C$ account to pay out the interim inheritances last year. Does this trust belong to my daughter, or is it part of the estate, and therefore to be caught up in limbo during the probate? 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). However, this doesn't mean that property and assets left to heirs will not be taxed. (I was not asking any info on the account only about their requirements for an Estate Account) but she jumped on him immediately and would not listen. That sounds wrong to me. She had no assets other than a savings account. It'll happen. My husband recently died before he could receive (as sole beneficiary) money from his mother's estate who had predeceased him by 2 years. My experience has been that they do not allow online access in other banks either.Lynne. I don't know what you've got in mind when you mention recourse. 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. They gave me a cheque for that amount made out to the estate of my dad. Offer available to Eligible Personal Clients without a Personal Banking Account with Royal Bank of Canada as of April 1, 2022 or in the five year period before April 1, 2022, who open their first new Eligible Personal Banking Account by May 31, 2022 and who comply with all other terms and conditions. All of her finances had us listed as 50/50 beneficiaries and have been paid out to us, including her bank account of 24000. 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. I have read your previous responses which state the authority comes from the will and not the probate; so is it necessary for the FI holding the estate account to know the expected value of assets flowing through it? 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. 8. After it is all said and done the money will be divided between all 5 of us. You're in charge of the account, not them. 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. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. They can object to them if they think the expenses are inappropriate.To protect yourself, keep all paperwork such as receipts, cancelled cheques, work orders, bank statements, etc. Other terms for estate representative include estate trustee, executor, liquidator and administrator. She isn't in the running here. Sat-Sun 8 a.m.-8 p.m. ); Your joint executors might have a strained or non-existent . TD won't cash the cheque, saying it needs to go into an estate account. I will ask the bank. My lawyer has said the same thing. Lynne. I've been advised by the bank they need to "take" a copy of the original will.Why do they need to copy it and send it to their estate dept.? My dad had no will, no spouse and i am his only child. 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. During the estate planning process, the idea of adding a beneficiary, usually an adult child, to an existing bank account as a joint account holder can seem like an attractive, more efficient option than creating a will and then having your executor set up an estate account after you pass. One thing to note before closing an account is whether it is an interest-bearing account. Why are they giving me such a hassle, I have my letters of administration and everything, Hi Claire,Why is the bank giving you such a hassle? Upon her death, the money would avoid probate and be distributed. My sister and I are both trustees for my mothers estate account. Estate accounts are subject to different reporting requirements than personal or business accounts. The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. Well, I posted the above,on July 16tth along with the other person who also had issues with Royal bank on July 8th. Or do they receive (in my case, beneficiaries are to receive monthy from estate) beginning when the funds are ready to be dispursed? 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 $2,000 first. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. One is in C$ 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. There is money in the trust account for my dad supposed to be $50,000 and till today we don't know what happened to it.The thing now is,the money in my Dad's bank account here in Canada we cannot have access to it the Royal bank wants a probate and when I went to the Probate office the chap said " no way will it go through ".So what, does the banks in Canada have the rights to our parents money ?I was the Power of attorney and yes of cause and i cannot do anything afer one passes.Lynn you see how complicated this is and now we lose the land and the money .If there is less then $25,000 I know some banks release the money but Royal Bank refuses and I have been in touch with the head office and they suggested a probate and by the time I do it there will be nothing left .Please can you help me ?Thanks, Roberta, Roberta, yes I can help you, but not on a blog post. In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. 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). most of her property was gifted to me before her death. Please let me know. I certainly know plenty of executors who have online access to their estate accounts. Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. Stop letting them tell you things they have no right to decide. Otherwise, this could end up being worked out with lawyers for the bank, which in my experience is like hitting your head repeatedly on a brick wall.Lynne. Most of the time, paperwork comes from a lawyer. Thx. 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 only gets $60 back because that is what she had deducted every year. How long should it take for a bank to open an estate account? TD gave him such a hard time. I'm so sorry to hear about your son. Keep the concept of the executor's year in mind. A will cannot name you "or" your husband as executors. 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? 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. Please help. I'm frustrated just reading your note; I can just imagine how frustrated you must be. Her authority to deal with estate assets comes from the will itself, not the probate. I now realize I should not have closed it as we have to do taxes next year. Is it legal for my mother to deposit that cheque into that joint account.? Our lawyer said there was no need to probate as the will clearly spells out who the beneficiary is and there is only the savings account which would be used to pay expenses and the rest to the beneficiary. What is my recourse as an executor? How an estate is distributed Lynne. Is there anyway around this? 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). There are two other executors and decisions are to be made unanimously. I received a letter to say that Mom didn't qualify for the Canada Pension Death Benefit as she didn't pay in for enough years. Is it different when somebody has no chequing/savings accounts? I've read many comments here that suggest that RBC may insist on a probated will, and I'm wondering if this process is truly necessary? A cheque was released to to each person on title for a project (including my grandmother whom they knew was deceased) . 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. It's under $75,000. What would be the purpose of such a designation if people could just ignore them?I'm not an accountant, but my understanding is that the RRSP will be fully taxable when it is paid into the estate. But bank policy about the probate requirement is made at the higher levels and the local branches only have so much flexibility. Is it really the case that I can't get this information if the PEOPLE aren't available? Once the letter of probate has been granted and presented to the bank where the estate account has been set up, does the bank have any further right to "approve" payments coming out of the estate account. He had no will. I am an executor of my mother's will. I would suggest opening an estate account. 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. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. Check the motor vehicles registry web page in your province. I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. This is what the law says you are supposed to do. I have set aside more than enough to cover that expense. Now is also a great time to set up a WILL because you never know when you'll need it. I received a cheque made payable to the Estate of my son with my name as well. The bank has no say on what or who gets paid. The process would require you to sign an indemnity form. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. It must be a policy that TD has established. Will I need to go to a bank and set up an estate account and can I do this without needing probate? Hello. Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. This does seem like a genuine mistake, but certainly a preventable one. You don't have to wait until the will is probated. The client is now deceased and her power of attorney signed the cheque although I do not believe it was a joint account as only the deceased name is on the cheque. In particular, the bit about being listed as executor per CRA. 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. I am the sole executor and beneficiary of my deceased husband. No spouse. Lynne. Are they allowed to do this? This account is available for all youth under 18 years of age. I somehow doubt this, but if yes, what additional documentation would be required?2.What are the ramifications of moving money from her account as it is today to myself for repayment? We also own property that my mother as executor has never removed my Grandmother from. Estate accounts are 'prepared by the estate trustee'. You have the right to deal with the account as well as the risk if you screw it up, so they aren't in a position to put up any resistance.Lynne. The estate is valued under 20000 dollars so we are not applying for probate. If the person you're dealing with cannot do as you ask, try talking to the branch manager. Make sure the bank realizes that this is the only asset of the estate.Lynne. Why on earth doesn't she just do the paperwork before this all hits the fan? As well I received a cheque from a class action (veterans affairs). Paying out of pocket should be the last resort. Empire Life is right, in my opinion. 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 financial institution says that they are not allowed, but will make concessions for burial costws and probate application only. i have a will, am the executor, and can open an estate account if necessary. Or I could simply present a copy of the Will to the financial institution that I am the executor? All Canadian banks apparently have their own rules regarding estate accounts and probate. The problem with joint accounts between parents and kids is that the banks are really inconsistent in their treatment of them. Yes, all executors' names must be on it. Thanks. If you don't have to go through probate, then by all means, don't. There is still estate activities going through her bank account and I recently switched her mortgage company. It's not because it's an investment account, but because of the value.Lynne. A friend passed and named myself or my husband executor and also sole beneificiaries. I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. How can he sign papers, cheques if he is not physically able to do so? There is another 400,000.00 in GIC's and a house in my father's name. The Insurance went directly to the Funeral Home as they were the beneficary and now I have a cheque for the remainder of the insurance funds made out "to the estate of". Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. 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. No, I don't think you can deposit it to your personal account or cash it. Still to this day I have not heard anything. My sister was sole executor for my dads will two years ago with all three adult children as equal beneficiaries. To open any bank or investment account, you'll need a taxpayer ID number for the estate, which is itself a taxpayer. Thank you for your answer! 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. Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. In law, you have no right to do so because you've been given the cheque as executor, which means it's in trust for the beneficiaries of the estate. I'm very sorry to hear about your son. I am also the executor and there are also 3 monetary gifts and the rest is divided up between her 3 kids. 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? She did have a will but unfortunately it was not signed. Be cautious about disbursing funds until you have 100% control of the situation and know for sure what's out there.LynneLynne, Hi LynneMy mom passed away about a year ago, my sister and brother and I were all executors. If that is the case, what exactly are you expecting CRA to give you? I opened an estate bank account in BC where I live. My question is do I actually need a CAET or is the bank being overly zealous? 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. My mother learned the hard way that her money was not as 'safe' in the banks as she thought. 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. Giving Power of Attorney This is an on-going business with on-going income and bills that need to be paid. The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. Per the CRA website a T4RRSP/T4LIF/T4RRIF should be issued showing fair market value on date of deat, and interest earned from DOD until the end of the year. This is certainly not the law, but must be an internal policy of the bank. The strategy is usually accomplished through the writing of a Will and establishing Powers of Attorney and similar documents. To me, this is more of a bank policy question than a legal question. Unfortunately though, they are not the ones involved in your basic executor's account, because the executor's accounts are handled at the branch level.All I can say to executors is that if you cannot get what you need at one bank, go to another one - the competition - and see if you get a better response. DO any banks allow online access to an estate account? 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. Isn't it the point? Our mother had her checking and an investment account with them. 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. The trust now holds $75,000. If he will not clean it up voluntarily, you might consider asking the court to remove him. 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