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. 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. The process would require you to sign an indemnity form. (The cops have had the 'case' for 6 years)So be warned some banks are willing to release funds prior to the (joint) account holders death,(whether it be weeks, or years) and that the money while insured, is not insured for theft or fraud, so you won't be getting any money back from the bank if they 'made a mistake' even though according to one manager 'it happens all the time'. 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. We are currently dealing with RBC. 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 bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. I have yet to open an estate account and her accounts remain open. I have Mom's taxes done for this year. I'm very glad you got this resolved quickly.Lynne. Does the executor have the right to take the funds to any bank? If you're looking for a way to speed up the process, I think you'll end up talking to the manager of trust first, and if necessary, kicking it further up the channels. Strictly speaking, the bank would be entitled to insist that you open an account in the name of the estate, but sometimes you can find a bank manager with compassion who will cut you a break. I have made sure his loan and funeral expenses have been paid for and any government cheques have been paid back. Can you confirm when I take the tax bill to the bank it can be paid from his estate. Executors don't have to wait for the grant of probate. Unfortunately, often the only feasible solution is for the accountant to prepare worksheets, pieced together from whatever data can be determined, allocating assets and incomes into pre- and post-death portions, for reasonable, if not precise, tax reporting. All of her finances had us listed as 50/50 beneficiaries and have been paid out to us, including her bank account of 24000. If you don't have to go through probate, then by all means, don't. Thanks Lynne! Take the funeral bill to the bank where your uncle had his funds. However, don't be surprised if you end up having to open up an executor's account.Lynne. 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. I don't need the money but want this to be resolved. The estate accounts usually contain the amount of compensation claimed by the executor. 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 bank, BMO, charges nothing for an estate account. 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? So, my question is -- where do I go from here? recently received a cheque made out to the estate and attention of me"Jane Doe" can I deposit this cheque into my personal account or does it have to be deposited intorbhe estate account. And I don't feel that I should be opening an account for this in my personal name. 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. They have asked me if I would look after the estate and now have the lawyers are preparing the application to have me appointed as Estate Trustee. My father was a street person, so they helped to budget his money. 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 am the executor of my mom's estate. I don't want to probate because our wills were joint as was everything in our lives. Jobs Estate Secretary in Canada National Occupational Classification update. 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. By then of course, the 10 days will be long past. It sounds as though one will be open longer because of your tax holdback. Other things might also flow through that estate account, such as the CPP death benefit. I wasn't aware that they were doing that. They are the ones trying to follow the law. Lynne. However this has affected how the tax slips have been filled in. My mother passed away in April, and I met with her bank on April 26 primarily to be sure no further deposits were made. Which we can't do until we pay estate tax. 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. It must be a policy of the particular bank.Lynne. 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. I have been calling the bank, and getting no answer. She will not sign it. Something like that might make a bank reluctant to accept the will without the backing of the court. The mortgage has been paid from my father in laws account since he has passed in October. Do we really have to go through probate? 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? Do I still need to open up an estate account for tax reasons or other? He had a brother & sister who are now the beneficiaries. Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. Your estate includes what you own (assets) and what you owe (liabilities). I'm frustrated that I can't create a single account in the estate's name to deal with everything. Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. There was no will.Thank youWendy. if opening an estate account is the route i must take how long before assets can be distributed? Estate Planning. You then take the drafts and deposit them into the estate account. I agree that you should not run any estate money through your personal accounts. What if my sister didn't put my name (co-executor) n the account? 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? Lynne, Hi Lynne,I am being assigned as an executor for my grandma's estate. This was done after receiving the Probate Certificate which was scanned into the estate dept. 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. In some states and in some estate situations, estate accounts are restricted. Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. Can my mother continue to live in the house or does she have to move? It has been a great help to our family.My question relates to your initial post at the top. The information contained in this report references market data from MLS boards across Canada. 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 went into the bank again and asked to see her but she was in a meeting so another representative took my name and number. The first stage of estate planning is preparation. 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. After it is all said and done the money will be divided between all 5 of us. Hello. I will likely receive a company pension retroactively owed to my husband. We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. I would much rather deal with my Bank. Yep. Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. 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. As a recently-retired accountant, having dealt with similar issues for the past 20 years, I can concur that almost none of Canada's financial institutions and especially brokerages are aware of, or follow, the tax rules and the required reporting as respects the tax slips. If the person you're dealing with cannot do as you ask, try talking to the branch manager. Unbelievable! I have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. Hi Lynne, My brother is the executor of my mothers estate. In retrospect I should have changed banks and set up an estate account. Not the same thing. I wish they had better training because they waste a lot of time for executors and lawyers. This had to go to their Head Office and it would take about 2 weeks. I know this because I spent 7 years at Scotiabank doing whatever I could to help out the front line staff dealing with estates. 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. The problem with joint accounts between parents and kids is that the banks are really inconsistent in their treatment of them. Isn't it the point? Thanks! 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. Hi Lynne: Great and informative blog.My husbands uncle died recently. 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? All properties were sold and bills paid and income tax filed. In our case the executor says she has to await the Grant of Probate before opening an estate account. Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. I fear they are aware we will be transferring all the money to another bank and that is the hold up. 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. If he will not clean it up voluntarily, you might consider asking the court to remove him. 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. These taxes are applied before the estate is distributed. His RRSP beneficiary form completed in 2011 lists my sister and me as his beneficiaries (oversight). 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. There are no inheritance or estate taxes in Canada. This means we will have to pay probate, something I could have avoided as I have joint accounts with my mother. However, you can call and enquire if you don't want to make a special appointment with a banking representative. Hello Lynn,Is an executor allowed to pay expenses out of the estate account prior to probate being granted? 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. Can Laurentienne refuse to transfer the funds from my decesased uncle's account to BMO? Why do I need an estate bank account? I might have to put in a call to a financial advisor I know over there to see what I can find out about this.Lynne. It's under $75,000. Is there a specific issue or problem or situation in your case that would be best served by having the lawyer control the funds? 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. 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. Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. 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. An executor can never use estate funds for personal spending. You are the one with the liability and the responsibility so tell them to back off and let you do your job. must i wait for court probate? I have having some real tough issues with TD Bank. The 2nd was sent in September from a different lawyer and got "lost in the mail", it never occurred to me with the pandemic and my work to ask to pick it up, I also didn't clue in that she had changed lawyers for the 3rd time without telling me. Are they allowed to do this? Hi Lynne, our mother passed away in February this year. Her affairs are simple and the estate is modest. The manager isn't available, and both of the assistant managers are unavailable. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. Thanks. 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. Thanks in advance for your input. 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. 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. 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. Subject Matter Expert/Leader in Portfolio . The things people will do to their own parents is absolutely appalling. I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? What should I do? 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). Meanwhile my brother received it but I did not. DO any banks allow online access to an estate account? For example there could be some doubt about the validity of the will or dispute among the beneficiaries about the will. I would like to reference your site to them. 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. All decisions of joint executors must be made unanimously, so all three will have to sign all cheques.Lynne. Have you taken the estate paperwork to the bank with the cheque? 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. The only thing going to probate is her house which was only in her name. Please help. My question to you is, other than the formality is it wise to do this or wait for the Certificate of tax Clearance from the CRA? I have not received anything in writing other than a few emails. Several expenses were incurred and paid from my own pocket while waiting for the probate to be granted. Dear Lynne, I live in Ontario. We put it on our firm letterhead. No debits. I have had a couple cheques come to me for the estate. My father passed Nov 18 2016; he was widowed and there are 3 beneficiaries named in the will. Unlimited free Global non-Scotiabank ABM withdrawals 6. Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. In her will, all three adult children are both equal executors and beneficiaries. Hello Lynn,I'm setting up an estate account for my mother. The taxes on capital gains on the shares were paid after filing my father's final tax return. I guess as long as they are not inconvenienced, the potential liability and estate tangles that could arise just don't matter to them. If they won't let you do it your way (which happens to be the correct way) then take all the funds out and put them in a different bank.Lynne. While this may be slightly off topic, you advised people with a question to move to a blog with less than 200 questions. 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. What is the harm of just dividing the money between the two of us and paying the last few estate bills from our own accounts? These 'source documents' are the back up for the estate accounts but are not usually provided to all beneficiaries. Other terms for estate representative include estate trustee, executor, liquidator and administrator. 2024 Real Estate Capital Partners Summer Analyst - Dallas, TX Job Description RBC Real Estate Capital Partners The Real Estate Capital Partners ("RECP") platform was created within RBC as the bank's principal investment platform focused on real estate finance products supporting institutional firms and top tier operating partners. To me, this is more of a bank policy question than a legal question. All the TD bank did was phone the hospital, and that was good enough for them. My husband passed away recently without a will. 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