(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'. Is it different when somebody has no chequing/savings accounts? What should I do? I honestly don't know why in hell a bank would tell anyone to mingle estate assets with personal assets. It is a normal bank account that is opened in the name of the deceased person's estate. 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. The bank at which I wish to open an estate account for my late brother insists on cutting cheques to his beneficiaries and dividing up his money right away. 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. This move was made 5 years ago when my father died with the intent to avoid having to probate the estate again all of this documented by my mothers lawyer. I could look at them online, print transaction records, and transfer funds in or out if necessary or as required. The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. Asked by: Ozella Braun | Last update: February 9, 2022. Thank-you Alyssa. Meanwhile my brother received it but I did not. DO any banks allow online access to an estate account? 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. Based on your comment in the second paragraph, how would this apply to funds held with a financial institution in an investment account?If I am executor of my father's estate, and he had an investment account of $500,000, does the financial institution have to pay it out to me as executor if I instruct them to?Isn't it basically standard practice for them to require a probated will before they will liquidate an investment account?Thanks. 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 He had a brother & sister who are now the beneficiaries. I am paying their benefits to the court.Thank you for any help and advice. One is to pay for the funeral up front and reimburse yourselves after the house sells. Executor & Estate Bank Accounts. My sister and I would like this account to be settled to our Mother's RRSP as she is a Qualified Beneficiary and will not be paying taxes on it. Yes, all executors' names must be on it. Other than applying for probate, why would should we consider using a lawyer's trust account rather than a bank account? If you did not obtain the permission of the court to step down, you are still the executor. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. Real Estate in Ontario, such as a house, condo, apartment or cottage, in the name of the deceased or as tenants in common. 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. The house just had a major fire and two of the executors want to sell the house as is (with the fire damage), settle with the insurance company and distribute the settlement proceeds as part of the estate. Thanks so much for your prompt and informative response. They seem to think that at the point where Registered accounts are cashed out to the estate is when taxes will be owed. Either you were joint executors, or one was named executor and the other as alternate. They did have one joint account. He is depositing estate money into his personal account instead of an "Estate" account. Does the executor pay out of pocket?I would really appreciate your help. so, this should be easy opening an estate account is just a formality, since all accounts go to me anyways. She will not sign it. My mother being executor & beneficiary of all his assets, we did not think probate was necessary, so no application has been made. I went through the lawyer for a probate. Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. 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. The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? Will I need to open an Estate Account? TD won't cash the cheque, saying it needs to go into an estate account. 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. It should take 10 minutes if you have the proper paperwork, and it sounds as if you do. It's a fairly small estate, about 80k in RIFF's, chequing account. Also consider the fact that when a lawyer holds funds in trust, the interest earned on the funds is paid to the Law Foundation and not to clients. He had all the necessary documents but I guess in their mind the estate was not worth their time. The information contained in this report references market data from MLS boards across Canada. When they are one and the same person, the executor must only use the estate funds to pay estate costs and debts. 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. Keep the concept of the executor's year in mind. You need to complete a simple form with a confusing title: IRS Form SS-4, Application for Employer Identification Number. TD bank estate account has not been closed and balance on the account has been in the estate account for seven years. She died in January, but now Empire Life says that they made a mistake in allowing me (as POA) to name myself as a beneficiary and want to make a cheque payable to the estate. 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 have a joint bank account that I hope I can deposit his estate cheque(s) into. Your mother's money wasn't safe because your brother is a crook. It should list there what paperwork they need. I also used the C$ account to pay out the interim inheritances last year. Payable on death accounts A bank account where a beneficiary is named is called a payable on death (POD) account. 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? By then of course, the 10 days will be long past. Have you taken the estate paperwork to the bank with the cheque? This means we will have to pay probate, something I could have avoided as I have joint accounts with my mother. So with Mom's money and the estate cheque it would be around $5,000. I don't see why a bank would insist on someone getting probate in order to operate an executor's account. Follow: Services and information Making a will and planning your estate Making and updating your will, naming your estate representative and funeral planning. It's not because it's an investment account, but because of the value.Lynne. Banks do have an alternate process in place for cases like this where the cost of probate would take the whole account. If they won't transfer the funds directly, empty the accounts by having the bank prepare drafts written to the estate. That's very heavy-handed of them! 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. 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. The lawyer handling his mother's estate wants to write the cheque to my name with Executor of the Estate of (my husbands name). We listen to you and create a comprehensive plan that sets out how you will transition your wealth. My dad passed away and has no will, no assets, no liabilities, no bank account. I would suggest opening an estate account. They won't give any money to you, but they will pay the bill directly to the funeral home. TD gave him such a hard time. Dear Lynne, I live in Ontario. You're right, that is the hold-up. the bank of the deceased rejected an ATM deposit to the estate bank account. One way to handle this is to have a separate bank account opened after the person's death, which is referred to as an estate account. I have not received anything in writing other than a few emails. I think your bank is making an error. In some states and in some estate situations, estate accounts are restricted. I was told I would have to open a personal account in my name. Since I am sole beneficiary and will receive the cheques to his estate, how do I set up the estate bank account. I went to another bank and they also said no. They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. Can she claim the whole monthly amount for the past two years on our moms estate who recently passed with severe dementia? Srnicek said most brokers predict interest rates will continue to rise in the first quarter of 2023, with the first Bank of Canada announcement on the key interest rate set for Jan. 23. Take the funeral bill to the bank where your uncle had his funds. 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. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. We have since sold her house and the lawyer is going to have the cheque made out "to the estate of" and would like us to agree on who will receive the cheque to deposit. Lynne. As far as the bank is concerned, your father's account is still HIS account and not an estate account until the probate has come through. Why on earth do people try so darn hard to avoid probate? Lynne. 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. Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. Do I have any rights? Utter incompetence on their part considering they should have informed me of this long ago. They have no say over what an executor does with an estate account. Hello My 24 year old son passed away oct 28 i found his gst cheque dated oct 5 that he signed is it ok to cash it or wat do i do ? All debts of the estate have been paid. Can the power of attorney for his will assume control of our mothers estate? Thanks! I have Mom's taxes done for this year. The estate accounts usually contain the amount of compensation claimed by the executor. Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada, Great article. is there any legislation preventing them from doing so? Hope this helps others who deal with RBC regarding non probated wills. Received his last Canada Pension cheque, issued in the month of his passing but am unable to cash it. The estate or other eligible individuals may be entitled to Canada Pension Plan death benefits. I have some Estate litigation lawyers names but want to know if I can realistically get her to replace that cheque so I can have my money. Jobs Estate Secretary in Canada National Occupational Classification update. I attempted to open an estate bank account along with my co-executor and was told I would have to wait until the Court issues the probate letters. All from my laptop. It is not a good idea to mingle estate funds with personal funds. I am an only child. Through the firm that handled my mothers taxes we have filed and received a refund for her 2017 taxes. Hi Lynne: Great and informative blog.My husbands uncle died recently. I have yet to open an estate account and her accounts remain open. 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. 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. Is there anyway around this? 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