If you waste or steal the estate, that's not on them; it's on you. As the executor I am just starting the estate work. The duty of the executors is to maximize the estate as best they can. Are there restrictions or did I just draw an uninformed bank employee? Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. Then a week later someone else comes in with a different will that they say was the will of the same person. 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. Thanks so much for your prompt and informative response. In some states and in some estate situations, estate accounts are restricted. She has money due to her from the other UK source, but when I asked for the overseas sort code for her account I was told the deposit wouldn't be accepted because the account is not yet an estate account.Mylawyer tells me TD is even worse to deal with re estates, bottom line is check with a bank about their estate account policies before you have a bureaucratic nightmare on your hands. CIBC are certainly entitled to require my ID as sole trustee. I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. Estate accounts are 'prepared by the estate trustee'. Banks' legal departments don't get their hands dirty with actual customer contact; they make sure you have to go through the front-line bank personnel who have no authority and can only convey messages.Am I frustrated? I'd suggest sitting in with your banking officer and having a chat. Estate Planning. 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. I also wanted to be sure her remaining bills were paid (less than 1K).In July I received a notice from one company that the account had been sent to a collection agency. Is this really 2017?Anything you can do to help would be greatly appreciated!Thanks.Fred, Personally, I don't see the difference in an online account for an estate and an online account for an individual, once you have established your credentials as the executor. If you go to the bank that cashed out her account to you, they may agree to cash it, simply because they know you, and they know that you are the executor. She has no real assets. I need to set up an estate account for him. And I don't feel that I should be opening an account for this in my personal name. Estate accounts are subject to different reporting requirements than personal or business accounts. But the bank refuse to do this. Will probate be necessary for this? She will not sign it. Financial institution (Questrade) refuses to do so and claims this is against the law (True?). Now she will not agree to allow me to withdraw the 50% of funds from the estate account that I am entitled to. My mother died a few months later, after which my brother claimed he had no money. Start Schedule A by plugging in the grand total from the final Inventory of Assets into Schedule A. It should list there what paperwork they need. I hope that things weren't as loosely organized as your letter suggests. The bank has an account for which there is no online access? 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. They will continue to do this until a beneficiary sues them. Are you sure you are clear on what the bank wants you to do?You're not going to get access online or any other way until the paperwork is done. 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. Subject Matter Expert/Leader in Portfolio . 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. 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. Yes, you have ALL the rights. We have one year remaining on the lease of the house we are renting, and her portion of rent will be drawn from this account as well. The bank is treating my moms registered accounts with no beneficiaries (rrsp/lif/rrif) as frozen until probate is received. Clip: "If you're an executor, however, you can open the [estate] account at any time once you take charge of the estate. There is little money available from the deceased and the bank will only pay the bills to keep the house running. Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada, Great article. 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. My mother-in-law passed away one month ago, she was in an assisted living apartment. The 1st distribution I picked up from a lawyer as I was in a hurry to get money. The first stage of estate planning is preparation. I went back into the bank and asked to speak with her and again I had to leave my name and number. In fact, it's standard. Your mother's money wasn't safe because your brother is a crook. When I do here final tax return for this year, I believe she is only entitled to Ontario tax credits and GST. 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? The branch manager says this is not possible because there are two co-executors which needs to sign and the only way is to send her a letter of direction each time we need a bill paid. There are no inheritance or estate taxes in Canada. Thx. Doing otherwise is theft or fraud.Lynne. I have made sure his loan and funeral expenses have been paid for and any government cheques have been paid back. That costs nothing. In my view, you are doing exactly what is supposed to happen - even though the accounts are in joint names, you are treating the accounts as assets of the estate. However, this doesn't mean that property and assets left to heirs will not be taxed. It's not because it's an investment account, but because of the value.Lynne. Lynne. She had no idea if I was a TD customer or not. I'm assuming all 3 should be signatories?Marsha, Hi Marsha,The account you need is just a regular chequing account. No spouse. Isn't it the point? My question is how to put this money back into the estate without raising the concerns of the Ministry of Finance. As there was only cash in his estate I did not set up an estate account - the death benefit cheque was deposited to his account. I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? I guess my question is do they have the right to not release the money once probate has been granted? I think your bank is making an error. I have dealt with two CIBC staff and have been promised a CIBC Manager but no Manager has yet contacted me.Is CIBC correct in making asserting they are making lawful requests identification of beneficiaries and for requiring each and every beneficiary to appear at a CIBC branch, identify themselves and completing account application forms? An estate account is a financial tool used to manage the estate of a decedent. my father passed away and only had $960, which was held in trust by an organization. However in the last through s of her life when I could see the end was at hand I put as much available cash in this account because I knew joint accounts would avoid probate. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. FIL was not natt8ed, Julie, what does "FIL was not natt8ed" mean?Lynne. What's the easiest way to cash it. Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. 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. 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. However, what do you mean by joint wills? 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. What do I need to do to prove that I am the only beneficiary?thanks. To open an estate account, you need to go to the bank and request that they open an estate account. Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. An executor can never use estate funds for personal spending. All the TD bank did was phone the hospital, and that was good enough for them. What can I do? After the death benefit from CPP was deposited, I as the executor, got them to make a money order for each of the 4 children (self included) to divide estate funds up and closed the joint account. So with Mom's money and the estate cheque it would be around $5,000. My brother lives two provinces away. 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". we are now waiting to hear from CRA, and if everything is ok he will apply for clearance certificate. My mother learned the hard way that her money was not as 'safe' in the banks as she thought. The last bank draft amount is large of course but way under 100K as in total that's approximately what each would get after taxes and expenses. Will I need to open an Estate Account? 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 local manager was extremely helpful in rescanning the problem documents but now I must wait up to 10 business days until this is approved! Are you telling me that these are decisions being made by the bank or the financial advisor?? When will the bank require some action on the account? Do I get bank drafts and a contract made up?One beneficiary is a minor. I was told by a local lawyer that if there were no assets that there would be no point spending approximately $3500.00 dollars to become an administrator. Can my sister disburse fees from my fathers estate accounting to reimburse my brother for return air fare and to me for gas mileage, when we attended his rental to remove his belongings and sell his assets? Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. It's just an expense and a bother if it's not needed. Those people actually DO know their way around estates really well. You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. I am paying their benefits to the court.Thank you for any help and advice. Other terms for estate representative include estate trustee, executor, liquidator and administrator. These accounts are useful to avoid probate and are common in the US. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. In retrospect I should have changed banks and set up an estate account. How can he sign papers, cheques if he is not physically able to do so? Lawyer Trust account and then endorse deposits to it and then disburse through it?Look forward to some feed back and thanks. Bank Accounts Notify the bank and identify yourself as the executor. No, an executor absolutely should not deposit money into his personal account. The mistake is just as much yours, as a person under a POA instructing them to do something you weren't allowed to do in the first place.I know this probably isn't the answer you wanted, but that's how I see it.Lynne, Hi Lynne. So you couldn't have used that account to avoid probate. What purpose it serves would only be a guess on my part. The rest of it does not. This does seem like a genuine mistake, but certainly a preventable one. 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. 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. All Canadian banks apparently have their own rules regarding estate accounts and probate. 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. My mother's partner has 3 sisters and a brother whom her partner didn't get along with and didn't have much to do with them. Dear Lynne, I live in Ontario. The strategy is usually accomplished through the writing of a Will and establishing Powers of Attorney and similar documents. As I said, not all banks are responding properly to the change in the law (from 2007) and some are paying out joint bank accounts between parent and child to the child. You may not need to get probate. All debts of the estate have been paid. My husband passed away recently without a will. An estate account makes it easy for the executor to endorse and deposit these payments. My experience has been that they do not allow online access in other banks either.Lynne. 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. One thing to note before closing an account is whether it is an interest-bearing account. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. Lynne. DO any banks allow online access to an estate account? So, my question is -- where do I go from here? What do I do with these cheques, how do I cash and divide them? Two convenient options: Pay annually and save - $39.50 per yea Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . What should I do? 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. 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. It's quite possible that they will insist on probate. While I find this admirable in spirit, I am concerned as an executor whether executors can in fact make gifts that are not specifically covered in the will, especially as there are other residual beneficiaries involved. Are you asking why you have to get probate (aka Certificate of Appointment)?Lynne. No, no, no.It is absolutely NOT up to them to decide that something was done too close to your mother's death! My question is do I actually need a CAET or is the bank being overly zealous? You should not have listed anyone but her estate as the beneficiary of that contract. The category names can change to accommodate the estate activity. That is my main concern now. A will cannot name you "or" your husband as executors. Hi Lynne, If the executor is also the beneficiary do they get access to the funds right away since the financial obligation will come to them regardless? The estate accounts usually contain the amount of compensation claimed by the executor. It may seem inconvenient but there reasons for it, not the least of which is who is earning any interest on the account.Keep in mind that in law, that joint bank account belongs to your father, not to you, but that's a story for another post.Since I know nothing at all about your father, his marital situation, his assets, his debts, or anything else, I really couldn't say what you need to do. In the next breath the employee told the other executor, the old account is now yours and you can take the Money and run. I went to deposit them and was told by CIBC that they drained the account and closed it 5 months after death? HI Lynn, My case is very complicated,it started with the land my mum bought 5 acres of land in Fiji and she got her first cousin Vana to handle things to sell the land which mum got many offers even for $450,000.00 but mum trusted her daughter-in-laws family the lawyer she hired and her cousin in Fiji.when our beloved mother passed away notary Sublock Sublock never even got mum to sigh her Will even though we paid $170 fee for that one home visit Mr.Sublock refused to help us and we sent mum's old Will which was Notarized and the Fiji Courts refused to accept it and my dad was next of kin now they said Vana and fiji lawyer Ulamila Tuipuku said that my dad needs to do a Probate and I sent $3,500 for court/lawyer/probate and months down the road Vana and Ulamila said that the court won't accept the Probate that they wanted her in my Dad's WIll which he "WE HAD A DEAD LINE OR LOSE THE LAND " we said that was crazy and we went through with that and so so and we went through Mr. Sablock again because he had the history regarding the land and my mum's information etc.My dad wanted to sell the land because there was squatters on the land and two churches was already built on land without permission and you wonder who was minding the place.When I made an offer to a performance on the land Vana was so upset she was yelling and I said okay you have 6 weeks and she said she already had the money and we'll we waited and waited for the paper work.When I tried from May 2012 til Feb 2013 to get the lawyer to send papers yo sell the land she was making all kinds of excuses and we sent thousands of dollars for court cases and the land .The thing is after my dad passed away the first thing Vana said is remember that I'm the excutor on the Will and no one can go above me and I was do she said none of your kids can go above my head and this just to show she knew what she was doing .We'll after all that she said that the land is in her name and the lawyer who was supposed to be working for my dad was working for her and went against both my parents.
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