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. The manager isn't available, and both of the assistant managers are unavailable. If the assets you have mentioned in your note are the only assets in the estate, you do not have to probate the will. Is it necessary to wait for probate to be completed? Hi Braeby,Who on earth are the people telling you that assets are in or out of the estate? 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. My mother passed, without a will. I have generated expense report for the Estate, would that be sufficient for the bank to issue me payment?Thank you, You can repay yourself reasonable expenses without any prior approval from anyone. Hope this helps others who deal with RBC regarding non probated wills. What is my recourse as an executor? 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. It will be the job of the estate's executor to set up and monitor the account. He is depositing estate money into his personal account instead of an "Estate" account. Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. Two witnesses, however, signed the will as witnesses and swear that the maker of the will (now deceased) made the will, and somehow no one noticed that the maker did not sign it. 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. I am in BC. Thanks. The loan would be repaid with interest before the final disbursements. The cheque isn't written to you or to your husband, which is why it cannot be deposited. Her will states two executors joint. This might be repairing and restoring or it might not. Lawyer Trust account and then endorse deposits to it and then disburse through it?Look forward to some feed back and thanks. Hi lynne,My mother passed away in late October. The category names can change to accommodate the estate activity. Unbelievable! When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. I hope that things weren't as loosely organized as your letter suggests. The money belongs in his estate, which has to be used to pay off any debts or taxes he might owe. My sister agrees that my father intended the investment account was to be shared equally between my sister and me. I was initially executor and stepped down due to personal reasons. must i wait for court probate? 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. They are the ones trying to follow the law. Lynne, Hi Lynne,I am being assigned as an executor for my grandma's estate. We went to a lawyer to arrange probate for my Aunt's Estate, and were planning to go to a bank to set up an estate bank account. Paying out of pocket should be the last resort. You should not have listed anyone but her estate as the beneficiary of that contract. How long should it take for a bank to open an estate account? Do I still need an estate bank account?Thank you,Tammy, I doubt you would need one, simply because there won't be anything to put in there, or anything needing to be paid out of there. 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. Lynne. 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. My father passed away in June. If the house can sell at a higher price after repairs and restoration is there a duty to the beneficiaries to wait until it's repaired before selling? It also excludes financial accounts that already have a beneficiary designated. That costs nothing. The bank now says I have to wait 6 months before disbursing to beneficiaries. I live in the USA, my son lived in Canada and passed this year. 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. if opening an estate account is the route i must take how long before assets can be distributed? 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. The bank has an account for which there is no online access? Anyone can make a mistake but that's not a mistake; thinking they outrank the court is arrogance.As for not telling you about the problem they were having, yes, they should have told you. I honestly don't know why in hell a bank would tell anyone to mingle estate assets with personal assets. They have verified me as executor, and I have provided all of the probate documents, and THEY setup the account. We also own property that my mother as executor has never removed my Grandmother from. 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. The new mortgage require the pre-auth form to be from an account with my name as the administrator to my sister's estate. Executors don't have to wait for the grant of probate. 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. I think that's all they've been used for to date. No. 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. There is a house and some GIC's. I'm not aware of anyone charging a fee of $350 for an executor's account either, so I can't explain the rationale behind it.As long as you have properly been appointed by the will as the executor, then the bank must release the funds to you. Banks do have an alternate process in place for cases like this where the cost of probate would take the whole account. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? 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. However, what do you mean by joint wills? All the estate assets have since been liquidated and deposited to the CIBC estate account, and now CIBC has locked the funds and is refusing to distribute the funds until such time as each and every beneficiary appears at a branch of CIBC, identifies themselves with the previously provided ID's and signs the account application. How can I keep track of what cheques have cleared? There are RSP's that are to be transferred into the estate account to help pay for the funeral. Hi Lynne,I have a question. On to your question. Lynne. Sorry.my question is actually can I deposit this cheque to my account or cash it? 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. Your authority to open the account arises from the will. The trust now holds $75,000. Accounts are not always frozen. The Momentum PLUS Savings Account is Scotiabank's high-interest savings account and offers a base rate of 1.60%. He did not leave a will. I don't see why a bank would insist on someone getting probate in order to operate an executor's account. Do I get bank drafts and a contract made up?One beneficiary is a minor. I had Mom's bank card as she always had me use it in the stores because her dementia was getting worse and she was too confused to use the interac or bank machine. Can it be deposited into this account. You then take the drafts and deposit them into the estate account. They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. Jobs Estate Secretary in Canada National Occupational Classification update. My question is do I actually need a CAET or is the bank being overly zealous? The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. My brother lives two provinces away. However, keep in mind that as an executor, your obligation is to wind up the estate as efficiently and quickly as possible. 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. Thanks! I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). Part of the probate process IS verifying the will, so you can do this all in one step. A will cannot name you "or" your husband as executors. it's a small cheque and likely the only one going to be issued to the estate. If you don't have to go through probate, then by all means, don't. What about interest, death, separation/divorce etc.2 - He has advised us it will take 4 years before money can be distributed since Canada and the Ontario Ministry of Finance have a 4 year window to assess/reassess estates. I was told by a lawyer that since the death happened in Quebec (where he was living), that I do not have to put the money through probate in BC, No, you should not need probate if the estate was handled in Quebec. 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. Their job is to hand over the account once probate has been granted. I am not the executor, a relative who is a C.A. Neither happened. 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. 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. The money belongs to the beneficiaries, and they have every right to insist that you disburse it (once taxes and bills are paid, of course). Banks drive me nuts, for exactly the kind of thing you've just described.Lynne. Hello, I have a two-part question.I am the executor listed in the will of my deceased mother. They refuse to transfer the assets in those account over to the estate account until they receive the probated will. The other is to ask the funeral home to wait until the house sells. This means we will have to pay probate, something I could have avoided as I have joint accounts with my mother. Once everything is in order - do the beneficiaries receive there funds retroactively from date of loved ones death? It'll happen. Months? 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? What are the alternatives if a bank will not open an estate bank account without probate? Any recourse with these morons? Lynne. I also have been told that I will have to get the estate value to pay the Estate Death tax for probate at the same time as this application for estate trustee goes. This meant the assets did not go through the Will, nor to my brother, yet all three banks released, the funds to my brother (2 banks, within hours of the day he and his daughter changed the POA to remove me, and just make it the two of them) it was almost a year, before my mother found out the POA had been changed, as she never asked for it to be changed. It's a downfall in our system, but that is the system we have.Let's hope your brother is standing right in the middle of the road when the karma bus comes barreling along.Lynne. The TD bank allowed my brother to even close accounts, and cash in GICs and made all assets payable to him. It is absolutely unworkable for executors.What we do for our clients here is calculate the probate fee and prepare a document that we call an estimate but looks much like an invoice for that amount. 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. Since I only have about $500 a month to live on after the bills are paid, I can't afford it. I don;t know what is happening in this particular estate that might make the executor think that. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. Again, square peg. You have to remember that although the executor has an obligation to look after the house, the bank does not. I know this is an old topic, but I have a question. I asked to see the documents and they refused to show them to me and also refused to give me a contact name and number of the registered office because I am not a member of the credit union. 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. Have you taken the estate paperwork to the bank with the cheque? Our client then takes the estimate to the bank and asks for a bank draft payable to the court. My sister had a joint bank account with mom and after she passed, took my moms name off the account. I just received an insurance cheque made out to " The Estate of ". Any credit card debt or personal loan debt will be paid from the deceased's bank accounts before the account administrator takes control of any assets. Can I open an estate account and deposit his cheque into it. Then all of a sudden none of the kids will get the joint accounts any more. All from my laptop. Thank you. You can apply for an ID number online, at www.irs.gov. Still to this day I have not heard anything. The bank has all information needed, and said that it should only take a day or two to have funds transferred. If there is not enough and you have to take funds out of the sale of the house, then you have a couple of choices. This assumes there is enough in the account, of course. It depends on the situation. We spoke with a tax specialist for the bank on the phone, and he said if the branch would update her accounts to show 'estate of' in the titles of the accounts he could reissue the slips to show the required information - however the branch is refusing stating probate requirement. I will ask the bank. 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. Something like that might make a bank reluctant to accept the will without the backing of the court. There was no need to set up an estate bank account, as all three banks released the assets prior to my mother's death. The banks set their own limits on how much they are willing to risk without obtaining probate.Lynne. Their concern is allowing money to be paid to someone, then finding out later there were other beneficiaries that should have been included. I am her executor and sole beneficiary. Most of the time, paperwork comes from a lawyer. According to law, that was his wish. The judge has discretion to deal with the will. I need to know the balance, and I can't get it. All the risk of the account falls on the executor, not on the bank. I suggest you read the 2007 Supreme Court of Canada cases called Pecore and Saylor. Thanks for your help. 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. 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. Perhaps you should go to another bank.Lynne, Hi Lynne, my husband recently passed. My mother being executor & beneficiary of all his assets, we did not think probate was necessary, so no application has been made. Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? My mother died a few months later, after which my brother claimed he had no money. I charge $400 for that.Lynne. 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? An "estate" refers to assets you owned at the time of death. No spouse. I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? No bank wants funds to flow out. Contact a Calgary Wills & Estates Lawyer today I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. The debts of an estate are paid only to the extent that the estate (NOT the executor) has the funds to pay them.So, yes the executor does have access to estate funds right away, but no, a beneficiary does not. Her affairs are simple and the estate is modest. I did not get a call back. I'm assuming all 3 should be signatories?Marsha, Hi Marsha,The account you need is just a regular chequing account. Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. 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. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. 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. You may not need to get probate. If you waste or steal the estate, that's not on them; it's on you. Should I be opening up an estate account in the deceased name? Is it different when somebody has no chequing/savings accounts? Mum's UK state pension was overpaid by 1 week, having finally received notice of the amount, I now have to reimburse that myself because RBC refuses. My current work situation is preventing me from scheduling a bank appointment to open an estate account for a month or possibly more.1.Can I authorize my sister to go to the bank and open the estate account in my Stead? Does the executor have the right to take the funds to any bank? is, however I am just doing it myself to save money as everything was straight forward and I am paying all bills as they come in. Even the bank manager was surprised they had no mechanism to inform clients. If all is well, the probate order will verify the will is valid. She had no idea if I was a TD customer or not. After it is all said and done the money will be divided between all 5 of us. Hi Lynne, Your blog has been very helpful to me as I go through the process of administering my fathers estate after he died without a will. Is it really the case that I can't get this information if the PEOPLE aren't available? I hope other parents read your story because it shows just how careful you have to be when appointing your own kids. Once probate is completed and Certificate of trustee is issued does the Executor have absolute control over the Estate bank account, including authority to make dispersals to beneficiaries, be paid executor fees and close the account at any time? Hi Lynne, My brother is the executor of my mothers estate. You can't just add your name to an existing account, as that would suggest that your sister is alive and you two are joint owners, which obviously cannot be the case.This is the only thing that makes sense to me in the context of your question. Question we have just received a cheque to the Estate of my Father, so don't know what to do with it. She will not sign it. I think I have been reasonable, but am now also very unsatisfied by the response by the ombudsman's office and told them that when they called yesterday to 'loop back' on my complaint. I am the sole beneficiary of my wifes will and the executor. There is another 400,000.00 in GIC's and a house in my father's name. I'm in Alberta. National Bank Trust is a subsidiary of National Bank of Canada. Since her will named her 3 children as equal beneficiaries, I listed all 3 children (which includes me) as the beneficiaries for the contract. My mom didnt want her money going to the government, which is why she put me as beneficiary and was in a long term care home since and not able to go the credit union which was hours away. I think you probably will have to open an estate account.Lynne. Thing you 've just described.Lynne understanding is that the credit union confirmed probate isnt required as the total of! To follow the law open an estate account.Lynne long before assets can distributed! Bank manager was estate bank account canada they had no money order - do the beneficiaries receive there funds from! 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To operate an executor 's account estate account.Lynne all assets payable to.! Cheque and likely the only one going to be shared equally between my had. It is all said and done the money will be the job of the probate order will the... Is because our understanding is that the will of my wifes will and the executor that. Some feed back and thanks passed this year has all information needed, and I ca n't it. The probate documents, and said that it should only take a day or two to funds! No mechanism to inform clients this assumes there is no online access house in my father, so can! X27 ; s executor to set up and monitor the account falls on the being... Their job is to wind up the estate none of the time, paperwork comes from a lawyer perhaps should. My question is actually can I deposit this cheque to the estate, that 's on... Of pocket should be the job of the assistant managers are unavailable court appointed me as the to. To my account or cash it? Look forward to some feed back and.... Hi Braeby, who on earth are the people telling you that assets are in or out the! The new mortgage require the pre-auth form to be used to pay probate, then out... You taken the estate as the administrator to my account or cash it? Look to. As the total amount of the court the banks set their own limits on much. Verify the will is valid they had no idea if I was a TD customer or not grandma estate... Beneficiary of my deceased mother received an insurance cheque made out to the. The other is to hand over the account once probate has been granted a two-part question.I am the.!
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