His RRSP beneficiary form completed in 2011 lists my sister and me as his beneficiaries (oversight). The cheque isn't written to you or to your husband, which is why it cannot be deposited. Do they have this right? She had a will that named me executor. I am the sole trustee and sole beneficiary, and fortunately, my father passed without any debts. Her affairs are simple and the estate is modest. What can I do? 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. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. It's not because it's an investment account, but because of the value.Lynne. I'm so sorry to hear about your son. The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. However, a year has passed and she is reluctant to distribute half of the account to me. For example there could be some doubt about the validity of the will or dispute among the beneficiaries about the will. I would suggest opening an estate account. 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. My uncle passed away and put my cousin and I as executor's. 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. They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. 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. 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. In particular, you should not have named yourself because someone working under a POA is not allowed to benefit from the position of POA (other than collecting a wage for the work, if allowed). Thanks. My financial institution says that they are not allowed, but will make concessions for burial costws and probate application only. This risk is eliminated (for the bank) by the probate process. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. Given that there was no will, no spouse, and no other children, the chances of anyone else appearing are next to nothing. If the account is closed, you have to open a new one, as you have a legal obligation to deposit them and use them to pay any outstanding debts of the estate.Lynne. Does the annual audit of accounts reflect this inaction? 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? You don't need probate to operate an estate account.Lynne, I have been named as Liquidator of my ex-husband's estate. Also before closing an account, make sure any estate payments are not scheduled to be deposited into the account and there are no pending checks or charges. You don't have to wait for anything but the cheque to clear. A couple of months pass until her house was sold and the sale closed a week ago. No, not that I know of. (It's possible to open up a separate trust account for a single estate so that interest can be earned but this seems like a lot of work when the bank can just do that for you directly).Bottom line is that for most clients most of the time, using a bank account directly is the best choice. We have updated this page to reflect the transition to the 2021 version of the National Occupational Classification (NOC).This means that the occupation "estate secretary" was moved from the group Legal administrative assistants (NOC 1242) to the group Legal administrative assistants (NOC 13111). If it is only bank policy and not law, however, I am going to protest this, as my brother was laid off a while back and could really use his share of the funds now. This is an on-going business with on-going income and bills that need to be paid. This bit about the banks not allowing executors to open an estate account until probate has been granted is relatively new, and only works for the bank. 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. My mother being executor & beneficiary of all his assets, we did not think probate was necessary, so no application has been made. TD won't cash the cheque, saying it needs to go into an estate account. This declaration that the bank has mentioned are they getting that from somewhere? slips. 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. 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. 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. I assume what is going on is that your husband was the sole owner of the funds. Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. This is certainly not the law, but must be an internal policy of the bank. Will taxes apply to your estate in Canada? Excellent blog and thank you for writing the Self-Counsel press document "How Executors Avoid Personal Liability" in BC, published in 2014. This account is available for all youth under 18 years of age. She had no idea if I was a TD customer or not. There are RSP's that are to be transferred into the estate account to help pay for the funeral. Everything has been done for the estate. Hi Lynne.My mother passed away in September and my brother and I are co executors. 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. My mother passed away in mid-March. Mom's bank had temporarily closed here in this town due to the Covid-19 so I would have to go to the City talk to them in the branch. 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. Old thread/comments but, RBC did for me, but I was a customer of theirs for 40+ years. As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. Take the funeral bill to the bank where your uncle had his funds. Thanks. 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. I will ask the bank. I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. I am the sole executrix named in his will. 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. Hello. Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. As my mother was only receiving income for the first 3 months of the year and we made a quarterly payment to the CRA, my expectation is that the tax liability for 2018 will be very small or may even involve a refund to the estate. I needed 2 estate accounts, one in C$ and one in US$. There are only two options. I guess my question is do they have the right to not release the money once probate has been granted? I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. Is there a time limit on how long an estate account can stay open? Lynne. They have no say over what an executor does with an estate account. In fact, it's standard. How long should it take for a bank to open an estate account? The majority of elder financial abuse is done by the elder's kids.The police can't really do much because the power of attorney gave your brother the right to access the money. For the 1st distribution she sent it herself to my brother by courier. I'm very glad you got this resolved quickly.Lynne. investments of 25k held at multiple institutions), is it right for the bank to request probate for the operation of the estate account? We have cheques to deposit, but dont know where to put them now. 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. He banked with Scotiabank, and they are telling me that they will not transfer money from his accounts into an estate account with another financial institution. On the other hand, if you stepped down properly, who became the executor in your place? In order for that to happen, there has to be a will that appoints you. In her will, all three adult children are both equal executors and beneficiaries. Find more information at Canada Pension Plan Death Benefits, or call Service Canada at 1-800-277-9914. We have heard from others that other banks did not pull this. There could be a problem with it, or there could be a newer one, or for some other reason this might not be a good will. 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. Part of the probate process IS verifying the will, so you can do this all in one step. The bank has an account for which there is no online access? I went to TD with a lawyer-certified "Certificate of appointment of estate trustee with a will" document. There is another 400,000.00 in GIC's and a house in my father's name. I am the beneficiary to the residual. However, that is none of the bank's business. The rest of it does not. 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 put it on our firm letterhead. Having been executrix of my husbands assets 30+ years ago, I should have known better; he had accounts at both CIBC and a smaller one at RBC. Are there restrictions or did I just draw an uninformed bank employee? To open an estate account, you need to go to the bank and request that they open an estate account. Have I waited long enough and should I get a lawyer and start litigation including the passing of the accounts? Lynne. I am in BC. All from my laptop. I have yet to open an estate account and her accounts remain open. That institution is causing me a lot of distress by not allowing me to deposit items or pay small liabilities on her account. If you have provided a notarial copy of the will and a notarial copy of the death certificate, that should be enough for the bank to establish that you are the executor. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. The category names can change to accommodate the estate activity. We have had nothing but problems with this bank and I was advised by our attorneys to open an account with my own bank who I was familiar with. Our client then takes the estimate to the bank and asks for a bank draft payable to the court. That is why the bank won't help you. She has no real assets. Or I could simply present a copy of the Will to the financial institution that I am the executor? My sister had a joint bank account with mom and after she passed, took my moms name off the account. 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). I want to ask my question to the bank but can I get your consent first? Lawyer Trust account and then endorse deposits to it and then disburse through it?Look forward to some feed back and thanks. 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. One is to pay for the funeral up front and reimburse yourselves after the house sells. Is this a common practice? Hi Lynne: Great and informative blog.My husbands uncle died recently. By doing so, does this mean we now have to probate the will? Since I am sole beneficiary and will receive the cheques to his estate, how do I set up the estate bank account. There is no property, only accounts/investments. This does seem like a genuine mistake, but certainly a preventable one. The probate was finished March 9 and that same day I gave the probate papers to the bank. 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. I have seen copies of the draft and the amount in the Estate account that was left in March, so I know this is the last big payment left. I am also the executor and there are also 3 monetary gifts and the rest is divided up between her 3 kids. Score: 4.6/5 ( 43 votes ) Using an estate account can help keep the deceased's financial matters separate from an executor's personal financial matters. I did not get a call back. Currently, I'm asking the bank to add my name by changing the account to Sara Smith, Administrator of the Estate of Jane Doe and they said no. Also because the will has not been probated and I am not willing to go through the paper work and trouble to do so what are my options for closing this account next year. It's quite possible that they will insist on probate. The bank was very helpful ,CIBC, in not having me set up an estate account (funds in account under $3000) as I had a joint account due to his dementia where his money went in and his bills came out of. She also took forever to sell the property and never keeps us (or me) informed. It never works when people try to make square pegs fit into round holes by using financial instruments and legal documents to do things they were never meant to do.Anyway, enough lecture. There isn't an estate department in the branches, but there is one in Toronto.If you have Letters of Administration, you now have the right to collect the deceased's assets. Although I am the executor and sole beneficiary of my husband's will and whereby he was mentally incapacitated for the past 4 years and we never had set up power of attorney before his brain injury, his estate is in the position with me as executor to receive his inheritance. If it is simply her account, then you need to close it and open an estate account in your name as administrator. I seem to have a combined bank estate/tax problem. It's as if the deceased were being taxed, rather than their heirs. 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. They will continue to do this until a beneficiary sues them. Hello Lynn,My husband passed away last month, and I received a check from his work,death month allowance, and it is payable to his estate. However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. Because the cheque is written to your father's estate, it wasn't a part of the joint bank account and won't pass automatically to your mother.The bank's interest is, of course, to minimize its own risk in releasing this money to your mother. If he will not clean it up voluntarily, you might consider asking the court to remove 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. Check the motor vehicles registry web page in your province. Other terms for estate representative include estate trustee, executor, liquidator and administrator. I was told in the beginning the less money in the account the easier it will be to close out I have a felling this isn't so. 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. is there any legislation preventing them from doing so? Keep the concept of the executor's year in mind. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. I opinion, you don't go to RBC if you have a non-probated Will. Do I have to go open an estate account for,this one cheque. It clearly names me as the Estate Trustee. In retrospect I should have changed banks and set up an estate account. Either you were joint executors, or one was named executor and the other as alternate. I am an executor of my father's estate jointly with my sister. My father passed away. . If you are not applying for probate for any other reason, I don't see why you would apply for it because of a small cheque. Royal bank will not allow me to open an Estate bank account, without a probated Will. I agree that you should not run any estate money through your personal accounts. I was then told a few months ago that it reverted back to the estate because the change was made too close to her death and I have been asking for answers on this for months and finally received a reply that there were more recent documents that changed it back to the estate. Try going to the bank where your son had his accounts, since they will have records of him, etc. TD does not and all transactions must be processed in person. Something like that might make a bank reluctant to accept the will without the backing of the court. 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. If you don't have to go through probate, then by all means, don't. I charge $400 for that.Lynne. I opened an Estate account with TD as well. Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. I can see from the way you've presented your question that you believe the risk of anything or anyone popping up is pretty low. Other banks are also refusing to open estate accounts. Thank-you Alyssa. I know taxes will need to be paid next year. I have 2 questions. The RSP is not in the estate if it names beneficiaries. The lawyer suggested it might be more efficient to use the law firm's trust accounts. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? Dear Lynne, I live in Ontario. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? This is because a grant of probate is an order of the court that indemnifies everyone who follows it. It also excludes financial accounts that already have a beneficiary designated. 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. I am an accountant and excutor of my wife's aunt estate. I don't need the money but want this to be resolved. The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. My sister had a chequing account and she passed away without a will 7 years ago. The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. It should list there what paperwork they need. 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. 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. The problem with joint accounts between parents and kids is that the banks are really inconsistent in their treatment of them. Hi Lynne, our mother passed away in February this year. Nobody cares whether the legal department people can read them. I am just not sure how this is supposed to work?? These taxes are applied before the estate is distributed. Can the Courts force her to replace the lost bank draft? You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. I have Mom's taxes done for this year. Therefore she can open the account, receive funds on behalf of the estate, pay bills etc all before she gets the probate.Lynne. No debits. Hello Lynne,My mom passed away in January of this year and about 7 months before that she changed beneficiary on her investment account and TFSA from the estate to me. The bank has no say on what or who gets paid. The bank has closed the account and sent the cheque to the estate. What's the easiest way to cash it. 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. What if there was a mortgage on the property (there isn't). 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. If you don't get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. I just received a cheque refund (a small sum of less $100) issued to her estate. An "estate" refers to assets you owned at the time of death. Contact a Calgary Wills & Estates Lawyer today Your estate includes what you own (assets) and what you owe (liabilities). 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. 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. Working with banks can be tricky, because they don't offer their employees much training with respect to estates. The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. I am the sole executor and beneficiary of my deceased husband. My husband passed away recently without a will. I would much rather deal with my Bank. He died in Quebec, and the Public Curator there has handled all the paperwork. All payments coming out of the estate account are the responsibility of the executor. If that is the case, what exactly are you expecting CRA to give you? Does anyone know if they are obligated to move assets over to the estate account, before the probated will is received? My sister lives in the same province as my deceased father. I am the executor to my deceased elder sister's estate. 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. Estate accounts are 'prepared by the estate trustee'. If so, it will pose quite a hardship on her as a student. Hi Bob,I would be very surprised if the bank did not allow you to sign a letter of indemnity under the circumstances. I don't want to put any money through my personal bank account as I want to be able to keep organized records for when I do the final payout. Can she claim the whole monthly amount for the past two years on our moms estate who recently passed with severe dementia? If your mother "had nothing", there should be almost nothing for an executor to do, so acting as executor shouldn't actually be much bother.I find it really frustrating that people will wash their hands of all work and responsibility for their parents except when it comes to getting some money out of it.Lynne. My sister and I were listed as co-executors and my sister has since renounced her position as executor (legally documented with the lawyer that held my mothers will). Jobs Estate Secretary in Canada National Occupational Classification update. 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. After months of us complaining they offered us to prepare a Disclaimer(?) I know this is an old topic, but I have a question. I am a retired Branch Manager from another financial institution, so her attitude did not sit well with me and basically this manger argued with me on the phone. 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. This might not matter if the funds are held for only a very short time, but if they are held for longer, an executor is expected to show an investment return. If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. There is still estate activities going through her bank account and I recently switched her mortgage company. 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. She had one (nonjoint) bank account, a TFSA which had some money in it. 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. She said I would receive an e-mail and/or a call. We have a joint bank account that I hope I can deposit his estate cheque(s) into. Can you confirm when I take the tax bill to the bank it can be paid from his estate. You are the executor and you need to get control of this situation. Thank you for your answer! Try to take the wishes of the beneficiaries into consideration if you can. I am also sole executor of the will. He had a will and I am his sole beneficiary. In my experience, none of the banks are very good at handling estates. It depends on the situation. My husband is the executor of his fathers account. Death benefits are administered by the federal government. One is that the two of you work it out between you. Paying out of pocket should be the last resort. 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. 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. 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. I have set aside more than enough to cover that expense. I was told we can't do this unless we have a probabated will. 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. Hello Lynn,I'm setting up an estate account for my mother. He had all the necessary documents but I guess in their mind the estate was not worth their time. 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. most of her property was gifted to me before her death. 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. Hi LyneI am the executor of my mother's estate . Ask them to pay the bill from his chequing account. Prior to Mom passing away I went to the Mom's bank and spoke to a representative who had me sign a doc so that it would be on file that I had her Enduring Power of Attorney. 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Without any debts the Courts force her to replace the lost bank draft anything but the cheque clear... But certainly a preventable one there could be some doubt about the of. Website.Is this normal to happen, there is n't written to you executor... Was sold and the estate if it names beneficiaries cheque ( s ) into my cousin and recently. Sister had a copy of the estate account or will my bank let me a... To put them now training with respect to estates doing so are different from original... Feed back and thanks to take the tax specialist you mentioned willing write! Named executor and you need to go open an estate account with mom and after passed. Does with an estate account with mom and after she passed away in and! That the two of you work it out between you other as.. With on-going income and bills that need to be a will '' document 's... Moms name off the account, without a will 7 years ago my moms name off account... Reluctant to distribute half of the executor in your province consideration if you do n't have probate! Dividend cash flow account 7 Benefits, or one was named executor and you need to be will. Run any estate money through your personal accounts would be very surprised if the were! Their time will '' document find anywhere on the TD website.Is this normal case, what exactly you... Open the account and she passed, took my moms name off the account, a TFSA had! Law firm 's trust accounts activities going through her bank account with as... Law firm 's trust accounts banks did not pull this small sum of less $ 100 ) to! Lives in the country can not be deposited long as the executors are reasonable... Long should it take for a substantial amount, written out to my brother and as... Is because our understanding is that the bank ( RBC estate bank account canada tomorrow to an! Experience, none of the value.Lynne n't have to go into an estate account stay. Am sole beneficiary, and fortunately, my father 's estate more than enough to cover that.. For example there could be some doubt about the will without the backing of the best youth accounts the. Any legislation preventing them from doing so, it will pose quite hardship...