The financial obligations of an estate do not "come to" an executor personally. My mother passed, without a will. There are debts owed (including this financial institution which is a tenant in one of the properties). A couple of months pass until her house was sold and the sale closed a week ago. 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. 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. I don't need the money but want this to be resolved. You can expect to lose about 30 - 40% of it in taxes.Shouldn't you have figured all of this out BEFORE you complained for months?Lynne. In my experience, none of the banks are very good at handling estates. Are you supposed to be supplying it? What kind of taxes will estate have to pay and can estate have an RRSP account?? Through the firm that handled my mothers taxes we have filed and received a refund for her 2017 taxes. Opening a bank account if you're not a Canadian citizen. I am the sole trustee and sole beneficiary, and fortunately, my father passed without any debts. Most of the time, paperwork comes from a lawyer. 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. 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. I certainly know plenty of executors who have online access to their estate accounts. Unlimited free Global non-Scotiabank ABM withdrawals 6. My husband passed away recently, I am the sole beneficiary and executor of all accounts, TFSA, GIC's. Lynne. Other things might also flow through that estate account, such as the CPP death benefit. A person made a will which was never signed. If it's not going to the named beneficiaries, then it has to go to the estate and be taxed. My question is when can I close the estate accounts? I wish they had better training because they waste a lot of time for executors and lawyers. As of now he has 2000.00 in the estate account and I have a death benefit cheque to deposit. Take the will, a copy of the death certificate (or funeral director's statement) and your I.D. There will be no other transactions. The bank now says I have to wait 6 months before disbursing to beneficiaries. Check the motor vehicles registry web page in your province. Use any other estate funds you have been able to gather, such as the CPP death benefit or the sale of household contents. My mother's will has her 3 children as executors. I am the person who paid for the funeral and I already applied for the CPP death benefit. 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. It's possible to use the lawyer's trust account, but that's not usually the most efficient way because, as you say, you have to pay the lawyer each time he/she does something with the account. 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 all is well, the probate order will verify the will is valid. Neither happened. 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? Other banks are also refusing to open estate accounts. I'm in Ontario, btw. My father passed away in June. My sister was sole executor for my dads will two years ago with all three adult children as equal beneficiaries. He most likely didn't have a will at his age, so his beneficiary would be his wife, and if he didn't have a wife then his children, and if he didn't have children, then his parents.Lynne. I am in the process of opening an estate account for these commissions to go into and need to know if the funds will be accessible to me for paying bills & mortgage etc. My mother passed away in April, and I met with her bank on April 26 primarily to be sure no further deposits were made. Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. It has now been a week, and funds have not been transferred. I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? This was done after receiving the Probate Certificate which was scanned into the estate dept. Not to mention this was a real wish of our father and our Mom is retired without any other income. It does not include joint accounts in which the other party is still alive. An estate representative administers a deceased person's estate. There is another 400,000.00 in GIC's and a house in my father's name. My question is how to put this money back into the estate without raising the concerns of the Ministry of Finance. must i wait for court probate? What do I do with these cheques, how do I cash and divide them? 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. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. A cheque was released to to each person on title for a project (including my grandmother whom they knew was deceased) . 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. What purpose it serves would only be a guess on my part. 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. How long should it take for a bank to open an estate account? (I'm in BC). My brother lives two provinces away. 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. So you couldn't have used that account to avoid probate. What is your question? Does the executor pay out of pocket?I would really appreciate your help. He has a spouse. 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. I paid for the engraving on her headstone (she had a double one as Dad passed away in 2011 and we just needed to add the date of Mom's death). This is an on-going business with on-going income and bills that need to be paid. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. If all of that is paid up, the funds go to his beneficiaries. That's not going to work either. The only reason that some banks are still paying out joint accounts to the kids is that nobody has sued the banks yet. He had all the necessary documents but I guess in their mind the estate was not worth their time. Probate was approved in August and our attorney asked the bank to surrender all funds to their office in my name. After it is all said and done the money will be divided between all 5 of us. By this I mean a proper account set up, funds properly deposited, interest properly paid to the account, nobody else with access to it, and a full, accurate accounting of every penny. Make sure you have provided everything they asked for. The bank has an account for which there is no online access? 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. Does the annual audit of accounts reflect this inaction? Thank you. Lynne. 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. That really is an awful story. 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. 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. Meanwhile my brother received it but I did not. 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. I paid the expenses (probate fees etc) personally as I was not allowed access to the funds. No, I don't think you can deposit it to your personal account or cash it. Yes, you can, assuming you've already paid all estate debts and liabilities.Lynne. i still have a joint back account that is open. That is why the bank won't help you. I'm not an expert on criminal law but it seems to me that if she is pretending your grandmother is alive and depositing a cheque made to your grandmother, that is fraud. Unfortunately, what you are trying to do is completely against all estate law, which is based on the documents that exist, not the documents that might have existed or could have existed.Your father left the RRSP beneficiary form with named beneficiaries. All the TD bank did was phone the hospital, and that was good enough for them. Hi Bob,I would be very surprised if the bank did not allow you to sign a letter of indemnity under the circumstances. I am the sole executrix named in his will. As a result, few executors know, relying on the issued (or not-issued!) I know taxes will need to be paid next year. They told me I would be able to get a bank card and on-line access and cheques once I had provided them with a CAET. 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 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. So what I'm saying is that they have no reason to try to supervise what you're doing once you have provided the proof that you're the executor. Will I need to open an Estate Account? I have having some real tough issues with TD Bank. The bank ended up selling the investments March 26, 27 and April 7 which ended in a $90 000 loss. An executor can never use estate funds for personal spending. I hope other parents read your story because it shows just how careful you have to be when appointing your own kids. I am the executor to my deceased elder sister's estate. I just received a cheque refund (a small sum of less $100) issued to her estate. He did not leave a will. One is in C$ 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. 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. Yes, you should should go to the bank to set up an estate account, and no you shouldn't need probate to do that. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. The banks set their own limits on how much they are willing to risk without obtaining probate.Lynne. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. You should not have listed anyone but her estate as the beneficiary of that contract. I am the beneficiary to the residual. Is there anyway around this? Given that the amount of funds in question is substantial, I wouldn't be surprised if they tell you they want probate.The bank might give your mother a break on this requirement, especially if she continues to keep all of her investments and accounts with them.Lynne. Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. Make sure the bank realizes that this is the only asset of the estate.Lynne. In retrospect I should have changed banks and set up an estate account. The bank also notified me that they can't open an account in branch and I would have to wait 2 weeks for the estate account to be set up. Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". it's a small cheque and likely the only one going to be issued to the estate. As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. 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. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? My father's house needs to be sold, we have to keep hydro on. My sister and I are co-executors of our fathers will. . 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. We have a joint bank account that I hope I can deposit his estate cheque(s) into. How an estate is distributed Subject Matter Expert/Leader in Portfolio . Lynne- Using the example from Marsha: Can the account have links to automatic bill payments with registered companies, so all three trustees don't need to be in person to pay every single bill? Lynne. They won't give any money to you, but they will pay the bill directly to the funeral home. My three sisters and I are the beneficiaries, however my mother had no assets and lived with us. She did have a will but unfortunately it was not signed. If that gets around, that bank is going to see every cent owned by a deceased person put into estate accounts in other banks that are more reasonable.Lynne. She said I would receive an e-mail and/or a call. A sizable amount ended up here. I think your bank is making an error. The probate was finished March 9 and that same day I gave the probate papers to the bank. Hello. 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. My sister and I are both trustees for my mothers estate account. 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. I will ask the bank. Everything else of my husbands, all accounts, homes,, RRSP's etc. She might have received wrong advice from a lawyer or from a banker. My experience has been that they do not allow online access in other banks either.Lynne. 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. I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. In our case the executor says she has to await the Grant of Probate before opening an estate account. Probate is slow because her state pension came from UK along with a small occupational pension. Their job is to hand over the account once probate has been granted. Not the same thing. I am an executor of my mother's will. My question is, do I need to apply for a probate grant before I go to a financial institution to open an estate account? Lynne. My father passed Nov 18 2016; he was widowed and there are 3 beneficiaries named in the will. Nobody cares whether the legal department people can read them. Is this an honour system, or does the bank verify estate accounts by looking at the will? Is this really the case? The simple answer is that the people in the branch have no idea how to deal with estates. To me, there seems little reason to use a lawyer to handle the estate account, as he obviously should be expected to charge fees for this service. I just found out that the bank where the estate accounts exist is increasing fees for idle/dormant accounts (which these are, essentially) and I'd like to avoid being nickel and dimed for service fees. Then all of a sudden none of the kids will get the joint accounts any more. I have yet to open an estate account and her accounts remain open. We have heard from others that other banks did not pull this. If you are the executor, it's up to you to decide whether you want to take the personal risk of releasing money. All decisions of joint executors must be made unanimously, so all three will have to sign all cheques.Lynne. 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". You tell them. Dear Lynne, I live in Ontario. However this has affected how the tax slips have been filled in. Are they allowed to do this? If you don't have to go through probate, then by all means, don't. Keep the concept of the executor's year in mind. Upon her death, the money would avoid probate and be distributed. Lynne. 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. I opened an estate bank account in BC where I live. 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. 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. 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). Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. 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? An estate account is a temporary bank account that holds an estate's money. They gave me a cheque for that amount made out to the estate of my dad. They have verified me as executor, and I have provided all of the probate documents, and THEY setup the 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. Thanks! CIBC are certainly entitled to require my ID as sole trustee. was all joint or myself as designated beneficiary. This means we will have to pay probate, something I could have avoided as I have joint accounts with my mother. The lawyer handling his mother's estate wants to write the cheque to my name with Executor of the Estate of (my husbands name). My mother is not very well and I have POA. For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. You'll have to make sure the whole story is told to the court in your application for probate. The judge has discretion to deal with the will. Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. Thank you so much in advance! Since 2007 it has been the law in Canada that joint accounts between a parent and an adult child that were set up for the purpose of avoiding probate are not true joint accounts and must be paid into the estate of the parent. 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. I went to another bank and they also said no. Thanks! You have the will, so you can show your appointment as executor.Lynne. Lynne. It's never speedy at the best of times, but it will be longer if there is confusion over who is supplying what papers.Lynne, Hi Lynne,My Step daughter has an estate check for her and my son. 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. Not at all a fan of RBC, in fact in the process of switching banks myself. When will the bank require some action on the account? 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. There was no need to set up an estate bank account, as all three banks released the assets prior to my mother's death. Lynne. 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 not the executor, a relative who is a C.A. Hi Lynne, i am sole beneficiary of my mothers estate. The problem with joint accounts between parents and kids is that the banks are really inconsistent in their treatment of them. 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 get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. We put it on our firm letterhead. My context for the question was a little different: an estate account with two trustees specified in the will who are to pay bills for someone in a house who is not being given direct access to the money. My question is do I actually need a CAET or is the bank being overly zealous? most of her property was gifted to me before her death. Hi Lynne, I had POA for my mum, who had dementia. Perhaps you think it's ridiculous, but banks and most other people think it's a good idea not to let a deceased person's family treat the bank account as his or her own. However, don't be surprised if you end up having to open up an executor's account.Lynne. I only want 50%. 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. 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. He had a will and I am his sole beneficiary. 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. 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