Our mother had her checking and an investment account with them. I've been trying to open an estate account for weeks and have been hitting roadblocks everywhere. They are the ones trying to follow the law. I was told by my mother's doctor, at the time, that she may have as little as 4 weeks to live (but she lived just over 3 years, so it was a hardship, as it was over $100,000 in total) but in less than 2 weeks the money was gone, before the doctor even talked to me. The estate accounts themselves are different from the original receipts, cheques, bank statements, etc. Waste of time.It takes sometimes up to a year or more to probate a Will, but bills need to be paid before that. An executor can never use estate funds for personal spending. Your summary here seems to say that you've really wrapped up everything except for that final tax bill, so there is no reason for you to have two accounts open anymore.As for resistance from the bank, there shouldn't be any. On the schedules there are categories. Will I need to open an Estate Account? Estate accounts are 'prepared by the estate trustee'. Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? What do I need to do with this cheque? 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. I need to know the balance, and I can't get it. Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. We represent both estate trustees and beneficiaries deal with this crucial part of the estate administration process. 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? I think you probably will have to open an estate account.Lynne. We are also the only two beneficiaries. There is still estate activities going through her bank account and I recently switched her mortgage company. While this may be slightly off topic, you advised people with a question to move to a blog with less than 200 questions. 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. Working with banks can be tricky, because they don't offer their employees much training with respect to estates. Hi Lynne, i am sole beneficiary of my mothers estate. Upon her death, the money would avoid probate and be distributed. I know taxes will need to be paid next year. It also excludes financial accounts that already have a beneficiary designated. How long should it take for a bank to open an estate account? 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. The house just had a major fire and two of the executors want to sell the house as is (with the fire damage), settle with the insurance company and distribute the settlement proceeds as part of the estate. Not at all a fan of RBC, in fact in the process of switching banks myself. Lynne. I have survivorship of this account. Unbelievable! Estate Administrator: A legal term referring to a person appointed by the court to administer the Estate of a deceased person who died without making a Will. They have no say over what an executor does with an estate account. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. 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. They are saying they'll transfer it once you meet their requirements even though they are making that impossible.Consider making an appointment with the branch manager. 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. The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? I was initially executor and stepped down due to personal reasons. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? Hello My 24 year old son passed away oct 28 i found his gst cheque dated oct 5 that he signed is it ok to cash it or wat do i do ? Do I have any rights to see this paperwork? All debts of the estate have been paid. It is not unusual at all for a bank to insist on having a grant of probate before releasing funds. 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. Sometimes not applying to administer the estate is the best strategy.Lynne. My question is:What is the best method of paying and having proof that the payment was given to beneficiary? TD does not and all transactions must be processed in person. We put it on our firm letterhead. I could look at them online, print transaction records, and transfer funds in or out if necessary or as required. Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. However, keep in mind that as an executor, your obligation is to wind up the estate as efficiently and quickly as possible. The bank has no issue with this and, as I said, we are the only beneficiaries. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. TD gave him such a hard time. Hi Lynne, My brother is the executor of my mothers estate. My sister lives in the same province as my deceased father. They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. 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. 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. Probate was approved in August and our attorney asked the bank to surrender all funds to their office in my name. 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. The simple answer is that the people in the branch have no idea how to deal with estates. Now the bank is on the hook for the full funds because they released the funds to the wrong person. She had no idea if I was a TD customer or not. Empire Life is right, in my opinion. What kind of taxes will estate have to pay and can estate have an RRSP account?? 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. I have since gone to CIBC and they had no issue with helping me without probate. how long does that usually take? Banks drive me nuts, for exactly the kind of thing you've just described.Lynne. 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. All he did was tell the banks that she had terminal cancer,(one bank employee stated she was told, he was consolidating my mother's assets, she called their lawyer, who told them it was okay to give him the money) and they released the money, prior to her death. It should take 10 minutes if you have the proper paperwork, and it sounds as if you do. I suggest you read the 2007 Supreme Court of Canada cases called Pecore and Saylor. Does the executor pay out of pocket?I would really appreciate your help. They also told me that it doesn't matter if the will states that the funds are to be split between myself and 3 kids, that because they have it listed on their system that only the kids are beneficeries, that they have to go by that. I opened an Estate account with TD as well. You may be named in a will as someone's estate representative. Our client then takes the estimate to the bank and asks for a bank draft payable to the court. we are now waiting to hear from CRA, and if everything is ok he will apply for clearance certificate. I have Mom's taxes done for this year. It's now over a year since our relative's DOD and delays are almost all due to the executor's actions or lack thereof. Question we have just received a cheque to the Estate of my Father, so don't know what to do with it. CIBC are certainly entitled to require my ID as sole trustee. I went to another bank and they also said no. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. I would like to make a full distribution of the estate proceeds without waiting for her 2018 taxes to be filed next year. One is to pay for the funeral up front and reimburse yourselves after the house sells. 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. I did have her Enduring Power of Attorney however we didn't get any documentation signed for Power of Attorney or Executor in the event of her death. 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. 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. Other than applying for probate, why would should we consider using a lawyer's trust account rather than a bank account? I only want 50%. Estate accounts are subject to different reporting requirements than personal or business accounts. 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. The client is now deceased and her power of attorney signed the cheque although I do not believe it was a joint account as only the deceased name is on the cheque. I have having some real tough issues with TD Bank. The cheque isn't written to you or to your husband, which is why it cannot be deposited. Death benefits are administered by the federal government. 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. The estate or other eligible individuals may be entitled to Canada Pension Plan death benefits. 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. I can completely sympathize with your situation because I have my own ongoing battles with banks' legal departments on my client files.Whether or not the people at the legal department can read the signatures, the judge of the probate court could, and did. 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. There is a house and some GIC's. Thanks in advance for your input. She had no assets other than a savings account. 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. If so, it will pose quite a hardship on her as a student. 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. With great rewards, interest and unlimited and free transactions and Interac e-Transfers, it rivals and beats all other youth accounts in the country. 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. Hi LyneI am the executor of my mother's estate . When the final payouts are made after the tax clearance certificate is received. I have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. In some states and in some estate situations, estate accounts are restricted. The information contained in this report references market data from MLS boards across Canada. Thank-you Alyssa. Their job is to hand over the account once probate has been granted. 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. Find more information at Canada Pension Plan Death Benefits, or call Service Canada at 1-800-277-9914. Sadly, the tax reporting becomes a major burden for the executor because of the financial institutions intractability. According to law, that was his wish. Please advise, No, you don't have to wait for probate. The trust now holds $75,000. What if my sister didn't put my name (co-executor) n the account? I am an accountant and excutor of my wife's aunt estate. Is my only recourse to take her to court or at this point start litigation? After someone passes away, their assets and debts will need to be accounted for and managed. 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. 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. My mother passed away in April, and I met with her bank on April 26 primarily to be sure no further deposits were made. Tell him in advance that you are coming in to collect a cheque for the full amount of funds and you expect it to be ready. RBC has made a royal mess for me to contend with. That is why the bank won't help you. I was told we can't do this unless we have a probabated will. i still have a joint back account that is open. I am the executor of my mom's estate. It makes sense from their perspective to make sure they have the right executor. Still to this day I have not heard anything. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. He had no will. This is an on-going business with on-going income and bills that need to be paid. After months of us complaining they offered us to prepare a Disclaimer(?) 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? i have a will, am the executor, and can open an estate account if necessary. I was advised around that time by the branch manager that an account estate should be opened by the first week of August.It is now August 8 and there is still no estate account. She was living with me and we have a joint bank account. A sizable amount ended up here. Executors don't have to wait for the grant of probate. it's a small cheque and likely the only one going to be issued to the estate. The first stage of estate planning is preparation. Executor & Estate Bank Accounts. The RSP is not in the estate if it names beneficiaries. THe big risk is, if a testamentary trust is involved, as there are deadlines that might be missed and taint the trust. Can it be deposited into this 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). Do they have this right? I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. 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. You need to complete a simple form with a confusing title: IRS Form SS-4, Application for Employer Identification Number. My question is this cheque can ONLY be deposited into the estate account( we still have one set up) and not a personal account correct?Thank you so much. Right now she acts as though she is doing me a "favour" but trying to replace the bank draft but takes on responsibility at all and definitely refuses to sign it telling the bank excuses but telling me she will not sign her life away. There are two other executors and decisions are to be made unanimously. Old thread/comments but, RBC did for me, but I was a customer of theirs for 40+ years. Thanks. 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. In such a situation, the funds in a joint account would then transfer over to your child, who can then distribute the funds according to your wishes without having to go through probate. I am the executor to my deceased elder sister's estate. Both executors should be on the account. Received his last Canada Pension cheque, issued in the month of his passing but am unable to cash it.

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