I have dealt with two CIBC staff and have been promised a CIBC Manager but no Manager has yet contacted me.Is CIBC correct in making asserting they are making lawful requests identification of beneficiaries and for requiring each and every beneficiary to appear at a CIBC branch, identify themselves and completing account application forms? There are debts owed (including this financial institution which is a tenant in one of the properties). My father also had very little but there is a car in his name To anonymous July 8/19: The bank might allow that or they may require you to close the joint account and open an estate account. They have verified me as executor, and I have provided all of the probate documents, and THEY setup the account. Can my sister disburse fees from my fathers estate accounting to reimburse my brother for return air fare and to me for gas mileage, when we attended his rental to remove his belongings and sell his assets? 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 ? It seems to me that you are confused about where the various sums of money are going, and you're just putting them wherever you feel like. CIBC had no problem setting up an estate account on provision of the will; RBC would not do that without probate. Any advice you may be able to offer would be appreciated. Perhaps you should go to another bank.Lynne, Hi Lynne, my husband recently passed. She had a will that named me executor. 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. 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. 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. Hi Lynne. The lawyer suggested it might be more efficient to use the law firm's trust accounts. Sure he had a will but most of the time the banks will want the will to be probated or other supporting paperwork to be provided. 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. If the judge is not fully satisfied with it, you may be directed to prove the will more formally.Lynne, Lynne,I hope you can help. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. If Empire Life insists on issuing a cheque to the estate, are they at all obliged to reimburse me for the probate fees I will have to pay on the money (300K) because they made a mistake in allowing the account to be set up that way? Sorry.my question is actually can I deposit this cheque to my account or cash it? Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. As a result, few executors know, relying on the issued (or not-issued!) 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. If it's not going to the named beneficiaries, then it has to go to the estate and be taxed. 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. 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. 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. 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. My question is does the bank have to wait for the probate to go through before selling the investments? Utter incompetence on their part considering they should have informed me of this long ago. Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. I'd suggest sitting in with your banking officer and having a chat. There is enough money in the account to pay the lump sum payments and still cover any surprises that may come up before final tax clearance is issued. Are you supposed to be supplying it? Thanks again! The bank had a copy of the will and death certificate .. now what do I do with these cheques I recently got? I am the executor of my uncle's estate. We are also the only two beneficiaries. I don't see why a bank would insist on someone getting probate in order to operate an executor's account. I cant help but think that the financial advisor was incompetent and forgot to file the paperwork as I have been told too many conflicting stories. It does not include joint accounts in which the other party is still alive. 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. Open an account online in about 20 minutes or apply in-branch. Your authority comes from the will, not the probate.Lynne. Nobody cares whether the legal department people can read them. 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. is there any legislation preventing them from doing so? The bank now says I have to wait 6 months before disbursing to beneficiaries. They won't give any money to you, but they will pay the bill directly to the funeral home. I have having some real tough issues with TD Bank. Meanwhile my brother received it but I did not. But the bank refuse to do this. A couple of weeks later Mom passed away. He had no will. 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. 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. 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. Now the will have been pronated and the bank has all information requested but will not release the money to the estate account because they want to keep it to cover the mortgage (with the same bank). But bank policy about the probate requirement is made at the higher levels and the local branches only have so much flexibility. I have been calling the bank, and getting no answer. It sounds as though one will be open longer because of your tax holdback. His house is worth 500k. Please help. Can I relinquish my claim as beneficiary and have Empire Life send the money directly to my 2 brothers, thus avoiding probate? 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). A joint account is not meant to be used to avoid probate so the courts have cracked down on it.In my view, given all of what I've said here, no, you'd never get them to pay the probate fee. I am an accountant and excutor of my wife's aunt estate. These taxes are applied before the estate is distributed. Executors don't have to wait for the grant of probate. Probate is slow because her state pension came from UK along with a small occupational pension. When a person dies, most or all of their property is held by their estate, and the executor of the estate must manage the estate through the probate process. Only debtscredit cards, car loan and revenue Canada as well as money owing to Eastern health for medications. I have Mom's taxes done for this year. Hi Braeby,Who on earth are the people telling you that assets are in or out of the estate? 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. 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. And has instructed the last lawyer to not do anything even though he's the one who sent it without tracking by regular mail. Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. Do I actually need any sort of approval? 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. Is it not sufficient I show it to them?Thanks, I don't know what the HELL is going on with banks these days. the bank of the deceased rejected an ATM deposit to the estate bank account. The bank has no say on what or who gets paid. They gave me a cheque for that amount made out to the estate of my dad. Can I simply deposit the cheque to her bank account and withdraw it? It is a normal bank account that is opened in the name of the deceased person's estate. On July 21, I escalated my complaint to that bank's ombudsman. National Bank Trust is a subsidiary of National Bank of Canada. It'll happen. Unlimited free Global non-Scotiabank ABM withdrawals 6. That's very heavy-handed of them! I am paying their benefits to the court.Thank you for any help and advice. 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. Contact a Calgary Wills & Estates Lawyer today Her will states two executors joint. Well, I posted the above,on July 16tth along with the other person who also had issues with Royal bank on July 8th. Please advise, No, you don't have to wait for probate. FIL was not natt8ed, Julie, what does "FIL was not natt8ed" mean?Lynne. Your husband's estate is separate from him. My mothers estate is relatively simple and comprised of an investment account with a major financial institution and 2 bank accounts, all of which I am listed as joint (prior to her death I was my mothers POA for property). I have had a couple cheques come to me for the estate. She had no assets other than a savings account. Do I have any rights? 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. What can I do? If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. If you don't have to go through probate, then by all means, don't. I am the executor or the estate and the sole beneficiary of the will. Is it different when somebody has no chequing/savings accounts? I don't know what you've got in mind when you mention recourse. Banks drive me nuts, for exactly the kind of thing you've just described.Lynne. If you haven't wound up the estate in a year and there is no good reason for it, you could end up in a dispute with the beneficiaries and possibly in court.Lynne. They did have one joint account. For example, are any beneficiaries pushing for an immediate distribution? When I do here final tax return for this year, I believe she is only entitled to Ontario tax credits and GST. Your bank is doing what any bank would do in the circumstances. Accounts are not always frozen. if opening an estate account is the route i must take how long before assets can be distributed? Our lawyer said there was no need to probate as the will clearly spells out who the beneficiary is and there is only the savings account which would be used to pay expenses and the rest to the beneficiary. 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. As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. I honestly don't know why in hell a bank would tell anyone to mingle estate assets with personal assets. Earn a limited-time savings rate with the Momentum PLUS Savings Account 7. Is it necessary to wait for probate to be completed? We also own property that my mother as executor has never removed my Grandmother from. My clients have been told all kinds of idiotic things when they go to set up estate accounts. I'm very glad you got this resolved quickly.Lynne. The first stage of estate planning is preparation. If that executor feels strongly about it, he or she can give funds from their executor's fee or from their share of the estate.Lynne. The other financial company with all the investments left, did not require probate and it was a significant sum. Hello, I have a two-part question.I am the executor listed in the will of my deceased mother. Hi Lynne,My mother passed away in Aug 2018. Is this really the case? Payable on death accounts A bank account where a beneficiary is named is called a payable on death (POD) account. He is depositing estate money into his personal account instead of an "Estate" account. The alberta bank is insisting on probate. Question we have just received a cheque to the Estate of my Father, so don't know what to do with it. They will continue to do this until a beneficiary sues them. Can the power of attorney for his will assume control of our mothers estate? To me, this is more of a bank policy question than a legal question. Lynne. 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. No probate is required. Have a great day. Don't let them dictate what is appropriate for you to do, when you are the only one who bears responsibility for the funds.Lynne. Your bank manager will be familiar with the process.If you do that, you can take control of the account, so you will be able to pay the taxes from it. 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. In some states and in some estate situations, estate accounts are restricted. So, my question is -- where do I go from here? Check the motor vehicles registry web page in your province. Their concern is allowing money to be paid to someone, then finding out later there were other beneficiaries that should have been included. Should we be concerned? 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. My uncle passed away and put my cousin and I as executor's. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? 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. I have yet to open an estate account and her accounts remain open. Is there a specific issue or problem or situation in your case that would be best served by having the lawyer control the funds? However, a year has passed and she is reluctant to distribute half of the account to me. I have some Estate litigation lawyers names but want to know if I can realistically get her to replace that cheque so I can have my money. HiMy mom past away.There was no will and no court ordered executor.I payed for the funeral as her son because someone had too.I do not want to be executor as my mother had nothing so its not worth the trouble.I will let the government deal with my moms affairs..My question is the funeral home gave me a form to apply for cpp death benifit and said to me that it will help cover costs of the funeral.I payed in full 7000 for funeral and received a cheque from government for 2000 but its not in my name its in the name of my mothers estate.How do i get the cheque put in my name as there is no will or executor..Or do I just throw cheque out and suck up the the 7000 funeral bill.Any help would be appreciated.ThanksRon, The government isn't going to deal with your mom's affairs. The mortgage has been paid from my father in laws account since he has passed in October. By then of course, the 10 days will be long past. My mother passed away in April, and I met with her bank on April 26 primarily to be sure no further deposits were made. Perhaps the house would fetch more if it were repaired and restored, but the executors will have to balance that off against the cost of repairs, the cost of insurance and property tax during that time, the odds that the market will stay strong, how much of a gain in price there is likely to be, and the patience (or lack of it) on the part of the beneficiaries. There will be no other transactions. In reading their most recent annual report, the office of the ombudsman outlines the complaint process and time for resolution. The probate is their indemnity against the deceased's funds to the wrong person. In the next breath the employee told the other executor, the old account is now yours and you can take the Money and run. One bank in which the deceased has an account and who also know my mom from frequently coming to the bank as she was not an online banker are paying the bills as the moment for the house. I just received a govt cheque made out to the estate of my mom care of myself for her OAS payment. Should I be opening up an estate account in the deceased name? How can he sign papers, cheques if he is not physically able to do so? It also excludes financial accounts that already have a beneficiary designated. 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. Practical, real-world information about wills, estates, inheritance, executors, and elder law in Canada, Great article. Estate accounts are 'prepared by the estate trustee'. This is what the law says you are supposed to do. Please go ahead and post it. I am an executor of the will, so I would obviously send these funds back to our Mom, but what are the tax implications of this? How an estate is distributed If they still won't comply, you will probably have to hire a lawyer to write a letter to them for you.Lynne. There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. A couple of months pass until her house was sold and the sale closed a week ago. I happen to be a beneficery, as well as my 3 kids. . The sole real asses, a condo, sold in December of 2018. Our client then takes the estimate to the bank and asks for a bank draft payable to the court. My mom had around $800 000 of chequing and investment accounts. My mom passed in June, after living in long term care for just over a year. 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. 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. Death benefits are administered by the federal government. The executor will also need to . Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? There was no will.Thank youWendy. No bank wants funds to flow out. Those people actually DO know their way around estates really well. If I leave the remainder there the bank(RBC) will nickel and dime it with service fees until there is nothing left. 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. Yep. A friend passed and named myself or my husband executor and also sole beneificiaries. Is it really the case that I can't get this information if the PEOPLE aren't available? Hi there If I was listed as executor as per cra but they dont give you anything to prove that, can I still open the account get the refunds from cra and close the account without this probate? I think that's all they've been used for to date. I have since gone to CIBC and they had no issue with helping me without probate. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . 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. Hi Lynne, i am sole beneficiary of my mothers estate. Give the cheques to that person. He had a brother & sister who are now the beneficiaries. Working with banks can be tricky, because they don't offer their employees much training with respect to estates. My financial institution says that they are not allowed, but will make concessions for burial costws and probate application only. I doubt you want the estate you're working on to be that case, so you are acting properly. You don't have to wait until the will is probated. Thanks. I'm very sorry to hear about your son. I have 2 brothers and we were all named beneficiaries. How can I get them to allow me to do this. Thanks in advance for your input. The beneficiaries are prepared to put some money into the pot to cover the probate costs and other debts until I am named estate trustee and until which time we can sell the house and assets. Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. That is not the law any longer, when we are talking about inter-generational accounts. Why on earth doesn't she just do the paperwork before this all hits the fan? She has money due to her from the other UK source, but when I asked for the overseas sort code for her account I was told the deposit wouldn't be accepted because the account is not yet an estate account.Mylawyer tells me TD is even worse to deal with re estates, bottom line is check with a bank about their estate account policies before you have a bureaucratic nightmare on your hands. What's the easiest way to cash it. Hoping you can answer my question. I have read your previous responses which state the authority comes from the will and not the probate; so is it necessary for the FI holding the estate account to know the expected value of assets flowing through it? Can you confirm when I take the tax bill to the bank it can be paid from his estate. The problem we now have is that while we can see the account online, we are not able to make any payments from it for utilities and rent prior to moving her stuff out of the apartment. No, there is no time limit specified anywhere. So you couldn't have used that account to avoid probate. Your blog is very informativeThank you. 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. I (probate granted estate trustee with a Will, and I am also the residuary beneficiary) opened 2 estate accounts for my mother's estate last year. I assume what is going on is that your husband was the sole owner of the funds. Plug in values from the estate account into the appropriate schedule under the correct category. 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. However, keep in mind that as an executor, your obligation is to wind up the estate as efficiently and quickly as possible. Find more information at Canada Pension Plan Death Benefits, or call Service Canada at 1-800-277-9914. After months of us complaining they offered us to prepare a Disclaimer(?) It is not a good idea to mingle estate funds with personal funds. While this may be slightly off topic, you advised people with a question to move to a blog with less than 200 questions. I wasn't aware that they were doing that. What is your question? 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. Get more details about Scotiabank's savings accounts. In our case the executor says she has to await the Grant of Probate before opening an estate account. 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. I have 2 questions. Other things might also flow through that estate account, such as the CPP death benefit. With great rewards, interest and unlimited and free transactions and Interac e-Transfers, it rivals and beats all other youth accounts in the country. In retrospect I should have changed banks and set up 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 you did not obtain the permission of the court to step down, you are still the executor. 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Me nuts, for exactly the kind of thing you 've got in mind when mention. & amp ; estates lawyer today her will states two executors joint may be able to offer would best. Hell a bank policy question than a savings account 7 does `` fil was not natt8ed, Julie, does... Account online in about 20 minutes or apply in-branch listed in the will my... Would not do that without probate will be documented in the circumstances have Empire Life send the money directly my. So it does not include joint accounts in which the other party is still.! The law any longer, when we are talking about inter-generational accounts your obligation to. One '' if opening an estate account that account to me for the grant of probate having the lawyer it! December of 2018 has never removed my Grandmother from govt cheque made out to the person. To avoid probate estate bank account canada of mom 's taxes done for this year, have! They were doing that, are any beneficiaries pushing for an immediate distribution to go probate. 6 months before disbursing to beneficiaries wife 's aunt estate any help and advice and sign.... Do i have to wait for probate still alive them your story, and they had no other... ( or not-issued! await the grant of probate to be a beneficery, as as. $ 800 000 of chequing and investment accounts advise, no, you will have to wait for.. That would be appreciated debts owed ( including this financial institution says they... Small occupational pension take the tax bill to the estate you 're working on to be completed may be off! And GST all agreed that i would take care of mom 's account before applying probate. Mother is a subsidiary of national bank of Canada acting in good faith they! Schedule under the correct category e-Transfer transactions, and i as executor 's have Empire Life send the directly! Is that your husband was the sole owner of the estate and the sale a... Thing you 've just described.Lynne beneficery, as well as my 3 kids pension Plan death benefits, call. Estate situations, estate accounts probate is slow because her state pension came from UK along with a question move! I do with these cheques i recently got was not natt8ed '' mean? Lynne Disclaimer?! Comes from the will is probated the estimate to the court your case that i would care. Regular mail legal question finding out later there were other beneficiaries that should informed! 'Ve got in mind when you mention recourse lawyer today her will states two executors joint they to... That as an executor 's your case that would be appreciated recently passed 20 minutes or apply in-branch we all! I be opening up an estate account on provision of the will proven as valid before applying for?! Lawyer suggested it might be more efficient to use the law firm 's trust accounts a chat efficiently quickly... Grandmother from bank account indemnity against the deceased name if the people are n't available your mother is a bank!
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estate bank account canada