Do I have any rights? was all joint or myself as designated beneficiary. If so, it will pose quite a hardship on her as a student. 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. My current work situation is preventing me from scheduling a bank appointment to open an estate account for a month or possibly more.1.Can I authorize my sister to go to the bank and open the estate account in my Stead? If all of that is paid up, the funds go to his beneficiaries. If the house can sell at a higher price after repairs and restoration is there a duty to the beneficiaries to wait until it's repaired before selling? What's the real deal here? All properties were sold and bills paid and income tax filed. A sizable amount ended up here. By the way, I checked out your site and it's really unique and interesting.Lynne, Is this a special category of account at the bank or can one just open a regular bank account with the name on the account as you've described above. Hello Lynne.I am the executor of my fathers estate. A friend passed and named myself or my husband executor and also sole beneificiaries. An executor can never use estate funds for personal spending. Those people actually DO know their way around estates really well. Can I relinquish my claim as beneficiary and have Empire Life send the money directly to my 2 brothers, thus avoiding probate? What do I need to do to prove that I am the only beneficiary?thanks. 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. I am the executor of my father in laws will. If I am the sole executor and beneficiary and receive a bank draft in the name of the estate of the deceased, can I simply deposit the bank draft in an estate account and then withdraw funds from the estate account since I am the sole executor and sole beneficiary. Getting a Taxpayer ID Number From the IRS. Lawyer Trust account and then endorse deposits to it and then disburse through it?Look forward to some feed back and thanks. Hi Lynne, My brother is the executor of my mothers estate. 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. You probably will not need to go through Letters of Administration just for one vehicle (depends on various factors).Lynne. Unlimited free Global non-Scotiabank ABM withdrawals 6. However, to get the balance or the transactions, I have to call in and get whatever information I can. 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. Or I could simply present a copy of the Will to the financial institution that I am the executor? 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. All decisions of joint executors must be made unanimously, so all three will have to sign all cheques.Lynne. My lawyer has said the same thing. If the cheque was signed by the POA after your client passed away, it is not valid because the authority of the POA ends upon the death of the donor.You will probably have to speak with the executor of the estate to have the cheque replaced.Lynne. I have set up an estate account. The bank has all information needed, and said that it should only take a day or two to have funds transferred. That costs nothing. 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. I was under the impression from my mother's lawyer who handed me notarial copies of her will that that document gave me the legal right to proceed and get any bank accounts changed from her name individually to "The Estate of.." There is real estate and rental properties involved, with rent payments coming in and on-going expenses to be paid on a monthly basis. 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 estate accounts themselves are different from the original receipts, cheques, bank statements, etc. I went to another bank and they also said no. If you don't get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. Something like that might make a bank reluctant to accept the will without the backing of the court. My bank, BMO, charges nothing for an estate account. If you're using a bank account, you'd have to do the deposits and payments etc yourself but you wouldn't be paying legal fees on those transactions.I have occasionally used my trust account in this way but it's usually for a specific reason such as co-executors who don't work well together and want a neutral third person as a buffer. Let's say your husband goes into the bank with the will and the bank releases the funds to him with no probate. No debits. 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. 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. 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. Does anyone know if they are obligated to move assets over to the estate account, before the probated will is received? No, not that I know of. I attempted to open an estate bank account along with my co-executor and was told I would have to wait until the Court issues the probate letters. 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. My question is can someone replace him without electing a new executor? If the assets you have mentioned in your note are the only assets in the estate, you do not have to probate the will. You will find forms for transferring a vehicle after the death of the owner. 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. Hi Lynne,I have a question. 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. Without more facts, I don't know for sure that this is what they are getting at, but there should be no bank policy to say an executor must wait 6 months. The bank has no say on what or who gets paid. Do I actually need any sort of approval? Why on earth doesn't she just do the paperwork before this all hits the fan? Since I am solely responsible for doing this, am I able to disburse some of the funds right away as long as enough is left in the account to cover income tax and any unpaid bills? What's the easiest way to cash it. Unbelievable! We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. My elderly (74) sister has made 2 partial distributions (3 siblings equal parts) and left enough for the CRA in the Estate account (says she has applied for a certificate). Is it necessary to wait for probate to be completed? 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. You said they are waiting for a form to be received at the bank, but from whom? 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. Thanks! Getting the will to Probate is going to take a bit of time. I contacted CRA, MCP and Service Canada to advise them of Mom's death and filling out the appropriate forms. 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. She died in January, but now Empire Life says that they made a mistake in allowing me (as POA) to name myself as a beneficiary and want to make a cheque payable to the estate. Utter incompetence on their part considering they should have informed me of this long ago. Question we have just received a cheque to the Estate of my Father, so don't know what to do with it. This is clearly a "screw you, this works for us" policy on behalf of the banks.Keeping detailed records makes sense. Your estate includes what you own (assets) and what you owe (liabilities). FIL was not natt8ed, Julie, what does "FIL was not natt8ed" mean?Lynne. Absolutely unacceptable.You said that "she" sent funds from "her" bank account so I assume that is his wife. If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. The only thing going to probate is her house which was only in her name. I am the beneficiary to the residual. Lynne. BMO Business Builder 1 Monthly Fees: $22.50 Transactions: 35 free transactions per month | Unlimited Moneris transactions Monthly Deposits: $2,500 cash deposits How To Sign Up: Link Once you are proven to be the executor, the bank has no control over what you do with the money because they bear no liability. 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. I opened up an estate account when my mother's CPP Death Benefit came in. As I said, not all banks are responding properly to the change in the law (from 2007) and some are paying out joint bank accounts between parent and child to the child. So the only money is what was left in her account and this Estate Cheque from the funeral home. Do I have to go open an estate account for,this one cheque. We are also the only two beneficiaries. These accounts are useful to avoid probate and are common in the US. 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). Executor & Estate Bank Accounts. Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? Hello Lynn,I'm setting up an estate account for my mother. Can the power of attorney for his will assume control of our mothers estate? It also excludes financial accounts that already have a beneficiary designated. I want to pay his bills first and then divide up whats left when I know there are no more debts to pay. What is your question? Any advice you may be able to offer would be appreciated. After the death benefit from CPP was deposited, I as the executor, got them to make a money order for each of the 4 children (self included) to divide estate funds up and closed the joint account. 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. An "estate" refers to assets you owned at the time of death. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. CIBC requested personal ID documentation for each and every beneficiary on the account which I supplied although I was hesitant to believe the Money Laundering Act actually requires it. An estate account is a temporary bank account that holds an estate's money. Are they allowed to do this? Depending on how long you keep the funds untouched and whether you pair it with a premium chequing account, you can earn up to 4.60% on your savings (includes limited-time bonuses). She has no real assets. Had she appointed someone honest, this wouldn't have happened, but I'm sure she had no reason not to trust him. There was no will.Thank youWendy. Hello Lynn,Is an executor allowed to pay expenses out of the estate account prior to probate being granted? 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. 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. Yes, all executors' names must be on it. 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? Please go ahead and post it. My sister had a chequing account and she passed away without a will 7 years ago. The branch manager was also called into the room. Paying out of pocket should be the last resort. We have cheques to deposit, but dont know where to put them now. If he will not clean it up voluntarily, you might consider asking the court to remove him. 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. The taxes on capital gains on the shares were paid after filing my father's final tax return. Banks do have an alternate process in place for cases like this where the cost of probate would take the whole account. My mother died a few months later, after which my brother claimed he had no money. One is that the two of you work it out between you. Is there anyway around this? 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? The sole real asses, a condo, sold in December of 2018. Any advise? There are no inheritance or estate taxes in Canada. This might be repairing and restoring or it might not. Note that the credit union confirmed probate isnt required as the total amount of the estate is around 10,000.Thank you. 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? However, a year has passed and she is reluctant to distribute half of the account to me. 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