estate bank account canada

I don't want to probate because our wills were joint as was everything in our lives. This is because a grant of probate is an order of the court that indemnifies everyone who follows it. Please help. I am in BC. 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. 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. I have already paid the probate fee on the lesser amount. How an estate is distributed The branch manager was also called into the room. An estate account makes it easy for the executor to endorse and deposit these payments. I am not happy with RBC at all. If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. 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. Since I haven't heard from the bank I have taken the money she had in there and put it in a separate account at my bank and it will sit in there until everything is done. I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). Unbelievable! The other is to ask the funeral home to wait until the house sells. I wasn't aware that they were doing that. 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. 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. Our mother had her checking and an investment account with them. Her authority to deal with estate assets comes from the will itself, not the probate. I am not the executor, a relative who is a C.A. Hello. Sometimes the bank will know about these, but sometimes you have to review old statements to figure it out. Or, if the primary account holder of your joint bank account has recently passed away, we can assist you in determining your entitlement, if any, to the account assets. 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. Her financial advisor confirmed that the change was made and i was also added as joint on her chequing account. Canadian Western Bank (CWB) is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. I certainly hope that the bank will verify by looking at the will, as this is what they are supposed to do. Can the estate lend money to the executor who pays interest on it to the estate at the same rate the money is now receiving in a GIC? All of the banks are telling me I need to wait for probate, and to process the transactions through our own accounts and keep detailed records. She also signed up for internet service to manage dads estate. One thing to note before closing an account is whether it is an interest-bearing account. I have 2 questions. How do I go about cashing this in to divide amongst our family?Tammy. I am sole trustee on an estate, appointed by Superiour Court (Ontario). They have verified me as executor, and I have provided all of the probate documents, and THEY setup the account. The bank has no say on what or who gets paid. Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. Do I have to go open an estate account for,this one cheque. I have generated expense report for the Estate, would that be sufficient for the bank to issue me payment?Thank you, You can repay yourself reasonable expenses without any prior approval from anyone. I've heard and seen horror stories from every bank and credit union.Note that I'm not talking about the trust company part of the banks. Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? 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. 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. I am also sole executor of the will. Other terms for estate representative include estate trustee, executor, liquidator and administrator. I wish they had better training because they waste a lot of time for executors and lawyers. Given that there was no will, no spouse, and no other children, the chances of anyone else appearing are next to nothing. Hi Lynne, i am sole beneficiary of my mothers estate. 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. Sometimes not applying to administer the estate is the best strategy.Lynne. Most of the time, paperwork comes from a lawyer. Can my mother continue to live in the house or does she have to move? 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. We also own property that my mother as executor has never removed my Grandmother from. One employee actually told the two executors to deposit into the account my mother in law held joint with the one vs opening a new one. I have survivorship of this account. However, keep in mind that as an executor, your obligation is to wind up the estate as efficiently and quickly as possible. 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. Rather than looking to legislation, it would probably be a better use of your time to go into the bank and have a chat with the manager and see what their policies are.Lynne. 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. I am the executor of my mom's estate. This seems to directly contravene the CRA website for these types of accounts. I am both executor of her "estate", as well as POA and sole beneficiary. Is it legal for my mother to deposit that cheque into that joint account.? 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. It has been a great help to our family.My question relates to your initial post at the top. 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. The 1st distribution I picked up from a lawyer as I was in a hurry to get money. Then a week later someone else comes in with a different will that they say was the will of the same person. Does the executor have the right to take the funds to any bank? It's 2500.00. I don't know of any law that prevents a bank from rejecting any particular ATM deposit. However in the last through s of her life when I could see the end was at hand I put as much available cash in this account because I knew joint accounts would avoid probate. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. He died in Quebec, and the Public Curator there has handled all the paperwork. Not the same thing. Give the cheques to that person. Hi Lynne.My mother passed away in September and my brother and I are co executors. I was joint POA with my brother, but my mother only added my name to her bank assets, explaining to them that she wanted me to have Right of Survivorship on all assets. I am the executor or the estate and the sole beneficiary of the will. No. I have received the probate, and can access to the Estate bank account, and wonder if I could just go to the bank and withdraw money for my reimbursement? Lynne. Hi Lynne, our mother passed away in February this year. Thanks, Yes, the executor has complete control over the bank account.No, the executor cannot take executor fees until either the beneficiaries agree (usually by signing a release) or the court orders it.Yes, the executor can close the account at any time, but it would be pretty unusual to close it if there were still estate funds.Lynne. 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. 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. What do I do with these cheques, how do I cash and divide them? Can we just deposit the cheques in our own 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. I have made sure his loan and funeral expenses have been paid for and any government cheques have been paid back. Can we open an estate bank account if we did not probate and are not the Executor? 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