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. If all is well, the probate order will verify the will is valid. Now the bank is on the hook for the full funds because they released the funds to the wrong person. 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 have not received anything in writing other than a few emails. The things people will do to their own parents is absolutely appalling. 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. I am the executor to my deceased elder sister's estate. 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. I somehow doubt this, but if yes, what additional documentation would be required?2.What are the ramifications of moving money from her account as it is today to myself for repayment? If the executor is the beneficiary can they then use the estate funds for personal since all financial obligations will come to them anyway? I have been calling the bank, and getting no answer. It's 2500.00. Thank-you Alyssa. 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. She also took forever to sell the property and never keeps us (or me) informed. 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. 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. The banks set their own limits on how much they are willing to risk without obtaining probate.Lynne. i have a will, am the executor, and can open an estate account if necessary. As of now he has 2000.00 in the estate account and I have a death benefit cheque to deposit. On the other hand, if you stepped down properly, who became the executor in your place? And I don't feel that I should be opening an account for this in my personal name. You are the one with the liability and the responsibility so tell them to back off and let you do your job. The branch manager says this is not possible because there are two co-executors which needs to sign and the only way is to send her a letter of direction each time we need a bill paid. My financial institution says that they are not allowed, but will make concessions for burial costws and probate application only. My question is how to put this money back into the estate without raising the concerns of the Ministry of Finance. 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? My mother passed, without a will. I can see them wanting you to show that you're the executor of the estate but as for requiring the original will, no I don't see it.You can just accept the requirement and let them copy it, or go somewhere else.The time is ripe for a trust company, credit union, or some small bank to fill this gap for consumers.Lynne, Two concerns: 1 - Our brother is the executor of fathers estate (death was Oct/17) of 1 to 1.5 million. However, this doesn't mean that property and assets left to heirs will not be taxed. Do I have any rights? My mother-in-law passed away one month ago, she was in an assisted living apartment. The bank is treating my moms registered accounts with no beneficiaries (rrsp/lif/rrif) as frozen until probate is received. I just need that cheque to go in there. Keep all estate funds separate from your own. Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. What purpose it serves would only be a guess on my part. As trustee, I am unable to distribute or transfer the funds of the Estate. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. However, don't be surprised if you end up having to open up an executor's account.Lynne. Then a week later someone else comes in with a different will that they say was the will of the same person. Where do I even go for help on this? That's not going to work either. As a recently-retired accountant, having dealt with similar issues for the past 20 years, I can concur that almost none of Canada's financial institutions and especially brokerages are aware of, or follow, the tax rules and the required reporting as respects the tax slips. my father passed away and only had $960, which was held in trust by an organization. I wish they had better training because they waste a lot of time for executors and lawyers. Your husband's estate is separate from him. That's why they're dragging their feet. Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". The only thing that could be in issue is the validity of the will. You can't just add your name to an existing account, as that would suggest that your sister is alive and you two are joint owners, which obviously cannot be the case.This is the only thing that makes sense to me in the context of your question. If you want to discuss the case with me, call my office at 79-221-5511 and make an appointment for a telephone conference at your convenience. 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. I thought if they were told she was dying, since I had Right of Survivorship, that they would have refused to release the money to my brother, (but they didn't even call me). Yes, all executors' names must be on it. I am the beneficiary to the residual. I know this is an old topic, but I have a question. I am executor of the will. What is my recourse as an executor? We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. It's a fairly small estate, about 80k in RIFF's, chequing account. I was told we can't do this unless we have a probabated will. I want to ask my question to the bank but can I get your consent first? Since I am sole beneficiary and will receive the cheques to his estate, how do I set up the estate bank account. Getting the will to Probate is going to take a bit of time. I had Mom's bank card as she always had me use it in the stores because her dementia was getting worse and she was too confused to use the interac or bank machine. Geography means I cannot do it in person. No, the executor cannot make gifts that were not mentioned in the will. Again, absolutely unacceptable.The situation needs to be cleaned up, and the quicker the better. 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. 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. You can close it if you want to.You haven't said who the beneficiaries of the estate are. Are they allowed to do this? Lynne. What's the real deal here? If the account is closed, you have to open a new one, as you have a legal obligation to deposit them and use them to pay any outstanding debts of the estate.Lynne. An alternative might be to purchase bank drafts rather than cheques. My mother died in Feb 2017 and her account was at RBC. I don't want to put any money through my personal bank account as I want to be able to keep organized records for when I do the final payout. Their job is to hand over the account once probate has been granted. After it is all said and done the money will be divided between all 5 of us. Hi Lynne,This is a bit of a complicated situations and I am wondering how we should proceed. He was a financial broker and received commissions from the insurance company, These commissions are to continue to me but the insurance co. can only make them payable to my husband's name>(because they are only payable to a broker). The reason we were fighting is because our understanding is that the Will should trump every other document completed before the Will. 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. Probate is slow because her state pension came from UK along with a small occupational pension. This meant the assets did not go through the Will, nor to my brother, yet all three banks released, the funds to my brother (2 banks, within hours of the day he and his daughter changed the POA to remove me, and just make it the two of them) it was almost a year, before my mother found out the POA had been changed, as she never asked for it to be changed. 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. Why on earth do people try so darn hard to avoid probate? Thanks. 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. Lynne. The lawyer suggested it might be more efficient to use the law firm's trust accounts. If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. My uncle passed away and put my cousin and I as executor's. I am a retired Branch Manager from another financial institution, so her attitude did not sit well with me and basically this manger argued with me on the phone. TD won't cash the cheque, saying it needs to go into an estate account. I am an executor of my mother's will. Do I still need to open up an estate account for tax reasons or other? It is not unusual at all for a bank to insist on having a grant of probate before releasing funds. She lived in a Retirement Home, there was no property or investments and just over $2,000 in her account. I have survivorship of this account. Thanks in advance for your input. Let's say my sister's name is Jane Doe and I'm Sara Smith. 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? Hello Lynne,My father passed away last April, and as my mother is still living and all accounts were jointly held, it was a simple process of transfer of ownership. I fear they are aware we will be transferring all the money to another bank and that is the hold up. I'm in Ontario, btw. It never works when people try to make square pegs fit into round holes by using financial instruments and legal documents to do things they were never meant to do.Anyway, enough lecture. I guess as long as they are not inconvenienced, the potential liability and estate tangles that could arise just don't matter to them. However, what do you mean by joint wills? Lynne. On the Statement of Death I was named as next of kin as I was always the one with Mom taking care of her affairs. Hi LyneI am the executor of my mother's estate . That costs nothing. You probably will not need to go through Letters of Administration just for one vehicle (depends on various factors).Lynne. TD bank says it can take "two, three sometimes even six months" to set up an Estate Account for me. Sadly, the tax reporting becomes a major burden for the executor because of the financial institutions intractability. If you don't have to go through probate, then by all means, don't. 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. What if my sister didn't put my name (co-executor) n the account? You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. Your estate includes what you own (assets) and what you owe (liabilities). In fact, it's standard. Should we be concerned? You should not have listed anyone but her estate as the beneficiary of that contract. Estate planning, wills and dealing with death Making a will, planning your estate, powers of attorney and what to do following a death. A person made a will which was never signed. Have you taken the estate paperwork to the bank with the cheque? Sure your mother is a qualified beneficiary but she wasn't named so it doesn't make any difference. 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. 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 payments coming out of the estate account are the responsibility of the executor. We have applied for probate and are selling the house. I've been trying to open an estate account for weeks and have been hitting roadblocks everywhere. Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? Keep in mind though that when you present your accounting to the beneficiaries at the end of the estate, your expenses must show up there. Both executors should be on the account. His house is worth 500k. 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. Does this trust belong to my daughter, or is it part of the estate, and therefore to be caught up in limbo during the probate? Open an account online in about 20 minutes or apply in-branch. Is there anyway around this? The bank has all information needed, and said that it should only take a day or two to have funds transferred. What do I do with these cheques, how do I cash and divide them? If you don't get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. TD does not and all transactions must be processed in person. You'll have to make sure the whole story is told to the court in your application for probate. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. Mom's bank had temporarily closed here in this town due to the Covid-19 so I would have to go to the City talk to them in the branch. 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. These 'source documents' are the back up for the estate accounts but are not usually provided to all beneficiaries. While I find this admirable in spirit, I am concerned as an executor whether executors can in fact make gifts that are not specifically covered in the will, especially as there are other residual beneficiaries involved. The local manager was extremely helpful in rescanning the problem documents but now I must wait up to 10 business days until this is approved! 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. I believe you are wrong about avoiding probate because of the joint account. Your bank is doing what any bank would do in the circumstances. This is because a grant of probate is an order of the court that indemnifies everyone who follows it. The process would require you to sign an indemnity form. Can we open an estate bank account if we did not probate and are not the Executor? However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. In retrospect I should have changed banks and set up an estate account. . My question is when can I close the estate accounts? Nobody but a judge can decide whether a decision made by your mother close to her death is a valid decision or not.I'm absolutely horrified by this story. Hi Lynne,My mother passed away in Aug 2018. Please go ahead and post it. You have not just a right to see the paperwork but it is your responsibility to straighten all of this out.Definitely use some of the money to pay bills. I'm not aware of anyone charging a fee of $350 for an executor's account either, so I can't explain the rationale behind it.As long as you have properly been appointed by the will as the executor, then the bank must release the funds to you. Everything has been done for the estate. 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. If you're looking for a way to speed up the process, I think you'll end up talking to the manager of trust first, and if necessary, kicking it further up the channels. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? Sat-Sun 8 a.m.-8 p.m. ); Your joint executors might have a strained or non-existent . Will I need to open an Estate Account? I don't know what you've got in mind when you mention recourse. If it is simply her account, then you need to close it and open an estate account in your name as administrator. The bank says that the 3 kids are the beneficiaries of the RSPs so why do you feel that you can legally put that money into the estate account? If I open an estate account and deposit the funds from both accounts(100,000) dos that account have to be probated? 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 an executor of my father's estate jointly with my sister. To risk without obtaining probate.Lynne high dollar value trump every other document completed before the estate bank account canada should trump every document. Week, she was in an assisted living apartment by all means, do n't know what you (. 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