I assume what is going on is that your husband was the sole owner of the funds. 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. Please advise. It depends on the situation. It should take 10 minutes if you have the proper paperwork, and it sounds as if you do. Hi Lynne,My mother passed away in Aug 2018. 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). Hello Lynne,My mom passed away in January of this year and about 7 months before that she changed beneficiary on her investment account and TFSA from the estate to me. 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. 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. There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. It should list there what paperwork they need. Will I need to go to a bank and set up an estate account and can I do this without needing probate? You may be named in a will as someone's estate representative. If I open an estate account and deposit the funds from both accounts(100,000) dos that account have to be probated? I have set up an estate account.The probate is complete.I have done the taxes.I have just finished filing the Estate Administration Return.I need to pay a lump sum payment to a few beneficiaries. 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. That costs nothing. 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. I also used the C$ account to pay out the interim inheritances last year. "Is that the case in every province or are their provincial differences? 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. I was told we can't do this unless we have a probabated will. During the estate planning process, the idea of adding a beneficiary, usually an adult child, to an existing bank account as a joint account holder can seem like an attractive, more efficient option than creating a will and then having your executor set up an estate account after you pass. I just received an insurance cheque made out to " The Estate of ". Our mother had her checking and an investment account with them. Absolutely unacceptable.You said that "she" sent funds from "her" bank account so I assume that is his wife. Executor & Estate Bank Accounts. I've looked everywhere about the time to disburse Estate proceeds and the longest I can come up with is 24 months, or so??? most of her property was gifted to me before her death. 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. Do I have to apply to Alberta Surrogate Court to have the will proven as valid before applying for probate? I know you want it to just be easy but there are procedures built into our system to protect people. Based on your comment in the second paragraph, how would this apply to funds held with a financial institution in an investment account?If I am executor of my father's estate, and he had an investment account of $500,000, does the financial institution have to pay it out to me as executor if I instruct them to?Isn't it basically standard practice for them to require a probated will before they will liquidate an investment account?Thanks. The trust now holds $75,000. Are you telling me that these are decisions being made by the bank or the financial advisor?? Yes, all executors' names must be on it. 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? A couple of months pass until her house was sold and the sale closed a week ago. I advised my husband to find another bank, because after I talked to the TD Manager, wanting to understand what they told him, the branch manager talked over me too. I paid the expenses (probate fees etc) personally as I was not allowed access to the funds. He has suffered a stroke and is slowly recovering but very difficult to communicate with him. Every bank will have an estate department that deals with death and living wills. 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. Hello Lynne,My mother passed away in February and I am a co-executor along with my brother. Are you asking why you have to get probate (aka Certificate of Appointment)?Lynne. If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. 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. 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. Estate accounts are 'prepared by the estate trustee'. If he will not clean it up voluntarily, you might consider asking the court to remove him. You will find forms for transferring a vehicle after the death of the owner. Her affairs are simple and the estate is modest. For example, are any beneficiaries pushing for an immediate distribution? The money belongs to the beneficiaries, and they have every right to insist that you disburse it (once taxes and bills are paid, of course). I'm in Ontario, btw. She will not sign it. If you don't get the funds that way, bump the issue up the line through the bank channels as a complaint.Lynne. The final distribution (to myself) was confirmed last year by my lawyer, and I have since acquired some of the major assets left to me. This was done after receiving the Probate Certificate which was scanned into the estate dept. All properties were sold and bills paid and income tax filed. I am executor of the will. In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. Unfortunately there is no law I can draw on to give you permission to by-pass the legal requirements of estate administration.Lynne. 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. He had a brother & sister who are now the beneficiaries. Do I just carry on as executor of the will or should I be administrator? 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. There were no investments just bank accounts in both our names, (my father and mine)so the money could pass seamlessly in the event of his passing. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. Open an account online in about 20 minutes or apply in-branch. We are also the only two beneficiaries. I know this is an old topic, but I have a question. Complaining about this for months is absolutely unreasonable since it was your father who made the choice, not the financial institution. National Bank Trust is a subsidiary of National Bank of Canada. No, an executor absolutely should not deposit money into his personal account. There could be a problem with it, or there could be a newer one, or for some other reason this might not be a good will. As the executor I am just starting the estate work. So far I have issued one cheque to myself and one to my sister in equal amounts, (as will states it is 50-50 between us) and we are leaving several thousand in the account to cover bills as they come in. Their process says I should have received a written agreement that is to be signed and returned to them. 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. Hello. You can apply for an ID number online, at www.irs.gov. It's just an expense and a bother if it's not needed. Because these accounts are assets of the estate, you will have to get probate to distribute them.Lynne. What if my sister didn't put my name (co-executor) n the account? The bank also notified me that they can't open an account in branch and I would have to wait 2 weeks for the estate account to be set up. I asked if i can close the account and open one that says Sara Smith, Administrator of the Estate of Jane Doe and they said no. Hi lynne,My mother passed away in late October. Apparently, they were under no such obligation, in fact the manager of one bank stated, that since my brother was POA, he could do what ever he wanted with my mother's money, and the first thing he did was put a couple thousand towards a loan payment (don't know to which bank - but it does mean they benefited). Hi Boobes,Trying to understand your question. THe big risk is, if a testamentary trust is involved, as there are deadlines that might be missed and taint the trust. In some states and in some estate situations, estate accounts are restricted. No debits. The loan would be repaid with interest before the final disbursements. I just need that cheque to go in there. I doubt you want the estate you're working on to be that case, so you are acting properly. Scotiabank's Getting There Savings Program for Youth is one of the best youth accounts in the country. 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. 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. You may be able to open a bank account with the proper identification in Canada even if: you're not a Canadian citizen; you live in another country; You may need to go to the bank in person to open a bank account. I have 2 questions. I would like to reference your site to them. On to your question. I think that's all they've been used for to date. The bank now says I have to wait 6 months before disbursing to beneficiaries. I've been advised by the bank they need to "take" a copy of the original will.Why do they need to copy it and send it to their estate dept.? 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. 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? 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. Paying out of pocket should be the last resort. 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. In reading their most recent annual report, the office of the ombudsman outlines the complaint process and time for resolution. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. was all joint or myself as designated beneficiary. That is the worst thing he can do.Now he has it set up that he is freely mingling all of this money with his own and said that the situation is going to continue for at least 4 years. The bank has no say on what or who gets paid. What's the real deal here? Received his last Canada Pension cheque, issued in the month of his passing but am unable to cash it. The bank has an account for which there is no online access? All Canadian banks apparently have their own rules regarding estate accounts and probate. This might be repairing and restoring or it might not. What can I do? Lynne. 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. Lynne. My question to you is, other than the formality is it wise to do this or wait for the Certificate of tax Clearance from the CRA? There are no inheritance or estate taxes in Canada. 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. Your estate includes what you own (assets) and what you owe (liabilities). Geography means I cannot do it in person. 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. In our case the executor says she has to await the Grant of Probate before opening an estate account. Lynne. 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). Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. I have just received her CPP funeral benefits paid to the estate as we were unaware her will had not been signed correctly until after the funeral. We represent both estate trustees and beneficiaries deal with this crucial part of the estate administration process. Thank you. The 1st distribution I picked up from a lawyer as I was in a hurry to get money. My mother passed, without a will. Get more details about Scotiabank's savings accounts. My mother's will has her 3 children as executors. In my experience, none of the banks are very good at handling estates. They have no say over what an executor does with an estate account. When my husband left , he said they did not care, they were not there to help, they would not listen and talked over him.Needless to say, no estate account was opened. I have having some real tough issues with TD Bank. if opening an estate account is the route i must take how long before assets can be distributed? 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. 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Her checking and an investment account with them some Real tough issues with TD.. As the executor I am a co-executor along with my brother made the choice, not the advisor... All executors ' names must be on it all executors ' names must be it. The line through the bank channels as a complaint.Lynne should be the last.... Executor absolutely should not deposit money into his personal account do this we! They are carrying out their duty.Lynne TD bank ' names must be on it bank! Appointment )? Lynne estate account and deposit the funds Youth accounts in country. Her house was sold and bills paid and income tax filed the 1st distribution I picked up from lawyer.

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