I've been trying to open an estate account for weeks and have been hitting roadblocks everywhere. can i process the estate cheque through the joint account? Thank you for your answer! The trust now holds $75,000. You need to complete a simple form with a confusing title: IRS Form SS-4, Application for Employer Identification Number. In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. No, an executor absolutely should not deposit money into his personal account. When I do here final tax return for this year, I believe she is only entitled to Ontario tax credits and GST. 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. 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. 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? There is no property involved all all bank accounts other than investments are joint with myself. TD gave him such a hard time. Before closing an account, it is important to check to see if there are any automatic payments from or to the account. That is not the law any longer, when we are talking about inter-generational accounts. There was no need to set up an estate bank account, as all three banks released the assets prior to my mother's death. I know this because I spent 7 years at Scotiabank doing whatever I could to help out the front line staff dealing with estates. Do I just carry on as executor of the will or should I be administrator? My dad had no will, no spouse and i am his only child. I want to ask my question to the bank but can I get your consent first? The only thing that could be in issue is the validity of the will. Utter incompetence on their part considering they should have informed me of this long ago. Will taxes apply to your estate in Canada? If the person you're dealing with cannot do as you ask, try talking to the branch manager. I would certainly hope that a bank would allow you to cash a government-issued cheque without opening a new account for it. The RSP is not in the estate if it names beneficiaries. What is your question? Get more details about Scotiabank's savings accounts. An estate account is a financial tool used to manage the estate of a decedent. However, don't be surprised if you end up having to open up an executor's account.Lynne. Prior to Mom passing away I went to the Mom's bank and spoke to a representative who had me sign a doc so that it would be on file that I had her Enduring Power of Attorney. 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. You are probably right about that. That's why they're dragging their feet. Part of the probate process IS verifying the will, so you can do this all in one step. Let's say your husband goes into the bank with the will and the bank releases the funds to him with no probate. But bank policy about the probate requirement is made at the higher levels and the local branches only have so much flexibility. The simple answer is that the people in the branch have no idea how to deal with estates. I am also the executor and there are also 3 monetary gifts and the rest is divided up between her 3 kids. Do I still need an estate bank account?Thank you,Tammy, I doubt you would need one, simply because there won't be anything to put in there, or anything needing to be paid out of there. I'd suggest sitting in with your banking officer and having a chat. My mother's will has her 3 children as executors. While I can understand banks protecting themselves by not allowing withdrawals - I can't wrap my head around changing the interpretation of these tax slips? The bank has no issue with this and, as I said, we are the only beneficiaries. And has instructed the last lawyer to not do anything even though he's the one who sent it without tracking by regular mail. One is that the two of you work it out between you. Hi Mike,You can close the estate accounts whenever you have paid out all of the funds. This gets more frustrating by the day as I hear more and more stories of banks requiring random and irrelevant paperwork for estates.If they are being obstructive they obviously don't want your business so why not take it elsewhere. In fact I never actually did this as she was quite capable herself. In the next breath the employee told the other executor, the old account is now yours and you can take the Money and run. And I don't feel that I should be opening an account for this in my personal name. I did not get a call back. 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. 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. 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. Neither of those situations is ideal, but you can only work with the situation you're in.Lynne. Estate settlement services are offered through National Bank subsidiaries. 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. My question is when can I close the estate accounts? My bank, BMO, charges nothing for an estate account. After someone passes away, their assets and debts will need to be accounted for and managed. We represent both estate trustees and beneficiaries deal with this crucial part of the estate administration process. 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 went back into the bank and asked to speak with her and again I had to leave my name and number. A person made a will which was never signed. 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. Lynne. Thanks. I opinion, you don't go to RBC if you have a non-probated Will. A cheque was released to to each person on title for a project (including my grandmother whom they knew was deceased) . They gave me a cheque for that amount made out to the estate of my dad. What if there was a mortgage on the property (there isn't). Now, at the 11th hour, she wants to be compensated for administering the estate, which we both did, but she feels she is entitled to more than me and I disagree. The bank now says I have to wait 6 months before disbursing to beneficiaries. This account is available for all youth under 18 years of age. Not the same thing. $300 welcome bonus 2. Strictly speaking, the bank would be entitled to insist that you open an account in the name of the estate, but sometimes you can find a bank manager with compassion who will cut you a break. My husband is the executor of his fathers account. 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. It also excludes financial accounts that already have a beneficiary designated. The Insurance went directly to the Funeral Home as they were the beneficary and now I have a cheque for the remainder of the insurance funds made out "to the estate of". Hi Lynne. Do I just issue cheques from the estate account and the cancelled cheque is proof? In retrospect I should have changed banks and set up an estate account. Thx. slips. I am executor and have just obtained grant of probate on my father's estate ($30K cash in bank only). Unfortunately though, they are not the ones involved in your basic executor's account, because the executor's accounts are handled at the branch level.All I can say to executors is that if you cannot get what you need at one bank, go to another one - the competition - and see if you get a better response. I wasn't aware that they were doing that. I tried depositing it in our joint account but they won't accept it. I am sole trustee on an estate, appointed by Superiour Court (Ontario). The banks have always agreed to this (with only one exception) because the funds aren't going to the executor or anyone else besides the court. 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. To open any bank or investment account, you'll need a taxpayer ID number for the estate, which is itself a taxpayer. 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. No, not that I know of. Lynne. 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. Through the firm that handled my mothers taxes we have filed and received a refund for her 2017 taxes. I am her executor and sole beneficiary. She also took forever to sell the property and never keeps us (or me) informed. 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? 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. Not every will is probated, and the banks are well aware of that, particularly if some of your joint assets were held there. What do I do with these cheques, how do I cash and divide them? Should we be concerned? By doing so, does this mean we now have to probate the will? You don't have to wait until the will is probated. Lynne, Hi Lynne,I am being assigned as an executor for my grandma's estate. The bank will probably insist on having both signatures if the account is set up to require both signatures. Sotheby's International Realty Canada cautions that MLS market data can be useful in establishing trends over time but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. He had a will.. I have set aside more than enough to cover that expense. On July 21, I escalated my complaint to that bank's ombudsman. My husband recently died before he could receive (as sole beneficiary) money from his mother's estate who had predeceased him by 2 years. HI Lynne,If the bank sees that there is a co-executor on the will, will they require both executors to withdraw money? 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