Will i need a letter of administration to open an estate account or will my bank let me sign a letter of indemnity? 2024 Real Estate Capital Partners Summer Analyst - Dallas, TX Job Description RBC Real Estate Capital Partners The Real Estate Capital Partners ("RECP") platform was created within RBC as the bank's principal investment platform focused on real estate finance products supporting institutional firms and top tier operating partners. Should I be opening up an estate account in the deceased name? 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? The rest of it does not. If that doesn't work, go across the street to their competition, tell them your story, and open the account there.Lynne. So you couldn't have used that account to avoid probate. TD bank says it can take "two, three sometimes even six months" to set up an Estate Account for me. Probate is slow because her state pension came from UK along with a small occupational pension. She also signed up for internet service to manage dads estate. There is little money available from the deceased and the bank will only pay the bills to keep the house running. 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. The only joint wills I've ever heard of are the kind where there is only one document shared between two people, and those haven't been done for about 50 years in most of Canada. They don't give the retail branch staff any training and their policies are poorly understood and inconsistently administered. Lynne- Using the example from Marsha: Can the account have links to automatic bill payments with registered companies, so all three trustees don't need to be in person to pay every single bill? 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. They also commit to resolving complaints within 90 days, which would take the matter to the end of October. Can I simply deposit the cheque to her bank account and withdraw it? If he will not clean it up voluntarily, you might consider asking the court to remove him. I also used the C$ account to pay out the interim inheritances last year. Lynne. We listen to you and create a comprehensive plan that sets out how you will transition your wealth. CIBC are certainly entitled to require my ID as sole trustee. 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. It also excludes financial accounts that already have a beneficiary designated. This declaration that the bank has mentioned are they getting that from somewhere? She said I would receive an e-mail and/or a call. I hope that things weren't as loosely organized as your letter suggests. My context for the question was a little different: an estate account with two trustees specified in the will who are to pay bills for someone in a house who is not being given direct access to the money. That institution is causing me a lot of distress by not allowing me to deposit items or pay small liabilities on her account. Unlimited free Global non-Scotiabank ABM withdrawals 6. One other question, the estate's co-executor would like to make a cash payment to a former care worker as recognition for her dedication. I now realize I should not have closed it as we have to do taxes next year. I have been sent a cheque as final payment for caregiving services. My mother-in-law passed away one month ago, she was in an assisted living apartment. Royal bank will not allow me to open an Estate bank account, without a probated Will. Received his last Canada Pension cheque, issued in the month of his passing but am unable to cash it. Lynne. As the executor I am just starting the estate work. I felt there was no need to probate. What can I do? That is my main concern now. . Your authority to open the account arises from the will. Your bank is doing what any bank would do in the circumstances. This seems to directly contravene the CRA website for these types of accounts. She is also the executor, which means that ultimately she is the one who will take responsibility for the payment of the funds.So, what is their risk? My husband is the executor of his fathers account. I did have her Enduring Power of Attorney however we didn't get any documentation signed for Power of Attorney or Executor in the event of her death. According to law, that was his wish. if opening an estate account is the route i must take how long before assets can be distributed? All properties were sold and bills paid and income tax filed. The lawyer handling his mother's estate wants to write the cheque to my name with Executor of the Estate of (my husbands name). Lynne. Her financial advisor confirmed that the change was made and i was also added as joint on her chequing account. No probate is required. Currently, I'm asking the bank to add my name by changing the account to Sara Smith, Administrator of the Estate of Jane Doe and they said no. Lynne. This had to go to their Head Office and it would take about 2 weeks. Hi lynne,My mother passed away in late October. That sounds wrong to me. The duty of the executors is to maximize the estate as best they can. Is there a time limit on how long an estate account can stay open? Other things might also flow through that estate account, such as the CPP death benefit. Either you were joint executors, or one was named executor and the other as alternate. 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. Thank you for your answer! In some states and in some estate situations, estate accounts are restricted. She only gets $60 back because that is what she had deducted every year. As long as the executors are being reasonable and acting in good faith, they are carrying out their duty.Lynne. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. It's as if the deceased were being taxed, rather than their heirs. All payments coming out of the estate account are the responsibility of the executor. 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. 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. However, don't be surprised if you end up having to open up an executor's account.Lynne. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. Sat-Sun 8 a.m.-8 p.m. ); Your joint executors might have a strained or non-existent . 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. 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. Also, if there are two beneficiaries, neither is a "sole" beneficiary, since "sole" means "one". The estate accounts usually contain the amount of compensation claimed by the executor. If you did not obtain the permission of the court to step down, you are still the executor. Hello Lynn,I'm setting up an estate account for my mother. Hi Lynne. Before the probate, I met with the bank stating they would set up an estate account, but it came to my understanding when the probate was finished they did not make an estate account yet. 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. After someone passes away, their assets and debts will need to be accounted for and managed. Death benefits are administered by the federal government. So with Mom's money and the estate cheque it would be around $5,000. 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. I have all the receipts and this will be documented in the final accounting but I realize this may not entirely be legal. Your question is why the bank is refusing to add your name to an estate bank account. CIBC had no problem setting up an estate account on provision of the will; RBC would not do that without probate. Not at all a fan of RBC, in fact in the process of switching banks myself. Have I waited long enough and should I get a lawyer and start litigation including the passing of the accounts? Unless there are facts here that you haven't mentioned, I don't see the advantage of using the lawyer's trust account.Lynne. I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. I need to know the balance, and I can't get it. Hello Lynne,My mother passed away in February and I am a co-executor along with my brother. It's 2500.00. After it is all said and done the money will be divided between all 5 of us. I'm very glad you got this resolved quickly.Lynne. What should I do? "Is that the case in every province or are their provincial differences? The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. In fact, it's standard. I will likely receive a company pension retroactively owed to my husband. I just found out that the bank where the estate accounts exist is increasing fees for idle/dormant accounts (which these are, essentially) and I'd like to avoid being nickel and dimed for service fees. No, no, no.It is absolutely NOT up to them to decide that something was done too close to your mother's death! She lived in a Retirement Home, there was no property or investments and just over $2,000 in her account. These taxes are applied before the estate is distributed. I need to set up an estate account for him. Unlimited debit transactions 3, Interac e-Transfer transactions, and Scotia International Money Transfers . It has been a great help to our family.My question relates to your initial post at the top. There is a house and some GIC's. I am both executor of her "estate", as well as POA and sole beneficiary. Do they have this right? For example, some estate accounts are restricted in a way that allows deposits but no withdrawals can be made without a court order. Even the bank manager was surprised they had no mechanism to inform clients. To me, this is more of a bank policy question than a legal question. We have cheques to deposit, but dont know where to put them now. That costs nothing. 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? He has a spouse. Did the TD bank error in allowing this as she was only one of three executors? They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. I have set aside more than enough to cover that expense. Something like that might make a bank reluctant to accept the will without the backing of the court. 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. My sister was sole executor for my dads will two years ago with all three adult children as equal beneficiaries. An alternative might be to purchase bank drafts rather than cheques. On the schedules there are categories. What's the easiest way to cash it. You can arrange that expenses such as funeral costs, taxes and utility bills be paid from the deceased's accounts. 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. Thanks so much for your prompt and informative response. 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