tag:blogger.com,1999:blog-436024129575354145.post6602140368068812941..comments2024-03-24T04:54:52.124-07:00Comments on Estate Law Canada: How and when to set up an estate bank accountLynne Butler, BA LLBhttp://www.blogger.com/profile/09790353197833765108noreply@blogger.comBlogger192125tag:blogger.com,1999:blog-436024129575354145.post-91332160618359128462020-11-20T08:43:56.412-08:002020-11-20T08:43:56.412-08:00Hi Lynne,
My mother passed away in Aug 2018. The s...Hi Lynne,<br />My mother passed away in Aug 2018. The sole real asses, a condo, sold in December of 2018. My elderly (74) sister has made 2 partial distributions (3 siblings equal parts) and left enough for the CRA in the Estate account (says she has applied for a certificate). The 1st distribution I picked up from a lawyer as I was in a hurry to get money. The 2nd was sent in September from a Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-244672713230556512020-08-28T11:02:19.369-07:002020-08-28T11:02:19.369-07:00Hi Lynne
My mom passed away about a year ago, my s...Hi Lynne<br />My mom passed away about a year ago, my sister and brother and I were all executors. 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. My question is this cheque can ONLY be deposited into the estate account( we still have one set up) and not a personal Anonymoushttps://www.blogger.com/profile/17023844293168049298noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-9010512737710681632020-07-19T17:10:50.133-07:002020-07-19T17:10:50.133-07:00Hi Braeby,
Who on earth are the people telling you...Hi Braeby,<br />Who on earth are the people telling you that assets are in or out of the estate? Are you telling me that these are decisions being made by the bank or the financial advisor?? No, no, no.<br /><br />It is absolutely NOT up to them to decide that something was done too close to your mother's death! You are the executor and you need to get control of this situation. Stop letting Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-2096880217325894702020-07-11T07:39:13.814-07:002020-07-11T07:39:13.814-07:00Hello Lynne,
My mom passed away in January of thi...Hello Lynne,<br /><br />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. Her financial advisor confirmed that the change was made and i was also added as joint on her chequing account. I was then told a few months ago that it reverted back to the estate because the change was made too Braebyhttps://www.blogger.com/profile/05646632981490515192noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-45074902914696118592020-05-09T01:22:21.747-07:002020-05-09T01:22:21.747-07:00Yes, you have ALL the rights. The bank has no say ...Yes, you have ALL the rights. The bank has no say on what or who gets paid. You are the one with the liability and the responsibility so tell them to back off and let you do your job. 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. If they won't let you do it your way (which happens to be the correct way) then take Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-47877209641421283192020-05-08T14:06:16.530-07:002020-05-08T14:06:16.530-07:00The bank at which I wish to open an estate account...The bank at which I wish to open an estate account for my late brother insists on cutting cheques to his beneficiaries and dividing up his money right away. I want to pay his bills first and then divide up what’s left when I know there are no more debts to pay. How can I get them to allow me to do this. I am the sole executrix named in his will. Do I have any rights? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-44918458464955950262020-04-22T20:32:52.433-07:002020-04-22T20:32:52.433-07:00Hi Lynne, our mother passed away in February this ...Hi Lynne, our mother passed away in February this year. 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. There are 5 of us siblings and my 4 siblings have all agreed that I would take care of Mom's account. She lived in a Retirement Home, there was no property or investments and just Rosemarienoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-40749473749352468592020-04-14T09:16:28.159-07:002020-04-14T09:16:28.159-07:00Hello Lynne,
My mother passed away in February and...Hello Lynne,<br />My mother passed away in February and I am a co-executor along with my brother. We were able to open up an estate account at the Bank of Montreal and transfer the funds from her account without going through probate. <br /><br />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 Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-14927191002143948192020-04-13T09:06:35.863-07:002020-04-13T09:06:35.863-07:00My mother passed away January 19, 2020. She had a ...My mother passed away January 19, 2020. She had a will that named me executor. I have 2 brothers and we were all named beneficiaries. My mom had around $800 000 of chequing and investment accounts. I went through the lawyer for a probate. 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 fireflyhttps://www.blogger.com/profile/12013872276369422480noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-62991884399214368012020-02-05T07:02:01.613-08:002020-02-05T07:02:01.613-08:00The cheque isn't written to you or to your hus...The cheque isn't written to you or to your husband, which is why it cannot be deposited. Your husband's estate is separate from him. I think you probably will have to open an estate account.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-32581383700098414162020-02-04T13:18:24.269-08:002020-02-04T13:18:24.269-08:00Hello Lynn,
My husband passed away last month, and...Hello Lynn,<br />My husband passed away last month, and I received a check from his work,death month allowance, and it is payable to his estate. I tried depositing it in our joint account but they won't accept it. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account?Anonymoushttps://www.blogger.com/profile/05479618415844784337noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-54847274881853375892019-12-17T05:53:17.345-08:002019-12-17T05:53:17.345-08:00It's quite possible that they will insist on p...It's quite possible that they will insist on probate. Because the cheque is written to your father's estate, it wasn't a part of the joint bank account and won't pass automatically to your mother.<br /><br />The bank's interest is, of course, to minimize its own risk in releasing this money to your mother. In determining the level of risk, they should take into account that Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-41301656797930339892019-12-15T18:25:12.211-08:002019-12-15T18:25:12.211-08:00Hello Lynne,
My father passed away last April, and...Hello Lynne,<br />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. <br />However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit Anonymoushttps://www.blogger.com/profile/08837688981576508156noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-27409086488265083362019-09-19T07:01:33.398-07:002019-09-19T07:01:33.398-07:00I'm very glad you got this resolved quickly.
...I'm very glad you got this resolved quickly.<br /><br />LynneLynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-18906077383627890292019-09-17T06:09:23.509-07:002019-09-17T06:09:23.509-07:00The problem was resolved in a day after I fired of...The problem was resolved in a day after I fired off a couple of nasty emails to RBC's client centre, Trust wing and Ombudsman. Apparently the estate wing of the bank does not inform the local branch where the papers were scanned if there is a problem. Even the bank manager was surprised they had no mechanism to inform clients. Unbelievable!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-84383794590756582372019-09-14T22:34:53.894-07:002019-09-14T22:34:53.894-07:00I don't know who works at the legal department...I don't know who works at the legal departments for banks, but they seem to know absolutely squat about estate paperwork. I can completely sympathize with your situation because I have my own ongoing battles with banks' legal departments on my client files.<br /><br />Whether or not the people at the legal department can read the signatures, the judge of the probate court could, and did. Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-47082778393155247472019-09-10T07:14:02.257-07:002019-09-10T07:14:02.257-07:00RBC has made a royal mess for me to contend with. ...RBC has made a royal mess for me to contend with. I opened up an estate account when my mother's CPP Death Benefit came in. This was done after receiving the Probate Certificate which was scanned into the estate dept. A couple of months pass until her house was sold and the sale closed a week ago. Went in to my local branch to start distributing funds to the beneficiaries when to my utter Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-70589120226833489812019-07-13T08:56:44.306-07:002019-07-13T08:56:44.306-07:00Hello
My dad passed away in February and had littl...Hello<br />My dad passed away in February and had little to no assets as he lived in a care facility. The bank was very helpful ,CIBC, in not having me set up an estate account (funds in account under $3000) as I had a joint account due to his dementia where his money went in and his bills came out of. After the death benefit from CPP was deposited, I as the executor, got them to make a money Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-17461726240184543852019-07-08T20:02:41.181-07:002019-07-08T20:02:41.181-07:00To anonymous July 8/19: The bank might allow that ...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. It may seem inconvenient but there reasons for it, not the least of which is who is earning any interest on the account.<br /><br />Keep in mind that in law, that joint bank account belongs to your father, not to you, but that's a story for another post.<br /><br />Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-39300423650138794662019-07-08T06:48:55.720-07:002019-07-08T06:48:55.720-07:00I am in a similar situation with no will for my de...I am in a similar situation with no will for my deceased father. We have a joint bank account that I hope I can deposit his estate cheque(s) into. I will ask the bank. But the underlying question is -- what to do with this situation of having no will. My father also had very little but there is a car in his name...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-10667676742076412972019-07-06T10:23:03.988-07:002019-07-06T10:23:03.988-07:00As a recently-retired accountant, having dealt wit...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. As a result, few executors know, relying on the issued (or not-issued!) slips. Unfortunately, often the only feasible Lotarhttps://www.blogger.com/profile/14440669609779706883noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-88610408591385724752019-06-05T04:11:55.714-07:002019-06-05T04:11:55.714-07:00I am an accountant and excutor of my wife's au...I am an accountant and excutor of my wife's aunt estate. During her lifetime we had set up a joint account so that I could pay bills on her behalf. In fact I never actually did this as she was quite capable herself. 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. A Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-48545662449232394282019-05-09T06:53:32.096-07:002019-05-09T06:53:32.096-07:00That's very heavy-handed of them! Is the tax s...That's very heavy-handed of them! Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? If not, you might try escalating your request up through the bank's channels until you find someone willing to actually make the simple change. Otherwise, this could end up being worked out with lawyers for the bank, which in my experience is like Lynne Butler, BA LLBhttps://www.blogger.com/profile/09790353197833765108noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-19182746692923747642019-04-24T01:14:49.607-07:002019-04-24T01:14:49.607-07:00I seem to have a combined bank estate/tax problem....I seem to have a combined bank estate/tax problem. The bank is treating my moms registered accounts with no beneficiaries (rrsp/lif/rrif) as frozen until probate is received. However this has affected how the tax slips have been filled in. 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. Kristinahttps://www.blogger.com/profile/16923473544061597476noreply@blogger.comtag:blogger.com,1999:blog-436024129575354145.post-76588233155717983362019-04-11T17:10:47.649-07:002019-04-11T17:10:47.649-07:00My sister was sole executor for my dad’s will two ...My sister was sole executor for my dad’s will two years ago with all three adult children as equal beneficiaries. Can my sister disburse fees from my father’s 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? She also signed up for internet service to manage dad’s estate. Can she claimAnonymousnoreply@blogger.com