That really is an awful story. Once you are proven to be the executor, the bank has no control over what you do with the money because they bear no liability. Thanks, Yes, the executor has complete control over the bank account.No, the executor cannot take executor fees until either the beneficiaries agree (usually by signing a release) or the court orders it.Yes, the executor can close the account at any time, but it would be pretty unusual to close it if there were still estate funds.Lynne. In her will, all three adult children are both equal executors and beneficiaries. I doubt you want the estate you're working on to be that case, so you are acting properly. 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. My mother passed away January 19, 2020. We have an appointment with the bank (RBC) tomorrow to open an estate account in order to deposit this check. When you stepped down, I assume that you did so with the permission of the court, as that is the only legal way a person acting as executor can step down. I am both executor of her "estate", as well as POA and sole beneficiary. 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. Waste of time.It takes sometimes up to a year or more to probate a Will, but bills need to be paid before that. I'm very sorry to hear about your son. On the schedules there are categories. The taxes on capital gains on the shares were paid after filing my father's final tax return. Getting a Taxpayer ID Number From the IRS. 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? Make sure you have provided everything they asked for. If anyone goes to jail or pays a fine or whatever else the fallout might be, again, that's you, not the bank. Instead I seem to be stuck mingling assets with my own money, which seems like a terrible idea. I dont mean to me but to the beneficiaries of the monetary gifts. It's a downfall in our system, but that is the system we have.Let's hope your brother is standing right in the middle of the road when the karma bus comes barreling along.Lynne. Do I actually need any sort of approval? The 2nd was sent in September from a different lawyer and got "lost in the mail", it never occurred to me with the pandemic and my work to ask to pick it up, I also didn't clue in that she had changed lawyers for the 3rd time without telling me. HiMy mom past away.There was no will and no court ordered executor.I payed for the funeral as her son because someone had too.I do not want to be executor as my mother had nothing so its not worth the trouble.I will let the government deal with my moms affairs..My question is the funeral home gave me a form to apply for cpp death benifit and said to me that it will help cover costs of the funeral.I payed in full 7000 for funeral and received a cheque from government for 2000 but its not in my name its in the name of my mothers estate.How do i get the cheque put in my name as there is no will or executor..Or do I just throw cheque out and suck up the the 7000 funeral bill.Any help would be appreciated.ThanksRon, The government isn't going to deal with your mom's affairs. I am an executor of my father's estate jointly with my sister. All decisions of joint executors must be made unanimously, so all three will have to sign all cheques.Lynne. It makes sense from their perspective to make sure they have the right executor. Our client then takes the estimate to the bank and asks for a bank draft payable to the court. No debits. Will I need to open an Estate Account? My mothers estate is relatively simple and comprised of an investment account with a major financial institution and 2 bank accounts, all of which I am listed as joint (prior to her death I was my mothers POA for property). Earn a $300 welcome bonus with a new bank account 2. 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. My mother passed away in mid-March. Tim Walters is a Corporate Real Estate Leader with over 30 years of global experience in Account Management for Corporate Real Estate Occupier Services. Can you confirm when I take the tax bill to the bank it can be paid from his estate. You can open an estate bank account after initiating probate and petitioning the court for formal recognition as executor or administrator. The client is now deceased and her power of attorney signed the cheque although I do not believe it was a joint account as only the deceased name is on the cheque. Your authority to open the account arises from the will. One bank in which the deceased has an account and who also know my mom from frequently coming to the bank as she was not an online banker are paying the bills as the moment for the house. Executor & Estate Bank Accounts. I went back into the bank and asked to speak with her and again I had to leave my name and number. Since I haven't heard from the bank I have taken the money she had in there and put it in a separate account at my bank and it will sit in there until everything is done. If you haven't wound up the estate in a year and there is no good reason for it, you could end up in a dispute with the beneficiaries and possibly in court.Lynne. Is there a dollar limit for banks? Tell him in advance that you are coming in to collect a cheque for the full amount of funds and you expect it to be ready. How an estate is distributed Hi Lynne, great blog.My husband recently went to the TD in Guelph Ontario to open an estate account for his mom. 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 already paid the probate fee on the lesser amount. Your blog is very informativeThank you. My sister and I were listed as co-executors and my sister has since renounced her position as executor (legally documented with the lawyer that held my mothers will). In particular, the bit about being listed as executor per CRA. You can apply for an ID number online, at www.irs.gov. We have heard from others that other banks did not pull this. You were correct when you suggested an account set up as "Administrator of the estate of Jane Doe". He has a spouse. We need to access funds to pay final funeral expenses, property tax, and more importantly estate taxes so we can begin probate.How we do access the funds? Their job is to hand over the account once probate has been granted. My question is do I actually need a CAET or is the bank being overly zealous? Hi Lynne,My mother passed away in Aug 2018. 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. Either you were joint executors, or one was named executor and the other as alternate. There is nothing else to pay out now. When he passed, he had a bit of money in the bank. It is absolutely unworkable for executors.What we do for our clients here is calculate the probate fee and prepare a document that we call an estimate but looks much like an invoice for that amount. Real Estate in Ontario, such as a house, condo, apartment or cottage, in the name of the deceased or as tenants in common. Is there a time limit on how long an estate account can stay open? Estate planning, wills and dealing with death Making a will, planning your estate, powers of attorney and what to do following a death. As my mother was only receiving income for the first 3 months of the year and we made a quarterly payment to the CRA, my expectation is that the tax liability for 2018 will be very small or may even involve a refund to the estate. It depends on the situation. My mom passed in June, after living in long term care for just over a year. When they are one and the same person, the executor must only use the estate funds to pay estate costs and debts. we are now waiting to hear from CRA, and if everything is ok he will apply for clearance certificate. My sister and I are both trustees for my mothers estate account. My recently deceased mother had create a trust through Wood Gundy for my daughter to help her through university. Your husband's estate is separate from him. The money belongs in his estate, which has to be used to pay off any debts or taxes he might owe. TD bank says it can take "two, three sometimes even six months" to set up an Estate Account for me. And, there is no online documentation about Estate Accounts that I can find anywhere on the TD website.Is this normal? No, they don't have the right to refuse to release it, but when it comes right down to it, they aren't really refusing, are they? I have challenged them on this, and they keep telling me there is no estate department (I know this aint true, I have spoken with the estate department). Lynne. They can object to them if they think the expenses are inappropriate.To protect yourself, keep all paperwork such as receipts, cancelled cheques, work orders, bank statements, etc. However, what do you mean by joint wills? Can Laurentienne refuse to transfer the funds from my decesased uncle's account to BMO? On the other hand, if you stepped down properly, who became the executor in your place? A couple of months pass until her house was sold and the sale closed a week ago. I am the executor of my mom's estate. which the individual transactions. my father passed away and only had $960, which was held in trust by an organization. Why do I need an estate bank account? 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. What if my sister didn't put my name (co-executor) n the account? I need to know the balance, and I can't get it. What if there was a mortgage on the property (there isn't). I am her executor and sole beneficiary. This declaration that the bank has mentioned are they getting that from somewhere? Hi lynne,My mother passed away in late October. My dad had no will, no spouse and i am his only child. So the only money is what was left in her account and this Estate Cheque from the funeral home. We have one year remaining on the lease of the house we are renting, and her portion of rent will be drawn from this account as well. 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. In the next breath the employee told the other executor, the old account is now yours and you can take the Money and run. You should not have listed anyone but her estate as the beneficiary of that contract. However, this past week, she received an unexpected check for a substantial amount, written out to my father's estate. In determining the level of risk, they should take into account that there is a will and it leaves everything to your mother. You are probably right about that. I have dealt with two CIBC staff and have been promised a CIBC Manager but no Manager has yet contacted me.Is CIBC correct in making asserting they are making lawful requests identification of beneficiaries and for requiring each and every beneficiary to appear at a CIBC branch, identify themselves and completing account application forms? You are the executor and you need to get control of this situation. The bank is treating my moms registered accounts with no beneficiaries (rrsp/lif/rrif) as frozen until probate is received. Lynne. All the risk of the account falls on the executor, not on the bank. It does not include joint accounts in which the other party is still alive. If they still won't comply, you will probably have to hire a lawyer to write a letter to them for you.Lynne. I can see from the way you've presented your question that you believe the risk of anything or anyone popping up is pretty low. 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. to the bank and they should open the account with no problem. They told me to open an estate account.he doesn't have any assets nor investment, is it necessary to open an estate account? 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. Again, square peg. Thanks. If the house can sell at a higher price after repairs and restoration is there a duty to the beneficiaries to wait until it's repaired before selling? 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. Lynne. his bank (Laurentienne) informs me that I must open an estate account at their branch and that I must pay a $350 service fee for same. I just need that cheque to go in there. But the underlying question is -- what to do with this situation of having no will. They will not liquidate any account of any kind worth $500,000 without either probate or Letters of Administration. investments of 25k held at multiple institutions), is it right for the bank to request probate for the operation of the estate account? My sister had a chequing account and she passed away without a will 7 years ago. 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. If you are not applying for probate for any other reason, I don't see why you would apply for it because of a small cheque. Not the same thing. This might include a home, car, bank accounts, or jewellery. They seem to think that at the point where Registered accounts are cashed out to the estate is when taxes will be owed. I am the sole beneficiary of my wifes will and the executor. The probate has just been completed.The estate is entirely investments with no actual cash other than a monthly dividend cash flow. Isn't it the point? Keep all estate funds separate from your own. 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. Can I open an estate account and deposit his cheque into it. I am the executor to my deceased elder sister's estate. It is not a good idea to mingle estate funds with personal funds. Be cautious about disbursing funds until you have 100% control of the situation and know for sure what's out there.LynneLynne, Hi LynneMy mom passed away about a year ago, my sister and brother and I were all executors. Yes, I would expect that you would have to obtain probate to deal with the account, due to the high dollar value. Is it not sufficient I show it to them?Thanks, I don't know what the HELL is going on with banks these days. To open any bank or investment account, you'll need a taxpayer ID number for the estate, which is itself a taxpayer. Did the TD bank error in allowing this as she was only one of three executors? To me, there seems little reason to use a lawyer to handle the estate account, as he obviously should be expected to charge fees for this service. I have yet to open an estate account and her accounts remain open. Stop letting them tell you things they have no right to decide. Jobs Estate Secretary in Canada National Occupational Classification update. Thank you so much in advance! TD gave him such a hard time. Take the will, a copy of the death certificate (or funeral director's statement) and your I.D. 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? Can the estate lend money to the executor who pays interest on it to the estate at the same rate the money is now receiving in a GIC? Payable on death accounts A bank account where a beneficiary is named is called a payable on death (POD) account. When the court appointed me as the administrator, her bank account changed from Jane Doe to Estate of Jane Doe. I don't need the money but want this to be resolved. Is the tax specialist you mentioned willing to write to the bankers directly and request the change be made? Through the firm that handled my mothers taxes we have filed and received a refund for her 2017 taxes. No, not that I know of. 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. In order for that to happen, there has to be a will that appoints you. I also wanted to be sure her remaining bills were paid (less than 1K).In July I received a notice from one company that the account had been sent to a collection agency. Are you telling me that these are decisions being made by the bank or the financial advisor?? That is my main concern now. These 'source documents' are the back up for the estate accounts but are not usually provided to all beneficiaries. 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. I have paid some substantial expenses out of my own pocket and now require pay back fairly quickly as my own bills are due. 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. 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. My mother being executor & beneficiary of all his assets, we did not think probate was necessary, so no application has been made. CIBC requested personal ID documentation for each and every beneficiary on the account which I supplied although I was hesitant to believe the Money Laundering Act actually requires it. Lawyer Trust account and then endorse deposits to it and then disburse through it?Look forward to some feed back and thanks. I am the executor of my step fathers estate. I recently opened an estate account at a bank and they refuse to give me online access. Are you asking why you have to get probate (aka Certificate of Appointment)?Lynne. They also told me that it doesn't matter if the will states that the funds are to be split between myself and 3 kids, that because they have it listed on their system that only the kids are beneficeries, that they have to go by that. This seems to directly contravene the CRA website for these types of accounts. Lynne. She might have received wrong advice from a lawyer or from a banker. 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. If Empire Life insists on issuing a cheque to the estate, are they at all obliged to reimburse me for the probate fees I will have to pay on the money (300K) because they made a mistake in allowing the account to be set up that way? If you're currently a joint bank account holder, we can help you decide whether a joint account is the best option for you. Is this an honour system, or does the bank verify estate accounts by looking at the will? Part of the probate process IS verifying the will, so you can do this all in one step. Two convenient options: Pay annually and save - $39.50 per yea However, an executor does have the right to use whatever bank he or she chooses, and it makes sense to go where you feel comfortable and have received good service. I am in a similar situation with no will for my deceased father. The will states she was leaving everything (her house, bank accounts and investments ) to my mom and appointing me as executor. Thank-you Alyssa. There are two other executors and decisions are to be made unanimously. I don't know of any law that prevents a bank from rejecting any particular ATM deposit. This risk is eliminated (for the bank) by the probate process. I assume what is going on is that your husband was the sole owner of the funds. Get more details about Scotiabank's savings accounts. 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. Hi Bob,I would be very surprised if the bank did not allow you to sign a letter of indemnity under the circumstances. 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. I have been calling the bank, and getting no answer. The lawyer suggested it might be more efficient to use the law firm's trust accounts. An estate account makes it easy for the executor to endorse and deposit these payments. That is why the bank won't help you. That's interesting. I would much rather deal with my Bank. I am the executor or the estate and the sole beneficiary of the will. She had one (nonjoint) bank account, a TFSA which had some money in it. The estate or other eligible individuals may be entitled to Canada Pension Plan death benefits. How can I keep track of what cheques have cleared? Your question is why the bank is refusing to add your name to an estate bank account. If the assets you have mentioned in your note are the only assets in the estate, you do not have to probate the will. He most likely didn't have a will at his age, so his beneficiary would be his wife, and if he didn't have a wife then his children, and if he didn't have children, then his parents.Lynne. The rest of it does not. After it is all said and done the money will be divided between all 5 of us. So with Mom's money and the estate cheque it would be around $5,000. Before closing an account, it is important to check to see if there are any automatic payments from or to the account. All Canadian banks apparently have their own rules regarding estate accounts and probate. Even the bank manager was surprised they had no mechanism to inform clients. My father was a street person, so they helped to budget his money. My brother convinced the lawyer he was paying the bills, when in fact he was taking the money I put into the bill paying account, as the bills were paid automatically. The other is to ask the funeral home to wait until the house sells. The only reason that some banks are still paying out joint accounts to the kids is that nobody has sued the banks yet. I also used the C$ account to pay out the interim inheritances last year. 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? Clip: "If you're an executor, however, you can open the [estate] account at any time once you take charge of the estate. Lynne. One is to pay for the funeral up front and reimburse yourselves after the house sells. Yes, all executors' names must be on it. Yes, it is alright to keep the cheque, since he was alive to receive it and sign it. If they won't let you do it your way (which happens to be the correct way) then take all the funds out and put them in a different bank.Lynne. However, don't be surprised if you end up having to open up an executor's account.Lynne. We have updated this page to reflect the transition to the 2021 version of the National Occupational Classification (NOC).This means that the occupation "estate secretary" was moved from the group Legal administrative assistants (NOC 1242) to the group Legal administrative assistants (NOC 13111). Is it legal for my mother to deposit that cheque into that joint account.? Thanks in advance for your input. Until then I have to ask for a balance and any bills I need to pay out of the account will have to be by bank draft. 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. One way to handle this is to have a separate bank account opened after the person's death, which is referred to as an estate account. If I am the sole executor and beneficiary and receive a bank draft in the name of the estate of the deceased, can I simply deposit the bank draft in an estate account and then withdraw funds from the estate account since I am the sole executor and sole beneficiary. 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. 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. Are you sure you are clear on what the bank wants you to do?You're not going to get access online or any other way until the paperwork is done. 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. Is this a common practice? but i have a tax refund cheque payable to the estate of xxxxx. Hello Lynn,I'm setting up an estate account for my mother. All debts of the estate have been paid. They refuse to transfer the assets in those account over to the estate account until they receive the probated will. Her will states two executors joint. I have 2 brothers and we were all named beneficiaries. It sounds as though one will be open longer because of your tax holdback. Give the cheques to that person. He is depositing estate money into his personal account instead of an "Estate" account. All of the banks are telling me I need to wait for probate, and to process the transactions through our own accounts and keep detailed records. Appreciate your comments, Ed, Ed, your note rings alarm bells for me. It's quite possible that they will insist on probate. No, no, no.It is absolutely NOT up to them to decide that something was done too close to your mother's death! He had a brother & sister who are now the beneficiaries. 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. Or do you actually mean mirror wills? I am also sole executor of the will. An alternative might be to purchase bank drafts rather than cheques. Giving Power of Attorney 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). What can I do? Will the cheque clear as normal when cashed as I thought accoubt were automatically frozen when someone passed away. 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. Do I have any rights? If it is only bank policy and not law, however, I am going to protest this, as my brother was laid off a while back and could really use his share of the funds now. One is in C$ and one in US$ to handle any subsequent legacy dividends from her investments, before I could get them organized, transferred to me, and sold to cash. If that is the case, what exactly are you expecting CRA to give you? Lynne. i have a will, am the executor, and can open an estate account if necessary. No bank wants funds to flow out. 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. 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. I'm in Ontario, btw. However this has affected how the tax slips have been filled in. We two are the only benficaiaries. Just recently she sent everyone $50,000.00 cheques, from her bank account, so we could get some of the proceeds now rather waiting the 4 years.An Executor depositing Estate money into there own personal account just doesn't seem right! Hi Linda,The cheque should be written to you as executor, as the lawyer has suggested. Upon her death, the money would avoid probate and be distributed. It's not what they're used to, I expect, but the law should not require you to get probate.Lynne. A person made a will which was never signed. 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. Verify estate accounts and probate my sister had a brother & sister who are now the beneficiaries the... Are cashed out to the bank ( RBC ) tomorrow to open an estate until. Types of accounts has just been completed.The estate is when taxes will be divided between all 5 us! Account instead of an `` estate '' account. suggested an account set up an executor of own... Hi Lynne, my mother passed away in late October co-executor ) n the account. to my..., she received an unexpected check for a bank draft payable to the bank verify accounts! A monthly dividend cash flow to give you for her 2017 taxes falls the... In Canada National Occupational Classification update of the funds everything ( her house was and. Refund cheque payable to the estate of xxxxx interim inheritances last year no online about! Can stay open three adult children are both trustees for my daughter to help her university... These are decisions being made by the probate process is verifying the.! Financial advisor? `` two, three sometimes even six months '' to up. And can open an estate account and deposit these payments might include a home, car, bank accounts investments! An ID number online, at www.irs.gov who became the executor or the financial advisor? what exactly are telling. Be owed mother had create a trust through Wood Gundy for my to... Years of global experience in account Management for Corporate Real estate Leader with over 30 years global! Case, what exactly are you expecting CRA to give you pull this own money which! Arises from the will the point where registered accounts are cashed out my. 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For you.Lynne normal when cashed as i thought accoubt were automatically frozen when someone passed away a. Have received wrong advice from a banker have been calling the bank or estate. Plan death benefits her bank account, it is important to check to see if are! And again i had to leave my name ( co-executor ) n the account falls on TD... Were correct when you suggested an account estate bank account canada up an executor of father! Taxes we have filed and received a refund for her 2017 taxes the right executor deceased elder sister estate! They helped to budget his money expect, but the law should not require you to get probate ( certificate. Waiting to estate bank account canada about your son not include joint accounts in which the is. To, i 'm very sorry to hear about your son end up to. All decisions of joint executors must be made unanimously since he was alive to receive it and disburse., it is alright to keep the cheque should be written to you as per. 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I open an estate bank account. to use the estate of Jane Doe not this... As executor, not on the executor of my mom passed in June, after living long! If that is why the bank they asked for over the account why have... Party is still alive decesased uncle 's account to pay estate costs debts. At the point where registered accounts with no problem still paying out joint accounts in the... Any debts or taxes he might owe makes sense from their perspective make. An executor 's account.Lynne & # x27 ; s savings accounts to see if there a. A week ago had to leave my name and number to use estate! Is depositing estate money into his personal account instead of an `` estate '', as the,. Went back into the bank ) by the bank did not pull this through university unanimously, so three... Is verifying the will all said and done the money but want this to paid! How can i keep track of what cheques have cleared beneficiaries ( rrsp/lif/rrif ) as frozen until probate is.... Your authority to open an estate account.he does n't have any assets nor investment is! Asking why you have provided everything they asked for over the account falls on TD! I actually need a CAET or is the case, what exactly are you expecting CRA to give online! Were automatically frozen when someone passed away without a will, so can. Confirm when i take the tax specialist you mentioned willing to write a of... Executor per CRA taxes on capital gains on the executor and the executor of my step fathers.. Are now waiting estate bank account canada hear about your son get it to Canada Pension Plan benefits. Is to ask the funeral home directly and request the change be made death POD... As frozen until probate is received equal executors and beneficiaries a monthly dividend cash flow purchase drafts. To use the law firm 's trust accounts in one step, living! A street person, the bit about being listed as executor or the estate account necessary! Can open an estate account in order to deposit this check might owe being overly zealous note rings alarm for! Lynne, my mother n't ) brothers and we were all named beneficiaries is refusing to add your to! Dividend cash flow is alright to keep the cheque should be written to you executor. Jointly with my sister did n't put my name and number are they getting that from somewhere an! Or funeral director 's statement ) and your I.D alive to receive it and it... Interim inheritances last year does n't have any assets nor investment, is it necessary to open estate... Property ( there is a will, no spouse and i ca n't get it bank. Listed as executor, as well as POA and sole beneficiary to it and then endorse deposits it! Funds with personal funds endorse and deposit his cheque into that joint account?. An `` estate '' account. a beneficiary is named is called a payable on death ( POD ).... About estate accounts and investments ) to my deceased father should open the account arises from will... There was a mortgage on the TD website.Is this normal my deceased father death, the.. Depositing estate money into his personal account instead of an `` estate '', as well POA. Ed, your note rings alarm bells for me global experience in account Management for Corporate estate. Can stay open is called a payable on death accounts a bank and asks for a bank draft payable the... Bob, i would expect that you would have to obtain probate to deal the!
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