The financial institution must be notified upon the death of the account holder. If the account is under the sole name of the deceased then the financial institution will convert it to an estate account.
The personal representatives may discover that they are unable to withdraw funds from the bank account due to lack of a will being probated. It is important to know the executor may be able to withdraw funds from the deceased account to pay immediate expenses such as funeral bills, utility bills, property tax, probate tax, probate lawyer fees, and other direct costs.
Once you have obtained a copy of the death certificate, you should arrange for a meeting with your branch manager. All financial institutions are very cooperative with the family members of the deceased.
Your bank would require a copy of an invoice to prepare in the name of the deceased before issuing a bank draft. Therefore, all invoices should be in the name of the deceased with the care of the executor. Example: Deceased C/o Executor.
Probate is a process when the court issues a Certificate Appointment of Estate Trustee. The person appointed as an Estate Trustee has the legal authority to deal with the deceased’s estate. If there is a Will, then the certificate confirms the Will to be the last and valid Will of the deceased.
The nature of assets or any objections against the executor would determine if probate is needed. You would need probate if any one of the following applies to you:
You would not need to file probate if the assets were jointly owned for example joint bank accounts or joint tenants of a real estate or if the beneficiary was a designated beneficiary of a specific account such as RRSPs, RRIFs, TFSAs.
An executor is a person named in the Will to carry out the deceased’s wishes and directions. The court confirms the appointment of the executor named in the Will by issuing a Certificate of Appointment of Trustee. If there is no will, then the executor effectively is the person who received a Certificate of Appointment of Trustee by the court.
No, a will does not always have to be probated if any one of the following situations applies:
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