Because banks are subject to both provincial and federal regulations,
procedures can vary greatly from bank to bank and province to province. Some provinces
have been known to automatically freeze joint bank accounts when one of the
joint owners dies. To avoid problems, contact your bank directly, to determine
the amount of money accessible and learn the procedures for releasing these
funds, and to establish a new account for funds received after the death of the
person concerned.
At least one joint chequing or savings account should
be left open for at least six months. This will allow you to deposit any cheques
that you are entitled to but are in the deceased's name, such as an insurance reimbursement
cheque. This cheque would be endorsed on the back as follows: "Deposit
Only" with the deceased's name PRINTED underneath, followed by the bank
account number.
If after six months you want to take the deceased's name off the
account, the bank will want to have a certified copy of the Death Certificate.
A certified copy will also be necessary for any
accounts that are left "In Trust For" someone. Your bank can advise you regarding Registered
Retirement Savings Plans or CD's (Certificates of Deposit). Both will need a certified
copy of the Death Certificate before they are released.
If the safety deposit box is in the sole ownership of the deceased.
Banks will require a certified copy of the Death Certificate and Letters of
Administration to gain access to the contents. On co-owned safety deposit
boxes, the rules vary from province to province. Call your lawyer or bank for
their requirements.