Should an executor open a separate bank account for the estate in Ontario?

Yes. In Ontario, it is standard practice — and strongly advisable — for an executor to open a dedicated estate bank account to hold and manage estate funds. This keeps the deceased's money clearly separate from the executor's personal funds, which is essential for proper record-keeping and for the executor's protection.

Co-mingling estate funds with the executor's personal accounts is a breach of the executor's fiduciary duty and can create serious legal and accounting complications. If the executor is later required to pass accounts before a court or before beneficiaries, a separate estate account makes the records far easier to verify and audit.

Banks typically require a copy of the death certificate and proof of the executor's authority — usually the probate certificate — before opening an estate account. In some cases, institutions may allow an account to be opened before probate if the executor can demonstrate their role under the will, though policies vary. The executor should run all estate receipts and disbursements through this account from the outset.