Can an Executor Close a Deceased Person's Bank Account in Ontario?
An executor can deal with a deceased person's sole bank account only with legal authority, which in Ontario generally comes from a Certificate of Appointment. The estate trustee, the person often called the executor, is the only person with legal authority to manage or distribute an estate.
Relatives who are not the estate trustee have no authority to withdraw money from the deceased's sole accounts. Probate is usually needed if the deceased had assets held by a financial institution, although it depends on the type of asset. For an estate valued at $150,000 or less, the estate trustee can apply to the Superior Court of Justice for a Small Estate Certificate, which gives authority over only the assets listed in it.
How a joint account passes, and what a particular bank asks for before it freezes or closes an account, varies by institution and by how the account was set up. Because those details depend on the facts, it is worth confirming the bank's requirements and speaking with a lawyer before you move any money.
Key takeaways
- The estate trustee is the only person with legal authority to manage or distribute an estate.
- A Certificate of Appointment gives the authority to manage the estate's assets and pay its debts.
- Relatives who are not the estate trustee have no authority to withdraw money from the deceased's sole accounts.
- A Small Estate Certificate is available for estates valued at $150,000 or less, but it covers only the assets listed in it.