Estate settlement
The passing of someone can change the world around you. As the executor or liquidator of an estate, you don't have to navigate it alone - let us help you with your estate settlement journey.
What is an estate settlement?
An estate settlement is the process of handling a person’s finances, property and wishes after their passing. This includes paying debts, managing accounts, and ensuring everything is passed on, according to their . This differs from estate planning, which is the process of setting up arrangements for how you’d like your to be managed and distributed once you’ve passed.
The basics of settling an estate
Here’s what you can expect when you start your journey.
What is an executor
If you’ve been named an executor or a co-executor, this means that you’ve been chosen to administer the estate as dictated in the deceased’s final will. In Quebec, this role is known as the liquidator. This will include making final arrangements for the deceased, handling their finances and assets, and distributing their estate to .
We’ve compiled a checklist for you to keep track of everything you’ll be doing.
Here is a list of things you’ll want to have when you meet with us. Requirements may differ based on the deceased’s Canadian residency status and where they lived at the time of passing.
Proof of death and identification
As an executor, here are some things you’ll want to have ready for your first meeting with us:
Valid government ID for each executor or liquidator (ex. driver’s licence, passport). If you don’t bank with BMO, you’ll be asked to present your ID to a representative at one of our branches- Information about the deceased (ex. name, address, phone number, date of birth and date of death)
- Original or authenticated copy of the death certificate or official document confirming a person’s death
Documents: Quebec
- An authenticated copy of the deceased’s notarial will, or a:
- Probated will or court order (if not notarial)
- Marriage contract with a or court judgement
- Notarial declaration of and/or notarial nomination of
- Will searches from the Chambre des Notaires du Québec and Barreau du Québec (if applicable)
- Certificate number and verification code of the executor or liquidator
Note that a request for probate or other court issued order is required if there is no notarial will.
Documents: Rest of Canada
- Original or authenticated copy of the deceased’s will (if available)
If the deceased held individual BMO assets and/or joint without right of survivorship BMO assets, we may ask for additional documents, which include:
- Grant of Probate or Letters of Probate
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- Appointment of Administrator from Indigenous and Northern Affairs Canada
Probate
Probate* is the legal process of establishing a will’s validity. Doing this also ensures that executors have the authority to carry out the , which includes closing bank accounts, selling or transferring property, cashing in investments, and more.
In Quebec, notarial wills are more commonly used; only handwritten wills or those made in the presence of witnesses need to be probated.
*Each province has different requirements, so you'll need to verify with the one that the deceased lived in whether you need the original or just a copy of either document.
Steps to settle an estate
Here are some key steps that you’ll generally need to follow as an executor.
Make arrangements and gather your documents
This includes making funeral arrangements and getting both the will and death certificate.
Notify the bank
Contact any bank or financial institutions that the deceased person had accounts with to let them know. For accounts with BMO, you can visit a branch.
Get probate
You’ll apply for probate, if needed, and identify the executor(s) named in the will. Once you do, the executor(s) can carry out their responsibilities.
Manage the estate
List out assets and , settle debts, file final taxes and distribute assets. You’ll also close accounts and wrap up any administrative tasks.
Dedicated support every step of the way
We’re here to help you throughout your journey, from planning to immediate needs such as:
- Paying funeral expenses and bills
- Closing accounts and opening new estate accounts
- Providing guidance on funds from an inheritance
- Answering your financial questions throughout the process
Your information is safe with us. Learn more about how we safeguard your personal information.
Estate settlement FAQs
You’ll need to have one piece of valid, original, government-issued photo ID that clearly shows your face and isn’t expired or defaced. Acceptable forms of ID include:
- Canadian Citizenship Certificate
- Certificate of Indian Status issued by the Government of Canada
- Driver’s license (except temporary Alberta licenses)
- Canadian Firearms Licence
- Any government issued ID or document (ex. Passport, Permanent Resident card)
- Immigration Canada Documents (ex. IMM 1000, IMM 5292, IMM 5688)
- NEXUS Card
- Provincial or territorial health insurance card (except health cards issued from Manitoba, Ontario, P.E.I., and Nova Scotia)
- A document or card with your photo and signature issued by any of the following or their successors:
- Insurance Corporation of British Columbia
- Alberta Registries
- Saskatchewan Government Insurance
- Department of Service Nova Scotia and Municipal Relations
- Department of Transportation and Public Works of the Province of Prince Edward Island Service New Brunswick
- Department of Government Services and Lands of the Province of Newfoundland and Labrador
- Department of Transportation of the Northwest Territories
- Department of Community Government and Transportation of the Territory of Nunavut
You can also provide two documents from a reliable Canadian source - one that shows your name and address, and another showing your name and date of birth. This might include:
- Government issued ID or tax notice
- Utility bill
- Bank or credit statement
- Benefit statement
- Any document confirming your identity and a reference from someone in good standing (if required)
All documents must be original, clear and current.
If the deceased didn’t leave a will, their estate is handled through the laws set by the province or territory that they lived in, a process also known as intestate. The provincial court will appoint an administrator, who is usually a next of kin or spouse, to carry out all of the duties of an executor. Note that intestate laws will vary by province or territory.
Generally speaking, the process takes about 9-14 months, but can vary depending on several factors. This can include the availability and/or complexity of the will, the probate process, how long it’ll take for you to gather documentation, settle debts and taxes, and reaching out to beneficiaries.
As an executor, you’ll need to file an application with the Superior Court of Justice for the province or territory that the deceased lived in. You’ll need the original will, death certificate, and other required documents, which may include:
- Completed probate application forms
- Affidavit of execution (this proves the will was properly signed and witnessed)
- Statement of assets and liabilities
- Notices to beneficiaries and relevant parties
The court will review your application and issue a grant of probate, which authorizes you to manage the estate according your loved one’s will. This varies by province, so you’ll want to check within the one you’re filing in to ensure you have the correct documentation.
What’s the estate settlement process when there’s no will?
If your loved one didn’t leave a will, their estate is handled by the province that they resided in, a process also known as intestacy. The provincial court will appoint an administrator, who is usually a next of kin or spouse, to carry out all of the duties of an executor. Note that intestate laws will vary by province.
What if I don’t want to be an executor?
If you don’t want to be an executor, you can renounce the title. You’re not legally obligated to carry out the responsibilities and don’t need to give a reason, even if you’re named in the will. So, this’ll need to be done before you’ve accepted the role and started handling the estate. You’ll then need to inform any co-executors, administrators or beneficiaries so that a replacement can be found. You may also be asked to sign a renunciation form.
What bank do I go to in order to settle an estate?
You’ll have to contact the bank or financial institution where the deceased held accounts to let them know about the death. For help with settling their estate, you can book an appointment to speak with a BMO representative at your local branch. We’ll answer any questions you have and guide you through the process.
What do I do if I’ve already started settling an estate and I want help?
If you’ve already started the process of settling an estate, you can book an appointment to speak to a BMO representative at your nearest local branch.
How much does settling an estate cost?
There are several costs involved, which can vary per individual case and within each province. Some fees to keep in mind include:
- Probate fees
- Executor fees
- Legal fees
- Accounting fees
- Appraisal fees
Note that not all of these may apply to you, and it’s important to speak to an expert to help you determine what these are for you.
Book an appointment with us and we can walk you through the details.
How much time do I have to settle an estate?
Executors are generally given one year to settle an estate, either from the time of death or from probate. This is just a general guideline and not strictly adhered to, since each case is unique to its situation.
How long do banks take to release money after probate?
Banks (like BMO) generally distribute funds within 1-4 weeks of probate, but may take longer with complex estates.
How long does it take to receive an inheritance from a Will?
Executors cannot start distributing the estate until probate is issued. Once this is granted, there’s a waiting period that must happen to allow for potential claims for will amendments (this can vary by province and territory). If all beneficiaries consent or it’s authorized by a court, estate distribution can start sooner.
What happens to joint accounts when someone passes away?
Each estate case is unique and will be carefully assessed once we are notified of a passing. In many situations, funds in joint accounts transfer to the surviving account holder; however, the process may differ depending on the type of account and how it is set up.
In Quebec, joint accounts are generally frozen when one of the holders pass and funds are allocated based on terms of the will. If there is none, it’s allocated based on intestacy laws.
What steps can I take to protect the Estate’s investments?
Here is what you can do to protect an estate’s investments with BMO: Obtain the deceased person’s identification and credit or debit cards. This is an important step to prevent fraud or identity theft. Advise the deceased person’s employer of the death, if applicable.
We can help you navigate estate protections when you visit a branch.
Resources
Canada Revenue Agency
Learn what you’ll need to know about settling a deceased one’s taxes after their passing with the Canada Revenue Agency.
Indigenous Services Canada Estates (ISC)
Explore your support options and services to help you settle someone’s estate if they lived on a reserve.
Revenu Québec
Get all the details you’ll need to carry out your role as a liquidator in Quebec.
We’re here to listen and help
Get in touch and we’ll guide you through your next steps.
Meet with us
Drop by your nearest branch to get started on your estate settlement journey.