Personal Finance

Closing a soctiabank account without a will

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  • Jun 2nd, 2018 6:21 pm
[OP]
Newbie
Mar 7, 2011
9 posts

Closing a soctiabank account without a will

Hi all,

My dad died 7 months ago in China without a will. There is no trustee and his assets were minimal.

I went to Scotiabank today to try to close his bank account and liquidate any remaining money (not much). I brought the death certificate and a few other documents confirming my identify, his, and his death, as well as a declaration (to be notarized) that I’m his sole beneficiary and there was no will etc.

The woman I met with seemed rather baffled by the situation and said that she can’t do anything without a will or trustee. She will escalate it and we’ll see what comes if it.

In the interim, has anyone dealt with this before? My situation appears to be uncommon but if there’s anything more I can do to expedite things, that would be much appreciated!
10 replies
Deal Fanatic
Nov 22, 2015
6811 posts
6962 upvotes
ZoeStevens wrote: Hi all,

My dad died 7 months ago in China without a will. There is no trustee and his assets were minimal.

I went to Scotiabank today to try to close his bank account and liquidate any remaining money (not much). I brought the death certificate and a few other documents confirming my identify, his, and his death, as well as a declaration (to be notarized) that I’m his sole beneficiary and there was no will etc.

The woman I met with seemed rather baffled by the situation and said that she can’t do anything without a will or trustee. She will escalate it and we’ll see what comes if it.

In the interim, has anyone dealt with this before? My situation appears to be uncommon but if there’s anything more I can do to expedite things, that would be much appreciated!
I think you might need to get your declaration notarized first. Once that's done, the branch should be able to do it... if not, call the 1-800# for next steps...
Deal Guru
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Mar 23, 2008
13006 posts
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Edmonton
I think the problem may be that estates are usually settled in the jurisdiction of the person who died. So in the case of your father, someone in China should be responsible for settling their estate. Unfortunately, the fact that he passed away and you're his child doesn't mean you're entitled to the money, necessarily, so the bank has to err on the side of caution.

C
Deal Guru
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Mar 23, 2008
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Edmonton
superfresh89 wrote: I think you might need to get your declaration notarized first. Once that's done, the branch should be able to do it... if not, call the 1-800# for next steps...
Just because someone is sole beneficiary doesn't mean there's no other outstanding claims on the estate. Those would have to be settled first, and the sole beneficiary would get what's left. I believe... I'm not a lawyer, especially not a Chinese lawyer.

C
Deal Addict
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Aug 3, 2009
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Nova Scotia
I expect that before a bank would liquidate that they would want a probated will or in your case an administration of his estate deeming you administrator. However, in practice many banks will make exceptions for something less but this is YMMV. Continue to escalate up the line. It will be up to you to decide on a cost-benefit basis whether it is worth pursuing if you have no luck.

Ultimately you would need to secure administration of the Estate through a grant of administration (different terminology in different Provinces). This would not be difficult as a sole heir, but it is still a process.
[OP]
Newbie
Mar 7, 2011
9 posts
Thanks all. Guess I still have a long road ahead to wrapping all this up Loudly Crying Face
Deal Guru
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Mar 23, 2008
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Edmonton
ZoeStevens wrote: Thanks all. Guess I still have a long road ahead to wrapping all this up Loudly Crying Face
Possibly. Who took care of your father's estate in China? Just because there was no will doesn't mean there wasn't an executor of his estate.

C
Deal Expert
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Jul 30, 2007
32073 posts
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Toronto
jmatheson64 wrote: I expect that before a bank would liquidate that they would want a probated will or in your case an administration of his estate deeming you administrator. However, in practice many banks will make exceptions for something less but this is YMMV. Continue to escalate up the line. It will be up to you to decide on a cost-benefit basis whether it is worth pursuing if you have no luck.

Ultimately you would need to secure administration of the Estate through a grant of administration (different terminology in different Provinces). This would not be difficult as a sole heir, but it is still a process.
That’s what I had gone thru as well a few years ago.
Deal Expert
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Jan 27, 2004
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ONTARIO
CNeufeld wrote: Possibly. Who took care of your father's estate in China? Just because there was no will doesn't mean there wasn't an executor of his estate.

C
I wonder how the laws are there. IT might be very different. Some places might just automatically let the kids take everything.
Deal Fanatic
Apr 5, 2016
5975 posts
4422 upvotes
Calgary/Vancouver
That's why it's a good idea to set yourself up a will so that your beneficiaries won't have an issue. Least you can do is also setup joint accounts and named beneficiaries on registered accts.

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