TD Bank Stole 81,000 from my Grandmothers will and gave it to my mother in RRSPS
- Thread starter Hermesz
- Start date
As someone who's been through a few round of power of attorney stuff, and couple of rounds of estate stuff: This is a question for an actual lawyer. In my case there were no lawsuits involved, but I / we wanted to make sure all of our ducks were in a row because of some problematic family members.
I'm assuming the RRSP purchase was either couched as a gift between an adult mother and daughter, both of sound mind, or the mother has the power of attorney of property. Avenues for potential recourse will vary based on a bunch of factors. (Edit: Living wills, powers of attorney of person and/or property, grandma's mental fitness and things that attest to it, how she was presented to the financial institution and/or if your mother impersonated her, if granny's dead her will and executor matter, and that's ignoring spouses and other siblings who the estate would otherwise go to unless things are set up per stripes, ect.)
Either way this is talk to a lawyer stuff.
I'm assuming the RRSP purchase was either couched as a gift between an adult mother and daughter, both of sound mind, or the mother has the power of attorney of property. Avenues for potential recourse will vary based on a bunch of factors. (Edit: Living wills, powers of attorney of person and/or property, grandma's mental fitness and things that attest to it, how she was presented to the financial institution and/or if your mother impersonated her, if granny's dead her will and executor matter, and that's ignoring spouses and other siblings who the estate would otherwise go to unless things are set up per stripes, ect.)
Either way this is talk to a lawyer stuff.
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Why do you believe it should have gone to you instead of your mother, who I'm assuming happens to be your grandmother's daughter or perhaps daughter-in-law?
I asked the TD Bank to move some shit investments I had with the investors group over to my TD account. I asked the lady to tell investers group to sell the funds and move the cash over. She didnt' do that. Completely fucked up the three things I asked her to do. Long story short. I went into the branch on Customer Appreciation Day. Green Balloons and all and complained to her manager. He screamed at me " Get out" and marched me down the marble staircase to the lobby.
Apart from that.....great bunch of guys.
Apart from that.....great bunch of guys.
Two different posters with names that start with He.
But the point stands. Assuming that's your mother, and your grandmother is of sound mind: 1) That's between them, and 2) That's your mother.
Also, if you got that money I would suggest topping up your TFSA with something appropriate for your age and risk tolerance. Escort money should be from your discretionary income. (IMO.)
The will was written to have all monies split in half between myself and my mother.TD bank cut me a check for 22,000. Then I find out they gave 81,000 in RRSPs to my mother. Now before you think I’m the black sheep. My grandmother raised me my mother was a dead beat mother and she stole 100,000 s when my grandmother got demmentia.
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If you have all the paperwork that proves it, sue them. If it's in rrsps, then funds should still be there... they will also have to deal with your mother if they indeed fuck it all up...
From my understanding, all money goes into the estate account and lawyer pays out the money. Not the bank directly. At least that is how I have always dealt with wills. So how did TD cut you a check directly?
Thats not how it went down. My mother had me go to TD bank and not speak to anyone she handed me a check for 22,000 and that was it. She told someone the bank gave her 81,000 in RRSPs from the will. I never saw any lawyer and I have never had experience with a will before. I believe if I would have taken my will documents to the TD manager they would then see I was entitled to half. My mother and the TD bank did some shady shit to me and here I thought TD wouldn’t be so shady. I was wrong. Now I will no longer bank there.
TD bank did nothing wrong. You failed to do your part.
If the will was drafted by a lawyer, go back to that same lawyer and get advise. If it was a self created will, you're in for a tough fight. You may still win.
If the will was drafted by a lawyer, go back to that same lawyer and get advise. If it was a self created will, you're in for a tough fight. You may still win.
Np. obody can "steal money from a will". It would be logical that Grandma's look would go to her daughter, not you.
You need to talk to the executor and ask to see the will. You won't get anywhere with the bank (unless you're an executor or have Power of Attorney over Grandma's affairs, which doesn't sound likely).
Did Grandma tell you she was giving you the money? Even if she did, if it wasn't laid out that way in a properly executed will, I wouldn't get your hopes up.
Ahh... Your Granny (the estate) would still have to pay taxes on that RRSP. There's a good chance the rest of that money is in an estate account to pay taxes (or is otherwise set aside), and nothing shady has happened. If there is anything left over after taxes and other final expenses you should get your share of that.
Your mom didn't get 80k in RRSPs, she cashed out your Granny's 80K in RRSPs. The tax man cometh, and they will come after the estate. Your mom probably wanted you to shut up so the money didn't end up in probate. Then you'd both have to wait for it. Granny still needs to pay her taxes and other final expenses. RRSPs get dinged pretty good when you cash them out.
Have you tried discussing this with your mother? There's a good chance your mother was trying to do both of you a solid so you could get the money now.
If you name a beneficiary or beneficiaries on a RRSP the money goes directly to them regardless what the will says. Because the RRSP is registered and has named a beneficiary, it is not considered part of the estate and the will does not apply.
Now get ready for your second problem as the money coming to your mother is distributed tax free to her but has to be paid by the estate. So your share of the assets in the estate will be reduced by the need to pay tax on the distributed money from the rrsp.
The problem is not TD but the estate planner
Be nice to you mother is my recommendation
Now get ready for your second problem as the money coming to your mother is distributed tax free to her but has to be paid by the estate. So your share of the assets in the estate will be reduced by the need to pay tax on the distributed money from the rrsp.
The problem is not TD but the estate planner
Be nice to you mother is my recommendation
Named beneficiaries aren't just for RRSPs, and they do trump a will.
The second problem is probably why the OP only got 20K-ish. The rest of that is probably set aside (in an estate account) for taxes, one would hope.
As far as estate planning goes, if it's just a Granny, Mother, and Child the estate plan may have been down to exactly what happened. Granny was going to have to pay the taxes on that RRSP no matter what (AFAIK).
