During the process of administering an estate, executors are tasked with sending money to beneficiaries. One thing that can complicate this step in estate administration is beneficiaries who live outside of Ontario, particularly if they are in different countries. An Ottawa executor is currently dealing with issues related to this as $500,000 in bank drafts are being held at the U.S. border.
Due to the high amount, the bank drafts were seized by border officials as being suspicious. Even after a year of waiting, the money is still being held at the border. To make matters worse, the intended recipient of the inheritance is in bad health. The executor is concerned the funds will not arrive while the beneficiary is still alive.
Many people depend on inheritance money for important expenses. In this case, the beneficiary is facing mounting medical bills. The situation is currently at a standstill as the bank will not cancel the drafts since the documents are treated as cash. The executor blames the bank for misleading him to believe that he could mail this amount to the United States without consequence.
It is critical to inform officials ahead of time when mailing over $10,000 across the border. Ontario executors who do not take this step can have their money orders seized. Anyone involved in estate administration, including bankers, executors, and lawyers, should educate themselves on these standards. Speaking to an Ontario lawyer when undergoing estate administration is a good idea for those with less experience in matters such as this.