Published on Pallett Valo LLP
By Craig Ross in October 2023
In the complex world of estate management, one crucial aspect often overlooked is the safe and secure delivery of inheritances to beneficiaries.
While bank drafts and certified cheques have long been the standard method for this purpose, recent developments and inherent risks have prompted a shift in the way estates are handled. A recent story covered by the CBC sheds light on the challenges inheritors face, with a retiree losing $300k after Canada Post lost an inheritance cheque sent by registered mail.
Luckily, there was a happy ending to the CBC story because Canada Post located the draft. This is an extremely rare outcome…
The story of delivering inheritances through bank drafts or certified cheques serves as a cautionary tale for executors. Incidents of lost cheques, drafts, and important legal documents have occurred with every major carrier, investigations into such losses are often unhelpful and carriers typically do not accept responsibility for these losses, leaving beneficiaries and executors in a challenging predicament. The burden of ensuring the safe arrival of these critical documents and assets ultimately falls on the sender and the recipient. Executors must be aware of the evolving landscape and consider the potential risks involved in delivering inheritances through bank drafts or certified cheques.
Craig Ross, Partner, Pallett Valo LLP
