Individual vs. Joint Investment Accounts
Non-registered accounts held individually can lead to frozen funds and probate fees, affecting a family's finances.
Losing a spouse can be devastating, and losing access to family savings can be heartbreaking, a situation more common than many Canadians realize.
Imagine waking up after your partner passes away, only to discover that a $400,000 investment account is frozen.
This issue often arises from non-registered investment accounts held in only one spouse's name, resulting in months of delays while courts approve the will, and thousands of dollars in probate fees are paid to the government.
Joint accounts can protect a family's finances from such issues.
Author's summary: Joint investment accounts can protect family finances.