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 is devastating, and losing access to the family's savings can be heartbreaking. A common issue in Canada is when a non-registered investment account is frozen after a spouse passes away.
Imagine waking up after your partner passes away, only to discover that a $400,000 investment account is frozen.
This can lead to months of waiting for the courts to approve the will, resulting in thousands of dollars in probate fees, and leaving the surviving spouse struggling to pay bills.
The cause of this issue is often non-registered investment accounts held in only one spouse's name.
Autor's resume: Joint accounts protect family finances.