Individual vs. Joint Investment Accounts
Non-registered accounts held individually can lead to frozen funds and probate fees, causing financial difficulties for families.
Losing a spouse is devastating, and losing access to the family's savings can be heartbreaking. This situation can occur when a non-registered investment account is held in only one spouse's name, resulting in frozen funds and probate fees.
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 delay while the courts approve the will, and thousands of dollars in probate fees are paid to the government, leaving the family struggling to pay bills.
The use of joint accounts can help protect a family's finances in such situations.
Author's summary: Joint investment accounts can protect family finances.
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