Individual vs. Joint Investment Accounts
Non-registered accounts held individually can lead to frozen funds and probate fees.
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.
Imagine waking up after your partner passes away, only to discover that a $400,000 investment account is frozen.
This can result in months of delay while the courts approve the will, and thousands of dollars in probate fees are paid to the government. Joint accounts can protect a family's finances in such situations.
Author's summary: Joint investment accounts can protect family finances.
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