Individual vs. Joint Investment Accounts
Non-registered accounts held individually can lead to frozen funds and probate fees, as explained by Carson Hamill, BBA, CIM, CRPC, FCSI.
Losing a spouse can be devastating, and losing access to the family's savings can be heartbreaking. A common scenario is when a non-registered investment account is frozen after the account holder's passing, resulting in months of delays and thousands of dollars in probate fees.
Imagine waking up after your partner passes away, only to discover that a $400,000 investment account is frozen.
This issue can be avoided by using joint accounts, which can protect the family's finances. Author's summary: Joint accounts can help protect family finances.