Individual vs. Joint Investment Accounts
Non-registered accounts held individually can lead to frozen funds and probate fees, as
Losing a spouse is devastating. Losing access to the family’s savings on top of that? Heartbreaking—and more common than many Canadians realize.
A situation where a spouse passes away and the family's savings are frozen can occur, with
months drag on while the courts approve the will, thousands in probate fees vanish into government coffers, and you’re left scrambling to pay the bills.
The main reason for this issue is often
non-registered investment accounts held in only one spouse’s name.
Joint accounts can help protect a family's finances in such situations.
Author's summary: Joint accounts protect family finances.
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