The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Should you consider using joint accounts to avoid probate?
– moneysense.ca
Q. My mother is a widow and I am an only child (single, never married, with one child of my own). Now that she is 83, she thinks she should put my name on all her bank accounts and investments so if she becomes unable, I would have control as joint account holder to pay any bills that come up. My name is already on her condo. Would this avoid probate? We live in Alberta.
–Laurel
A. Joint ownership is a common strategy used by aging parents and their children. It is sometimes recommended by banks, financial advisors and others.
The most common reason parents add a child as a joint account holder is to help with day-to-day administration of an account. However, the same authorization can be provided to banks and financial institutions using an enduring power of attorney in the province of Alberta. This document appoints someone, like you in your mother’s case, to make financial decisions if she is unable or unwilling to make them on her own.
In other provinces, these documents have different names, such as personal directives or mandates…
–Laurel
A. Joint ownership is a common strategy used by aging parents and their children. It is sometimes recommended by banks, financial advisors and others.
The most common reason parents add a child as a joint account holder is to help with day-to-day administration of an account. However, the same authorization can be provided to banks and financial institutions using an enduring power of attorney in the province of Alberta. This document appoints someone, like you in your mother’s case, to make financial decisions if she is unable or unwilling to make them on her own.
In other provinces, these documents have different names, such as personal directives or mandates…
