TIPS AND TRAPS FOR HANDLING ESTATES

Posted on August 7th, 2023 in Budgeting, E-Newletters, Education Planning, Estate Planning, Financial Prosperity Series, Insurance, Investing, Lending, Life Events, Retirement, Tax

Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs.

It is a common practice to have all of Mom’s or Dad’s bank accounts set up in joint name with an adult child. This allows the child to clear out the bank accounts when Mom or Dad passes, and to avoid Probate (Letters of Administration etc.).