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Thursday, December 6, 2012

Joint tenancy as a defence to probate costs

It's very common these days to hear people say that they've put their assets in joint names with their children "to avoid probate". But is probate really that bad? Do these people even know how much they'd actually pay if they left the assets in the estate? And most importantly, do they have even the faintest idea of the risks they are taking and the problems they may be creating by putting their kids' names on their assets?

The answer to all of these questions is "no". People really don't see how something apparently so simple can end up with so many problems. If you're considering putting your assets in joint names, or you've already done so, protect yourself by finding out what your risks are while there is still time to take additional steps, or even remedial steps. To illuminate the issue, I've attached an article by Don Shaughnessy of The Protectors Group. He talks about this very situation, and uses a monetary example from Ontario. Click here to read this very well-written article.

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