Joint Asset Planning Kit

The Joint Asset Planning Kit

Joint Asset Planning Kit

JOINT ACCOUNTS CAN CREATE FAMILY WARS

On May 3, 2007, the Supreme Court of Canada changed the law regarding joint assets, like bank accounts, homes and investments. Click here.

Now most assets held jointly by a parent and a child will not automatically become the child’s asset when the parent dies.  Instead, what happens to that joint asset on death will be determined by the parent’s intention.

If the beneficiaries of the parent’s estate can’t agree on what the parent’s intention was, the Court will have to decide who gets the asset.    This can easily lead to a destructive and costly family estate battle.

When the parent dies, how will the court determine what the parent’s intention was?

MAKE YOUR INTENTIONS CLEAR- Sign a DECLARATION OF INTENTION for all of your joint assets NOW.

Why do I need a Declaration of Intention? – Without a Declaration of Intention, your children and the Courts will not know whether you wanted the joint asset to go to your named joint owner or to your estate.

Who needs a Declaration of Intention? – Any one who has joint assets, including bank accounts, investment accounts and real estate.

How much does it cost? -   The lawyer prepared “Joint Asset Planning Kit is $45.00 plus $4.95 shipping and handling plus GST and PST for a printed version.  It includes all forms needed to declare your intentions regarding all of your joint assets. Electronic versions are not yet available.

Can’t I just make my own Declaration?  - While it is possible to make your own declaration, the Joint Asset Planning Kit is lawyer prepared and includes special language that reflects the Supreme Court of Canada’s decision and in addition it has a special clause that protects the joint asset from your son-in-law or daughter-in-law in the event your child gets separated or divorced.

What is included in the Joint Asset Planning Kit? The Joint Asset Planning Kit™ includes an Information Package on joint assets, a Worksheet, Instruction Guide and colour-coded Declarations of Intention to make filling out the forms easy.

 

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