Placing non-registered assets into joint ownership with right of survivorship¹ is one of the most common methods of avoiding probate, and it can be effective in the right situation. However, there are some significant disadvantages with joint ownership that may outweigh the benefits. Fortunately, there are other options available that help avoid the risks of joint ownership and provide other benefits as well.
What’s probate?
Probate is an administrative procedure whereby the court confirms the validity of a will and the authority of the executors. Third parties, such as financial institutions, may require probate to make sure the will presented is indeed the last will and testament of the deceased and…
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