June 22nd, 2014 11:32 PM
While many people have joint bank accounts it doesn't mean that if your loved one passes that you will have access to the account. Succession came in a few years ago and older joint accounts may or may not have it.
Go to your bank and see if the account has succession. If it doesn't and your loved one passes the account will be frozen and you will not have access to your funds. The account will have to go through the process of the will.
Other accounts that you should make sure succession is on are your TFSA's and your pension funds. Both of these can have succession and be transfrered from the deceased to the survivor upon presentation of a death certificate. There are no tax implications if it is done correctly. One of my wife's accounts on her SDRRSP was supposed to be transfreered to me but the bank / trust company reported it as a contribution. I am now receiving notices I am over contributed and it is taking a bit of work to get it straightened away.
I also have some cash accounts that hold my stocks, bonds, etc. These can not have succession and must be handled through the will.
Talk to your bank to be sure that this issue is addressed properly so it doesn't become a burden after the passing. Now is the time to do it.
Dean in Red Deer, AB