When a parent and a child have a joint bank account, this can lead to certain complexities in estate administration after the parent passes. Trying to determine whether the account is the property of the estate or the joint account holder can lead to stress and high costs of legal advice. Ian Hull of Hull & Hull LLP reviews a recent case heard at the Supreme Court of Canada, and explains the court’s decision on whether such an account is considered an estate asset. Determining the intention of the testator may be a difficult job, and the executor may want to consider an errors and omissions insurance policy in case unhappy beneficiaries sue.
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