Is Joint Tenancy a Good Idea For Your Estate Plan?
Updated: Dec 10, 2019
It is increasingly common for an elderly parent to transfer property, such as bank and investment accounts or a personal residence, into joint tenancy with an adult child.
This is often done to avoid probate and probate taxes (a major concern in “high probate tax” provinces such as British Columbia, Ontario, and Nova Scotia).
Let’s consider the legal implications of joint tenancy arrangements, the impact of the presumption of resulting trust, and other issues before advising a client to transfer property into joint tenancy with an adult child