TFSA benefits for low income | Page 3 | Tax Free Savings Accounts | Discussion forum

Doug said
One solution to this, it would seem to me, is to have the joint account holder sign a "side contract," outside of the Estate acknowledging that these assets are to be distributed in accordance with the wishes in the deceased's will even though they may be technically outside of the deceased's Estate and then provide copies of said contract to the beneficiaries of the will.

If after disbursing the normal "contents" of the deceased's Estate, the contracted party refuses to disburse the "contents" of the joint account, they could be legally sued. 🙂

That may not be easy to do: Somehow have instructions in the will but not included in the estate. If the instructions are in the will, then the government would argue that the account should be included for probate tax.

Either that or just bypass the whole probate process entirely and set up a trust and transfer those assets to the trust prior to death?  

That's probably the cleanest approach. The challenge with that solution is the costs of doing so. I don't think it is practical for modest amounts of money. Could be practical for $5 million. But, maybe not for just $50,000.

There are a lot of reasons not to have a joint account just for the purpose of survivorship.
I am the sole beneficiary for the estate of a person who is now well over 90. For complicated reasons, it cannot be known how much this estate will amount to - quite a wide spread is possible.
I have never suggested to this person that they put their funds in joint account with me, nor would I. I will assume my role as POA when needed; and, later, when I am executor, the estate will pay the probate fee. This is more straightforward, everyone is protected, and there are no grey areas as to who owns or owes what when.