Joint investements

March 31st, 2009 by Questions

I`m considering filing for personal bankruptcy and I just recently found out that my mother had some investements accounts such as GIC`s and RRSP`s in my name and her`s. Now what happen`s to those investements that are joint accounts? I don`t wan`t my mother to loose her investements because of my decision?

Posted from: Ontario


One Response to “Joint investements”

, A licensed trustee said:

Your comment that you “recently found out” about the joint investments is somewhat suspect – you normally have to provide ID and sign forms to create these accounts, but we’ll let that go for now…

I suspect your mother did this as a form of “estate planning”. If she can prove the funds originated with her and that she set the accounts up jointly as part of her estate plan then there likely won’t be a problem. The safest thing to do will be to take your name off of these accounts (and be prepared to prove the points I just listed).

Have your mother talk to a lawyer if she is at all concerned.

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