Darren Devine, CFP®, CLU®
Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.
Darren here, you’ve probably heard the advice:
“Add your kids to your house or bank account to avoid probate.”
Sounds simple, right? But there’s more to the story.
Yes naming your children as joint owners can sometimes help bypass probate.
But it can also open the door to legal, tax, and family complications.
Here’s why:
If your child goes through a divorce, lawsuit, or bankruptcy—your assets could be at risk.
And depending on how joint ownership is structured, it may even trigger capital gains tax while you're still living.
Joint ownership can be a powerful tool—but it has to be used strategically and with experienced guidance.
So before making your kids co-owners, ask yourself:
Are you avoiding probate… or creating bigger problems down the road?
Let’s build a plan that helps protect your estate and your peace of mind.
Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!