Joint Accounts with Adult Children: Smart Estate Planning or Big Mistake?

Should you add your adult child to your bank account or property title? It might seem like a simple solution to help with estate planning, but joint ownership comes with legal risks, tax consequences, and potential family conflict.

In this episode of Steadyhand Coffee Break, David Toyne sits down with estate lawyer Mike Beishuizen, founding principal of West Coast Wills in Vancouver, to discuss the good, the bad, and the ugly of joint ownership of assets with adult children in Canada. Mike explains the risks, probate myths, tax traps, and how to protect your legacy with a power of attorney. Watch now!

West Coast Wills: https://westcoastwills.com/

🔹 Video Chapters 🔹
00:00 What is Joint Ownership of Assets?
01:30 Why Parents Add Adult Children to Joint Accounts
04:45 Legal Risks and Common Misconceptions About Joint Ownership
10:15 How Joint Ownership Can Backfire: Taxes, Creditors, and Family Conflict
14:35 Best Practices: Power of Attorney vs Joint Ownership

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