FCC, "Joint ownership useful but risky"
Jessica Kristensen comments in a FCC Ag Knowledge article on the risks of enacting joint ownership for property and other assets in estate planning.
But if the estate ends up in litigation as a result of joint ownership, asks Jessica Kristensen, an associate with Miller Thomson Lawyers based in Guelph, Ont., “are savings made after you die worth it?”
As a lawyer specializing in estate planning and administration, Kristensen says this question needs to be taken seriously. Indeed, she says joint ownership is a significant cause of litigation countrywide. This can stem from divorce, where the value of the asset is divided between spouses despite another individual holding ownership, as well as bankruptcy. The asset is not immune from financial realities of each party.