Considerations for assets in joint accounts with multiple beneficiaries

Originally Posted on Globe and Mail
Featuring Julia Chung
March 23, 2023

In the case of any gifts given in the person’s lifetime or in the will, clients should write out their intentions in a separate statement. “If mom’s intention is, in fact, to transfer this asset to the designated child, there’s no problem if it’s documented and communicated clearly to the other children,” she says. “But more often than not, it’s not.”

Julia Chung, chief executive officer, partner and senior financial planner at Spring Planning Inc. in Vancouver, has noticed more parents giving early inheritances among her clients. In a nutshell, she wants to know the end goal of the gift, who knows about it, and who understands the intention of the gift.

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