GUEST COLUMN Estate planning with your registered investments By Richard W.R. Yasinski CFP Special to the CDCR My mother passed away at age 91. She was a very practi- cal individual and asked me before she died the best way to pass along her estate to my two sisters and me. She did not want one penny to be spent on taxes or probate that did not need to be. Following my recommendations, she sold her house and put all the money in a joint account with my younger sister. She rented an apartment and lived comfortably on her government pensions and a small withdrawal from the joint investment account. When she passed away the $10,000 in her joint bank ac- count and the money in the joint investment account passed 12 – March 2016 — The Canadian Design and Construction Report to my younger sister as she was “joint account holder with right of survivorship.” My sister divided up those assets and gifted them to my older sister and I as my mother had wished. No probate process was required or fee paid. The taxable in- come on the joint investment account had to be realized to date of death and a small amount of tax was paid with her final tax return. It was the simplest estate process I’ve ever been involved in. Note this strategy worked because all the siblings got along and trusted my younger sister – it would have been a mess if we didn’t. Also, recent court cases suggest my mother should have put her wish in writing regarding the joint account otherwise these assets may have been considered probatable. However, this does illustrate how estate planning