Little Orphan Assets

When building a life together, one of the more important decisions for married spouses or common-law partners is how to deal with their respective assets and whether or not some or most should be combined.

Holding assets jointly with your spouse or partner, particularly in less complex estates, is a popular estate planning tool for many reasons, not the least of which is its simplicity. It doesn't require much more than adding your spouse to title of the asset or property, ideally after you obtain legal and tax advice as well as considering personal implications. However, it may not be suitable in all circumstances, for example, if each spouse or partner wishes sole ownership and control, where there is a need for asset protection or to ensure capital succession to children, including funding of a trust structure under a Will.