Financial Library

Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs.

It is a common practice to have all of Mom's or Dad's bank accounts set up in joint name with an adult child. This allows the child to clear out the bank accounts when Mom or Dad passes, and to avoid Probate (Letters of Administration etc.).

Managing personal finances effectively is crucial for long-term financial stability and security. However, many consumers often fall prey to common financial mistakes that can hinder their progress and lead to unnecessary stress. By understanding these pitfalls and taking proactive steps to avoid them, individuals can make smarter financial decisions and pave the way for a more prosperous future.

In this article, we will highlight seven common financial mistakes that consumers should be aware of and provide practical tips on how to avoid them.