In this episode of the Canadian Retirement Roadmap, Patrick Briscoe, a Financial Planner and Certified Executor Advisor, explores the potential risks and complications of adding joint owners to your property, investments, or bank accounts.  While it might seem like an easy way to avoid probate fees and simplify estate administration, this move can lead to legal, tax, and family conflicts.  Patrick discusses the motivations behind this common practice, real-world risks including legal exposure, loss of control, tax implications, family conflicts, and the loss of principal residence exemption.  He also offers alternative strategies for simplifying estate planning without incurring additional risks.  Tune in to learn how to protect your family's financial future while keeping things simple and secure. Timestamps:00:00 Introduction to the Canadian Retirement Roadmap00:22 The Risks of Adding Kids as Joint Owners02:38 Understanding Legal Exposure and Intent04:43 Loss of Control Over Assets05:55 Tax Implications of Joint Ownership07:45 Family Conflict and Joint Ownership08:54 Principal Residence Exemption Issues10:56 Government Benefits and Estate Planning12:32 Alternatives to Joint Ownership15:43 Conclusion and Final Thoughts 👍 Don’t miss future episodes of The Canadian Retirement Roadmap Podcast!Explore past episodes + free resources → https://bayswaterwealth.ca/podcast 🌐 Website: https://bayswaterwealth.ca 💼 LinkedIn: https://www.linkedin.com/in/patrick-briscoe/ 📸 Instagram: https://www.instagram.com/bayswaterwealth/ 📞 Want to connect? Book a free 15-minute introductory call (phone or video) → https://bayswaterbookings.ca/prospective-step-1/ ⚠️ Disclaimer: The information shared in this video is for educational purposes only and is not tailored financial advice. Every individual’s situation is unique — please consult with a qualified financial planner before making decisions about your personal finances.