Our Joint Gift of Beneficial Right of Survivorship (JGBRS) account launched a few years ago as an estate planning tool to help people get money into the hands of their estate beneficiaries. “It’s a unique opportunity for clients with simple estates to pass money to beneficiaries quickly and efficiently”, says Kirsten Brandt, Hicks team Associate Advisor.

Most married couples are familiar with joint accounts, which are owned and controlled by both spouses. When one spouse passes, the surviving spouse has access to the whole account without the necessity of probating the Will.

But joint investment accounts are not ideal for people who are single or have been predeceased by a spouse. They often have children or loved ones as equal beneficiaries. Until recently there was no way to add children as beneficiaries to an investment account without giving them full access during the lifetime of the account holder. The JGBRS account has changed that.

Kirsten explains how it works:

• A JGBRS account is a non-registered investment account owned by one person, who is the account holder. The account holder can name one or more beneficiaries.
• Only the account holder has access to the money in the account. The beneficiaries have access to the money only on the death of the account holder.
• Upon the death of the account holder, the money in the account does not form part of the estate, and passes to the beneficiaries without probate.

“Some of our clients are widowed or single, with one or more children who will equally share in the estate”, says Kirsten. “For them this is a great option.
By bypassing probate, it gives a very quick payout to the beneficiaries.”

A JGBRS account can be very useful for simple estates, but is not ideal in every circumstance. If you’re interested or would like further information, please reach out to Kirsten or any member of the team.