This will depend on the terms that govern the account and the direction provided by the accountholders to us at the time the Joint Account is opened. In some cases, the Joint Account may have a right of survivorship which allows TD Canada Trust to pay the account balance directly to the surviving joint accountholder(s).
Note: In Québec, a joint account is frozen upon the death of one of the joint account holders. Talk to us about how this works.
If one accountholder dies and the account has been designated by the accountholders in our records as having a right of survivorship, we are entitled to pay the funds to the surviving accountholder(s).
We are, however, not in a position to determine whether the surviving accountholder(s) may keep the funds as their own or whether they should be distributed in accordance with the deceased's will or provincial laws governing estate matters. In some cases, legal ownership of the funds could be challenged by others who may think they have an interest in the account such as beneficiaries of the deceased's estate. A surviving joint accountholder may have to demonstrate that the deceased accountholder intended the remaining funds be a gift to the joint account holder. This could potentially lead to delays in the surviving accountholder being able to access funds in the account.
Consider whether you would benefit from making pre-authorized automatic payments to service providers and arrange with them and us to set up these payments from your bank account.
If you need additional assistance, consider whether a power of attorney is right for you. For more information on powers of attorney, please see the following link: td.com/to-our-customers/power-of-attorney.jsp
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