A joint account may be immediately accessed by your children. In our family this is intended for use in the time leading up to death (if it were an illness, not an accident) , to cover immediate expenses like a hotel.
A life insurance policy will generally pay out very quickly, intentionally to cover funeral expense. Of course make sure that the children know about the policy, which company, the agent's contact information, etc.
Speaking of a simple estate, it can drag out for two years easily because of CRA. It may take some time cash out some investments, and this can cross the calendar year, meaning that taxes on the estate will have to be paid the following taxation period. It is possible to pay out the body of the estate beforehand, and retain some cash to pay the last tax bill, but oftentimes an executor will want to settle all liabilities first, and pay out when the final tax bill is settled.
A life insurance policy will generally pay out very quickly, intentionally to cover funeral expense. Of course make sure that the children know about the policy, which company, the agent's contact information, etc.
Speaking of a simple estate, it can drag out for two years easily because of CRA. It may take some time cash out some investments, and this can cross the calendar year, meaning that taxes on the estate will have to be paid the following taxation period. It is possible to pay out the body of the estate beforehand, and retain some cash to pay the last tax bill, but oftentimes an executor will want to settle all liabilities first, and pay out when the final tax bill is settled.
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