Estate Planning & Living Trusts
19. Plan #3: Joint Ownership
Estate plan #3 is joint ownership. It is one of the most common “plans” used by families. In fact, if you are married, you and your spouse probably own most of your assets jointly.
The type of joint ownership most people use is called "joint tenants with right of survivorship." It means that when one owner dies, the surviving joint owner has full ownership of the asset.
Some people think this will avoid probate and give them the control they want. Let's see. Meet Tom and Ann and their kids.