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Q.Isn't Jointly Owned Property a Substitute for a Will?
A.No. Assets (e.g., a home or bank account) held by two or more people, usually husband and wife, as "joint tenants with rights of survivorship" are held in Joint Tenancy. If property is held in Joint Tenancy, when one of the joint owners dies, title to the property automatically passes to the surviving joint tenant.
While this arrangement may be useful as part of an estate plan, it should not be considered as a substitute for a Will. Holding property in joint tenancy merely transforms a property into a non-probate asset.
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