I own my home and some other assets as joint tenants with rights of survivorship with my spouse. Doesn’t that eliminate the necessity for having a will?
No. Although property you own jointly with your spouse passes directly to that spouse at your death, you must plan for the day when one spouse is gone and the joint tenancy has terminated. Moreover, should you and your spouse die in a common disaster, jointly owned property then becomes part of your probate estates, requiring a properly drafted will to ensure that your childrens’ interests are protected.
