Isn’t joint tenancy the simplest and easiest estate plan?
A. Joint tenancy with the right of survivorship is probably the most common form of estate planning and, to a certain extent, the simplest and easiest form. When the first tenant dies, the jointly owned assets are, by operation of law, distributed to the other tenant; thus the assets avoid probate when the first spouse dies. But, compared with alternative forms of planning, joint tenancy may be, for many estates, the worst estate planning method of all. For most people, the primary reason for titling assets jointly is to avoid probate. The truth, however, is that joint tenancy merely postpones probate; it does not totally avoid it. For example, Mike and Mary, husband and wife, own a home in joint tenancy. If Mike dies first, Mary will become the sole owner without the need for probate or another court action. However, when Mary subsequently dies, a probate proceeding will be necessary to transfer ownership of the home to her heirs.
