Joint ownership is a good way to avoid probate
It is true that joint ownership with right of survivorship (the most commonly used form of joint ownership) allows the jointly owned asset to transfer automatically to the other joint owner when one owner dies, without probate. However, if both owners die at the same time or if the surviving owner does not add a new joint owner before he/she dies, the asset will have to go through probate before it can go to the heirs. So, in most cases, joint ownership merely postpones probate.
from Protecting You And Your Family http://ift.tt/29Q1JV7
from DeWitt Law Firm, PLLC
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