Is joint tenancy ownership a good idea?
Joint tenancy is the most common form of ownership among married couples with smaller estates. It is often used in an attempt to avoid probate at death. Joint tenancy is rarely, however, an optimal solution, and often leads to unintended consequences. Joint tenancy ownership, by definition, means that, upon the death of one joint tenant, the surviving joint tenant becomes the sole owner of the asset by operation of law. This is a convenient and inexpensive way to avoid probate and would appear to be a desirable way of passing property to a spouse, child or grandchild since title can pass without probate or court action. However, there are several possible pitfalls of joint tenancy ownership that most people do not consider. For example, at the time the joint tenancy is created, the person putting the property into joint tenancy may be deemed to have made a gift to the other joint tenant. Although this is not a problem between a husband and wife, it can be disastrous with children and o
