Doesn owning property jointly with the right of survivorship eliminate problems?
Many people own property in joint tenancy (with the right of survivorship). Joint tenancy, sometimes called a poor man’s will, has its problems and is not what it appears. There are several disadvantages. Neither your will nor your trust instructions control property you own in joint tenancy. You cannot plan how to distribute joint tenancy property because when you die, joint tenancy rules determine the disposition of your property. You cannot do proper estate planning with joint tenancy, and you cannot leave any instructions for the use of joint tenancy property. You can’t save every tax possible with joint tenancy. Joint tenancy can actually destroy any tax planning in your will.
