Is joint tenancy a substitute for Estate Planning?
A. When property is held in joint tenancy with rights of survivorship by two or more people, upon the death of one of the owners, all of his or her interest in the property is transferred immediately to the surviving owner. Joint tenancy is not a substitute for estate planning; on the contrary, it is one type of estate planning; however, is not a good way to plan an estate. For married couples, joint ownership does not help to transfer the estate upon the death of the second spouse. And there are numerous problems with putting a child’s name on the title to your property as a joint tenant. One problem is that while it may avoid probate, creditors of the child will be able to reach the joint tenancy property while you are still alive. Adding someone else’s name to your account may also create a taxable gift when none is expected, and may not be consistent with your ultimately desired distribution. Other problems with using joint tenancy with children in estate planning arise if the join
