Why won joint ownership avoid probate?
Joint ownership will just postpone probate. When one owner dies, full ownership transfers to the surviving owner without probate. But when that owner dies without adding a new joint owner, or if both owners die at the same time, the asset must be probated before it can go to the heirs. In addition, the surviving joint owner will not receive a step up in basis, therefore, paying a capital gains income tax on the original basis of the property.
