Property Title IssuesJoint Tenancy with Rights of SurvivorshipA joint tenancy with right of survivorship can be created by two or more persons, not necessarily related to each other, for many types of personal property including real estate. The property is owned equally by two or more persons who have rights of survivorship. When one joint tenant dies, the property automatically passes equally to the remaining joint tenants outside of probate. Usually one-half the value of these assets is included in a decedent spouse’s estate.
Generally, joint ownership provides the benefits of survivorship without probate, and immediate access to cash.
However, joint ownership can result in loss of control over the ultimate disposition of property, and increased federal estate and state inheritance taxes. Ordinarily, your will controls only probate property. If you hold property in joint names with rights of survivorship or own property that has a designated beneficiary (e.g., life insurance or pension plans), these items will not be controlled by your will. In short, the ownership of property should be coordinated with the provisions of your will, otherwise property ownership can override the will.
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