Joint ownership itself may be structured in different ways, which may affect an estate plan. Each type of joint ownership structure offers an undivided right to the use and enjoyment of the property. However, depending on the specific classification of joint ownership, the ultimate consequences of transfer at a joint owner’s death may vary.
There are three basic ways to title a joint account, and each of them has distinct implications for estate planning, depending on your situation.
Joint Tenancy with Rights of Survivorship: When one owner dies, property ownership transfers to the surviving owner(s) through the rights of survivorship. Probate may be avoided on the death of the first joint owner of a jointly held account but not necessarily on the death of the surviving joint owner. This is because the asset that was originally jointly held may now be titled solely in the name of the surviving joint owner, hence resulting in a potential probate on the death of the surviving joint owner unless measures are taken to avoid that result.
Tenancy by Entirety: This is similar to joint tenancy with rights of survivorship, except that it applies only to married couples, which would include married same-sex couples in some states.
Tenancy in Common: Unlike joint tenancy with rights of survivorship, with tenancy in common, when a joint owner dies, that owner’s interest in the property will become part of the deceased owner’s estate and will be passed on according to his or her will. A word of caution: Be careful establishing a tenancy in common account, because it will likely lead to probate issues.
https://www.fidelity.com/viewpoints/estate-planning-to-dos
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