Holding Joint Ownership Property to Avoid Probate

Holding  a property with joint ownership is a common method that you can use to avoid probate. Joint tenancy is an arrangement that is commonly used with married couples. With this type of tenancy, you are both going to have an equal share of the property. Then, whenever one of the spouses passes away, their part of the property is going to pass automatically to the other spouse. It is like the ownership portion of the deceased ceases to exist.

Tenancy by the Entirety

This is a very similar arrangement to a joint tenancy. With tenancy by the entirety, property ownership is treated as if a couple is a single entity. Therefore, when one of the members of the couple passes away, the ownership goes completely to the other owner of the property.

Community Property

This is a type of ownership that is used in certain states. With community property, everything that is obtained after the marriage begins is looked at as it belongs to both spouses in a marriage. Property that is purchased before the marriage takes place would remain separate from the marriage property.

Does a will override a joint tenancy agreement?

A joint tenancy agreement is a method used to allow two individuals to own a single piece of property. In many cases, the joint tenancy agreement has a right of survivorship clause in it, which means that the property will go to the survivor when the other dies. When a will says that an individual's assets will go to a specific beneficiary, it does not override a joint tenancy agreement. The other individual in a joint tenancy agreement is technically still an owner of the property; which means that she or he will not have to lose his or her share.