Reasons to Think Twice About Using a Joint Account in Your Estate Plan

On your quest to create the best estate plan possible, at some point, you might have been told by someone that joint accounts are an invaluable estate planning tool. After all, joint ownership allows you to avoid probate. Instead, when you own property as a joint tenant, both property owners have equal ownership in the property. This means that when you pass away, any assets that are jointly owned pass automatically to the other property owner.  While joint ownership does work in this way, this type of property ownership also presents many serious risks. As a result, it is a good idea to be cautious when thinking about jointly titling property. Estate Planning Goals May Not be Achieved After you pass away, the joint owner will receive sole rights over any property that you own. This means that the joint owner will be able to use the funds or property in any way that he or she sees fit. Not to mention, creditors of the other party will now be able to seize your assets. Consequently, there are several ways that your assets might be used or spent before they can achieve any goals that you had for your estate [...]