Joint Ownership with Right of Survivorship: What You Need to Know

For many married couples, joint ownership with the right of survivorship is the go-to method for managing property. It’s straightforward—when one spouse passes, the other automatically inherits the property, avoiding probate. This can include real estate, bank accounts, and other personal property.

Take John and Jane, for example. They live in a non-community property state, have been married for several years, and share two children. Early in their marriage, they bought a house, titled in both their names as joint tenants with the right of survivorship. This means that when John passes away, Jane automatically becomes the sole owner of the house, their savings account, and their personal belongings.

The benefits of this arrangement are clear:

1. Automatic Transfer: Property passes immediately to the surviving spouse.
2. No Probate: Avoiding probate saves time and money.
3. Tax Advantages: There are no federal estate taxes or state death taxes for the surviving spouse.

However, there’s a catch. If both spouses die in a common incident, like a car accident, the property is divided between their estates, leading to potential complications.

Why Proper Estate Planning Matters

While joint ownership with the right of survivorship offers several benefits, it’s not always the best choice for every situation. There are scenarios where a more comprehensive estate plan could provide better protection for your assets and loved ones.

At The Mendez Law Firm, we specialize in Estate Planning and can guide you through the process of creating a Family Estate Plan. Call us at (407) 380-7724 or Email Us TODAY at mail@themendezlawfirm.com. We’ll schedule your FREE, No Obligation, No Cost office conference or Virtual Zoom conference to discuss your Family Estate Plan and review other Probate avoidance and Asset Protection options that may benefit you and your family. If you are looking for a Florida estate planning attorney, we are here to help with all your Estate Planning and Asset Protection needs.