Joint
Ownership. Many people seek to avoid probate by owning
property jointly with someone else, so that upon their death, title will pass directly to the surviving joint owner. Joint
tenancy may be a useful part of a well-planned estate, but it also may cause problems. Among the pitfalls of joint tenancy:
possible loss of control of the asset; possible exposure of the asset to claims of your joint tenant's creditors or divorcing
spouse; and possible negative tax consequences. Joint tenancy property is not controlled by your Will or Trust or other personal
instructions. It typically passes by law to the surviving joint tenant. Joint tenancy therefore often just postpones the hard
estate planning questions for a surviving spouse to decide.

Joint tenancy does not protect your legacy for your intended beneficiaries. It even may lead to unintended
heirs. If your surviving spouse remarries, your children may be inadvertently disinherited. If you are single and add the
name of one of your three children to your bank account for your convenience, chances are the account passes at your death
solely to the named child, who may be unable to share the account with the other two siblings despite the best intentions.
With joint tenancy, you are gambling your legacy.