will avoid Probate as long as one of the joint tenants survives.
Assets are automatically transferred to the surviving Joint Tenant(s). There is no Probate.
For numerous reasons joint tenancy with rights of survivorship should only be used between married individuals.
The pitfalls of ownership as Joint Tenants with someone other than your spouse include:
Your property is exposed to the creditors of your joint owner. You may create gift tax consequences when the asset is transferred.
The pitfalls of ownership as Joint Tenants with someone other than your spouse:
As a joint owner you give up some control over your property. (Both joint owners must approve every transaction regarding the property.
The pitfalls of ownership as Joint Tenants with someone other than your spouse:
Probate is required when the surviving joint tenant dies.
The pitfalls of Joint Tenancy with a non spouse:
If one joint tenant becomes incapacitated and unable to act the other must go to Court and be appointed as “Conservator” before being able to do anything with the jointly owned assets.