Joint ownership of property is a simple step to take in your estate planning process and is recommended under certain circumstances. Joint ownership helps to avoid going into probate when the first owner passes away and is easy to set-up for couples that acquire real estate, vehicles, bank accounts or other valuables together.

Joint ownership is only advised in certain situations however, as the joint owner will inherit rights to ownership of the property. For example, if you simply want to give authority for someone to use your money on your behalf while you are ill , selecting a power of attorney is a better option as opposed to joint ownership of your bank account because that person would have ownership of all account funds upon your passing.