Seemingly meaningless items, like the title of a bank or other asset account may unknowingly cause you grief later … watch the titles.
Joint Tenant with Rights of Survivorship aka JTWROS
- Automatically sends assets to the joint holder upon death of other
- Avoids probate
- Since Avoids probate, may not be controlled by your Will
- Very Powerful
- Can lead to inadvertent mistakes in Estate Planning
These are the key characteristics of the simple but powerful titling.
If by asking yourself, in the case of death, your JTWROS co-signer receives the asset directly is ok! Then you are in good shape.
If not, call us, we will review with you!
Have a great day!
John A. Kvale CFA, CFP
8222 Douglas Ave # 590
Dallas, TX 75225