Joint property, also known as joint tenancy, is nothing but an estate planning pitfall. Although joint tenancy has been assailed for years by many estate planning experts, it remains- unfortunately-a very popular form of property ownership. Joint tenancy is a pitfall because you cannot control where such property passes after your death.
In joint tenancy, each person owns the entire asset, not a part of the asset. This legal fiction of two or more people owning 100 percent of the same asset is derived from the full name given to joint tenancy: joint tenancy with right of survivorship. “Right of survivorship” means that whoever dies last owns the property. The previous joint tenants merely had the use of the property while they were alive. Read more