Avoiding Probate with a Joint Account

A joint account offers a streamlined alternative to transfer funds quickly and efficiently. Here's how it works and what you need to know. 

How Do Joint Accounts Bypass Probate? 

Joint accounts allow multiple individuals to share ownership of assets. Upon the death of one account holder, ownership often transfers automatically to the surviving co-owners(s). This transfer happens outside of probate, offering a quicker and simpler solution. 

Types of Joint Accounts 

• Joint Tenants with Rights of Survivorship (JTWROS) 

• Tenants in Common 

Benefits of Joint Accounts 

• Immediate Access to Funds 

• Cost Savings 

• Privacy 

Potential Risks to Watch For 

• Access During Lifetime 

• Unintended Consequences 

• Gift Tax Implications 

Alternative Strategies for Avoiding Probate 

• Payable-on-Death (POD) Accounts 

• Revocable Living Trusts 

When Might Joint Accounts Still Go Through Probate? 

• In rare cases, joint accounts may still require probate

• Tenants in Common Accounts 

• Disputed Ownership

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This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007