The ABC's of Estate Planning: O is for Ownership
O is for OWNERSHIP. How your own real estate, bank accounts or any other property is crucial in crafting an estate plan. For instance, most married couples who own real estate will take ownership as either Joint Tenants with Rights of Survival or as Tenants by the Entirety. In either case, when one spouse passes, the other will automatically own the asset(s) held in that capacity, regardless of what the will says. This is also an issue when someone opens a bank account in joint ownership with a child or grandchild or asks for the account to be designated “payable on death” or “transferable on death” to a third party.