What is joint ownership?

Joint ownership, sometimes referred to as joint tenancy, is another method used to avoid probate and can be done by titling accounts as held in “joint owners with rights of survivorship.” You can title almost any type of investment or bank account account or asset as “joint owners” to make sure the surviving joint owner immediately succeeds to the ownership of the account on the death of the first owner. However, there may be assets or situations that require a different approach, as discussed below.

If the thought of leaving your estate to your spouse makes you nervous then you’ve probably wondered: can you disinherit your spouse? The answer is generally, no – at least not entirely. Under Massachusetts law your spouse is entitled to inherit a portion of your estate (also known as the spousal elective share).

Probate is the legal process that occurs after your death in order to settle your estate. The process can vary depending on your situation. For example, in Massachusetts there are four types of probate: (1) Voluntary Administration, (2) Informal Proceedings, (3) Formal Proceedings, and (4) Supervised Administration. While the exact steps vary depending on