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.