Video Summary
Tenancy a substitute for a will. The answer is, is I don’t know if you put in your will that you wanted your joint tenant to receive it, the document that, provided that you own it as joint tenants would override whatever provisions you put in your will.
Having your documents with beneficiaries or joint tenants is all part of estate planning. You go through and I ask in an estate planning conference, “Who do you want to receive these assets?” Then I go through and say, “Well, how are they titled?” Then with that, that’s why you call it estate planning. If you hold it jointly with them, that means you have a joint interest, a half interest, or a lifetime interest in the property.
I wouldn’t necessarily call a joint tenancy a substitute for a will. It’s all part of the estate planning process and assets that are held as joint tenants with right of survivorship automatically pass to the survivor. If you’d like to do some estate planning, we’ll address all of these issues. My phone number’s 727-847-2288.