Is Joint Tenancy the best way to avoid probate?

Probably not. Joint tenancy is most common with husband and wife ownership. When the second spouse dies, the property goes into probate. If both die in a common accident, there will be a probate to pass it on to the next heirs.

Some single people feel that placing a property in joint tenancy with a son or daughter is best to avoid probate. That is risky. They have just given away one-half of the property. If the son or daughter files bankruptcy, gets a lien or court judgment, becomes alienated, or dies, the person has given up control of the property.

A well-organized estate plan is better, even if it is a basic plan. Probate can be avoided with a beneficiary deed and no control of the property is given up. Another alternative is a trust, which not only avoids probate, but can also provide for management of your estate during your life if you become ill or not able to handle your own assets, and you can choose the trustee who will manage for you. A trust can also define the timing of the inheritance of beneficiaries and provide for management of trust assets for young beneficiaries as well as protection from their creditors.
Professor LawDoc offers estate plans which range from very basic yet complete plans to sophisticated estate plans for larger estates. Initial consultations to review your existing estate plan are always free of charge and with no obligation.