Pros, Cons and Everything In Between
The Scoop on Joint and Survivorship Accounts
The Goal for Most People? Avoid Probate.
One method:
Joint and Survivorship accounts
Got it. How does that work?
Two people set it up
When one dies, the other owns it
Good for spouses
So what can go wrong?
Multiple owners—who gets what?
Parents leave to one child, not others
Creditors of one owner can attach the account
Divorce of one owner
Lawsuits
What is better for non-spouses?
Payable on Death to Child
Transfer on Death to Child
Transfer on Death to Child or by Naming the Child the Beneficiary
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