Q: Can my spouse and I jointly title our property instead of doing an estate plan?
A: Jointly owned property is an option for estate planning. You can also use beneficiary designations on accounts, life insurance, real property, etc. It avoids probates and you maintain access to the assets even upon the death of the joint owner. There are some downsides too like having to maintain a consistent and accurate list of such assets. It also doesn't covers if you both die within a short period. There are other considerations that may apply to your situation too.
Marcus N. Seiter agrees with this answer
A: Besides what my colleague has already said... Estate planning is not just about what happens at the death of one spouse, but also about what happens when the second spouse dies and what happens if either of you become incapacitated. Titling assets jointly covers you for the death of one spouse, but more would need to be done to ensure proper management of your affairs in the case of incapacity and the death of the surviving spouse. I recommend contacting an attorney directly to go over your options.
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