Understanding Joint  Accounts

  • stocks joint account checkbookAdvantages include the fact that assets owned jointly with the right of survivorship pass to the surviving owner on death without going through probate.  Bank accounts, real estate, stocks and bonds are commonly owned jointly with survivorship.
  • Disadvantages include loss of total control when someone else is a joint owner, asset is may be subject to claims of creditors of each joint owner and there can be a loss of the stepped-up basis for the asset on death. Also jointly held assets can result in an unintended and unequal distribution of assets since the surviving joint owner does not have to count the joint asset as part of his share under the Will.
  • A joint account will supercede or "trump" the terms of a Will or a Trust.

 Contact the Bruce Favret Law Office today (513) 871-8076 to schedule your consultation. We can answer your questions and explain the law as it relates to your unique situation.

cincinnati ohio lawyerBruce Favret, Probate & Estate Planning Attorney At Law - Cincinnati Ohio. 
Schedule Appointment: (513) 871-8076