When you’re married or have a common law partner, owning things jointly is probably a standard aspect of your relationship. Whether it’s sharing a blanket, a Netflix account, or a rescue dog, there are many benefits to legally sharing ownership over certain things.
This is especially true when it comes to owning big-item assets like real estate, financial accounts, and vehicles. Creating joint ownership is an important step in estate planning, since assets that are jointly owned automatically pass on to the surviving member if one of the owners dies.
This means that the assets do not need to go through probate when you’re gone, thereby saving your loved ones time and money. However, there are different types of joint ownership arrangements. Let us break them down.