JTWROS

JTWROS. What does it stand for? JOINT TENANCY WITH RIGHTS OF SURVIVORSHIP. These are powerful words in the legal and title industries - almost magical. It means that if these words are present in the title of a document - the moment a co-owner dies, his/her ownership interest in that title vanishes with them. The surviving owner or owners get all of the decedents interests automatically and without probate. It's a very efficient way to avoid probate - but a very dangerous legal potion, if these magical words are not used with knowledge and skill. Why? Because it is also a very efficient way of unknowingly disinheriting a loved-one or of giving Uncle Sam a gift called a gift tax or of giving a creditor a fast track to your assets even if it's not your debt. Hmm. Maybe there's a better way to avoid probate. Call us and ask about a Living Trust. It's even more powerful.

-Paul Michaelson