Possible Negative Side Effects of Joint Tenancy Ownership

After a decade of preparing and administering hundreds of estates for clients and their families, I have observed several common mistakes in estate planning. For example, many people assume that because they hold all their assets in "joint tenancy" with their spouse or with their children, their estate planning is done. That is because the joint tenant has access to the asset already and it automatically passes on death to the surviving joint tenant. What many Californians don't realize are the potential side effects of Joint Tenancy ownership:

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