What are the advantages of joint ownership over a will? Our will leaves everything to our daughter. Now, we have decided to make her a joint owner, thinking it will help, moneywise, and she could just take over. Or would she have to hire an attorney if anything happens to my husband and me? Mrs. I. P.
The one advantage of joint ownership is that the survivor takes over full ownership after others die. But many problems could develop. You could lose everything in making your daughter a joint owner. If she should be involved in an accident, for example, and a judgment is awarded others, the attachment could take all your property, because she is a joint owner and, in effect, owns 100 percent.
You and your husband also own 100 percent. There are no one-third division. A will leaving your property to her after the death of you and your husband remains the simplest and safest way to convey your property. Such a procedure would call for the services of an attorney, but probating a simple will is not difficult.