Estate Planning

Absolute, sole ownership of property by one person, with complete rights to use, transfer, or dispose of it; the property passes through the owner's probate estate via will or intestacy.

Two or more owners hold undivided (not necessarily equal) interests with NO right of survivorship; each owner's share passes through their own probate estate (by will or intestacy), not to the co-owners.

Co-owners hold equal undivided interests; at a joint tenant's death their interest passes automatically by operation of law to the surviving joint tenant(s), bypassing probate. Available to any persons, not just spouses.

For spousal JTWROS (qualified joint interest), only one-half is included in the decedent's gross estate regardless of contribution. For nonspouses, the full value is included EXCEPT the portion the survivor can prove they contributed (the consideration/contribution rule).

A joint ownership form available ONLY to married spouses, with right of survivorship plus creditor protection: a creditor of only one spouse generally cannot reach the property, and neither spouse can unilaterally sever or transfer.

In community property states, each spouse owns half of property acquired during marriage. At the first spouse's death, BOTH halves receive a step-up to FMV (a 'double step-up'), unlike JTWROS where only the decedent's half is stepped up.