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Financial Planning Tips

Will Your Property Avoid Probate?
(Updated: 06/12/2017)

Which of the following property title options will not avoid the probate process when the owner passes away?

  1. Transfer on Death (TOD)
  2. Joint Tenants with Rights of Survivorship (JTWROS)
  3. Tenants in Common (TIC)
  4. None of the above

Answer: C.

Although TIC is a form of joint ownership, be sure you know the consequences before titling your property in this manner. TIC assets are required to go through the probate process, and there are no rights of survivorship. So, unless the deceased individual's will says the property should pass to the surviving owner, the property will go to the estate.

TOD and JTWROS registrations, however, will avoid probate. The entire asset will pass to the named beneficiary (in the case of TOD) or to the joint owner (in the case of JTWROS) at the owner's death.

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