One very common way estate planners can mess up an estate plan is by incorrectly titling assets. There is sometimes confusion about whether an account should be titled as a joint tenancy with right of survivorship (JTWROS), or be classified as a mere “convenience account” giving a person access to the funds in the account. Difficulties can also arise when an estate planner is creating a JTWROS for an elderly client. Families should be encouraged to utilize a power of attorney when making an estate plan for a client. This article discusses some of the benefits and risks associated with these different estate planning options.
See Donald Jay Korn, Titling Mistakes Can Disrupt Estate Plans, Financial Planning, August 27, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
