If all our assets are jointly owned, is there are reason we need a Will?

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If all our assets are jointly owned, is there are reason we need a Will?

Married; no children; own home in both names.

Asked on February 9, 2012 under Estate Planning, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Doing a little estate planning?  No, if the asset is jointly held with rights of survivorship - very important! - then it will pass one to the other upon the death of either of you.  You may only want to speak with ana ttorney about what will happen when both of you have died.  Who gets it then?  Also, you may want to discuss a trust to protect it in the evnt of entering a nursing home.  Good luck.


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