Having plans to turn over legal authority to a trusted decision maker can minimize disruption and expenses. These arrangements are best made with the help of an attorney. Usually it's wise to draw up separate powers of attorney for health care and business matters, even if the same person is named as agent. The trustee can't legally use the trust property for any purpose not specifically described in the trust document. Joint tenancy is a form of ownership that gives all named owners the right to manage the property.
Many people hold their bank accounts and homes in joint tenancy.
In joint tenancy, an owner's share passes automatically after death to the other joint tenants. For example, if a parent has a checking account in joint tenancy with an adult child, both parent and child can write checks from the account. If the parent dies, the child then owns the account. A house owned in joint tenancy becomes fully owned by the surviving joint tenants. All rights reserved.