Avoiding Probate

If all of your assets are jointly owned and you wish to have the co-owner of the account inherit it after your passing, this is a convenient way to avoid probate. But beware. A co-owner can withdraw all money in the account at any time. A safe way would be to list your intended beneficiaries on the bank account and have the bank account titled as payable on death (“POD”) to them. You would remain in full and complete control of the accounts during your lifetime and retain the right to change who will inherit it.