<p>What is joint tenancy? Joint tenancy is simply a means of holding  title to   property. It is a survivorship means of holding title to  property. For example,   if parties A, B, and C own property in joint  tenancy, and if A dies, then B and   C own the property. If B  subsequently dies, then C owns the property by himself.   The last one  alive owns all the property.</p>
<p>You can hold title in joint tenancy in real estate, bank accounts, stock and   bonds, automobiles, etc.</p>
<p>Joint tenancy is commonly called the "poor man's" estate planning.    The reason is that property held in joint tenancy does not have to be  probated   in a formal court proceeding. This involves the savings of  court costs.</p>
<p>However, for the person with substantial assets, joint tenancy is    undesirable. First, you may lose substantial tax benefits if you hold  property   in joint tenancy. Also if you have an estate planning will or  trust, you will   jeopardize it because the joint tenancy property will  not be subject to your   will or trust.</p>