How does the way my spouse and I title assets impact my estate plan?

Married couples often fail to realize the importance of how they hold title to assets. The way in which you title assets can determine whether the asset is required to go through the probate process or is automatically transferred to the surviving spouse upon the death of one spouse. Titling assets as joint owners with rights of survivorship means that the asset will bypass probate upon the death of one owner and that owner’s interest in the asset will transfer directly to the surviving owner (spouse). However, without further planning by the survivor, a probate may result when he or she dies.