The way in which assets are titled can be vital. The main options are:

  • Your own name. Holding assets this way is simple and inexpensive. However, if you become incompetent, those assets might be mismanaged. At your death, individually-owned assets may have to go through probate, which can be expensive and time-consuming.

  • Joint tenants with right of survivorship. When one co-owner dies, all assets held this way automatically pass to the survivor. One joint owner can take over if the other is incapacitated and jointly-held assets don