Joint ownership can be convenient, and some forms allow property to pass to a surviving owner without probate. Whether it is enough for your estate plan depends on the type of ownership, the people involved, and what you want to happen after the first owner dies.
Start with the form of ownership
In Florida, property held by two people does not always include a right of survivorship. Tenants in common generally own separate interests, which may be unequal, and a deceased owner’s interest does not automatically pass to the other owner. A joint tenancy with right of survivorship has different consequences. The deed or account agreement matters.
Tenancy by the entirety is a distinct form of ownership available to married spouses when its requirements are satisfied. It includes survivorship and can protect qualifying property from a creditor of only one spouse. It does not protect against every claim, including joint obligations, and its protections may end when the marriage ends or one spouse dies. Federal law can also affect the result.
Consider access during life
Adding an adult child to an account may give that child ownership rights, not merely permission to help pay bills. The arrangement can introduce exposure to the child’s creditors, create gift-tax reporting issues, or produce an inheritance different from the one you intended.
If your purpose is assistance, an appropriate power of attorney or a bank’s authorized-agent arrangement may be worth considering. If the purpose is a transfer at death, compare the available beneficiary designations and trust options. Each arrangement has different rights and limitations.
Think beyond the first death
Survivorship ownership can simplify a transfer to the surviving owner, but it ordinarily does not control what that person does with the property afterward. The survivor may spend it, give it away, or change the eventual beneficiaries. A later marriage does not automatically make the new spouse a joint owner, but it may create other inheritance or homestead rights.
This matters particularly when each spouse has children from an earlier relationship. A trust may help provide for a surviving spouse while directing remaining property to other beneficiaries. Its terms, administration, and tax consequences need individual attention.
Review taxes and the rest of the plan
Lifetime gifts and transfers at death can have different income-tax basis consequences. Adding an owner is not automatically a tax-saving step, and only part of jointly owned property may receive a basis adjustment at death. Review the ownership history and tax rules before changing a deed or account.
Joint ownership also does not replace health care documents, a financial power of attorney, or a plan for assets without survivorship or beneficiary arrangements. I can review how your accounts and deeds fit with your broader estate plan. Contact our office to discuss the options.
Sources: Florida survivorship statute; IRS basis guidance; IRS gift-tax questions.
Updated October 26, 2026.