An Advance Health Care Directive can be oral, but usually is a written legal document. It expresses a person’s wishes about what should be done if they later become incapable of making their own healthcare decisions.
This article specifically addresses the Pros and Cons of accounts that are titled ‘Joint Tenant with Rights of Survivorship’, (JTWROS). An account, titled in two or more persons’ names that have rights of survivorship, is jointly owned by those individuals.
There is a common misconception that all real and personal property will pass through an individual’s estate upon his or her death. Though, some assets avoid the probate process altogether depending on how the property is titled.
With no family to provide for, many singles may feel that having a plan isn’t a necessity. However, the truth is that estate planning for single individuals is just as important, and sometimes more complex, than planning for married couples.