Beneficiary
Designations.

Joint tenancy is one of the most widely used probate avoidance methods. When one joint tenant dies, the property automatically passes to the surviving owner — no probate, no court proceedings, no waiting period. It works for nearly any type of property: homes, cars, bank accounts, stocks, bonds, brokerage accounts, and more.

Setting it up is straightforward: in most states, you add the phrase "as Joint Tenants" or "Tenants in Common" to the title or account. Some states accept "John Smith and Mary Smith, Husband and Wife." The exact wording requirements differ by state — check your deed or consult a local title company if you're unsure whether your property is currently registered correctly.

For real property specifically: verify that your deed is registered with your state's proper joint tenancy language. If you have any doubt, contact the attorney or title company that handled your closing — or simply call a local title company and ask. Getting this wrong means the property goes through probate regardless of your intent.

Note: Joint tenancy for non-spouses can have gift tax implications. "Tenancy by the Entirety" — available in some states for married couples — provides an additional benefit: it protects jointly owned property from creditors if one spouse declares bankruptcy. Consult an estate attorney for your state's specific rules.

Pay on Death designations are used on bank accounts, CDs, money market accounts, and brokerage accounts. Transfer on Death (TOD) is the equivalent for stocks and bonds. Both accomplish the same thing: the account passes directly to the named person at death, without going through probate.

In most cases all you need to do is fill out a form at your bank or financial institution. The account registration reads: "John Smith Payable on Death to John Smith Jr. and Sara Smith." If one named heir predeceases you, the surviving heir receives everything — POD doesn't require you to update the form if one beneficiary dies before you.