Which asset in the example is held in joint tenancy and thus typically passes outside probate?

Which asset in the example is held in joint tenancy and thus typically passes outside probate?

• A. The house in joint tenancy
• B. The car in decedent's name
• C. The CD in decedent's name
• D. The life insurance payable to wife

Answer: (A)

Joint tenancy means each owner has an equal share and, crucially, when one owner dies the property automatically belongs to the surviving owner without going through probate. Because the house is held in joint tenancy, it passes directly to the surviving owner and bypasses the probate process. The other assets are in the decedent’s name alone, so they typically become part of the probate estate and need to go through probate to transfer to heirs. The life insurance, however, usually goes straight to the named beneficiary (the wife) by designation, which also avoids probate, but it isn’t held in joint tenancy. So the house is the asset that fits the question’s criterion.

Joint tenancy means each owner has an equal share and, crucially, when one owner dies the property automatically belongs to the surviving owner without going through probate. Because the house is held in joint tenancy, it passes directly to the surviving owner and bypasses the probate process. The other assets are in the decedent’s name alone, so they typically become part of the probate estate and need to go through probate to transfer to heirs. The life insurance, however, usually goes straight to the named beneficiary (the wife) by designation, which also avoids probate, but it isn’t held in joint tenancy. So the house is the asset that fits the question’s criterion.