Joint Property With Right of Survivorship: Malpractice Cases Waiting to Happen

There are many banks and financial institutions working with domestic partners in retitling their accounts as joint with a right of survivorship to help their clients bring their assets together, provide joint control, and also provide a mechanism for inheritance without probate court entanglements. While laudable partner planning goals, using joint property with a right of survivorship has huge long-term tax consequences that will eventually lead to malpractice claims against the banks.