Why asset ownership is important in Estate Planning
When preparing to make your Will, you first need to know what you own, what it is worth and what you owe. Before you do this however, it is important to understand how you own your property & other assets.

The principle reason for knowing this is that you can’t leave property that you do not own!

What happens to my joint account if I die? 
In England, Wales or Northern Ireland the balance on your joint account usually passes automatically to the surviving joint-account holder and will belong to them. There can be important advantages, but also drawbacks, in this. If you want your assets to go to someone in particular (like your husband or wife) when you die, having a joint account with them is normally very helpful as long as they are the only other joint account holder and they live longer than you. They will be able to go on using the account when you die. However, if you have left your assets to someone who is not the other joint-account holder, that person will not get what is in your joint account if you die. This is because, unless you have made different arrangements with the other joint-account holder, the money in your joint account legally belongs to the other account holder as well as you, and that means it isn’t yours to give away. This also applies if you have not made a Will. If your assets pass to your partner or children, they will not get what was in your joint account unless they were a joint-account holder and live longer than you.

Where property is held by more than one person as JOINT OWNERS in equity, on the death of one joint owner their interest passes by survivorship to the surviving joint owner(s) who is then free to do what they wish with it!

Jointly owned property will pass to the survivor(s) no matter how short the period of survivorship may be and despite intestacy rules or anything said in the Will

Other types of assets that can pass on death independently of the terms of the Will are joint bank accounts (unless tenants in common), life cover in trust, lifetime trusts, pension and death in service benefits.  

For couples, it is important to equalise the estate as much as possible, including savings and property, notably by becoming tenants in common (TIC).

For a visual guide to the difference between joint tenants and tenants in common, please see the diagrams below.