Joint tenancy is often used by people who wish to transfer their assets to their heirs. When you have a joint tenant asset and a joint tenant dies, the surviving joint tenant inherits their share. If you have three joint tenants and one passes away, the remaining two people each own one half of the asset. The pro that comes with joint tenancy is it helps you avoid a probate. The con is the inability to step up in basis for the joint tenants who are still alive at the time of the death of one of the joint tenants. Once you put something in joint tenancy, you also cannot change it unless you manage to get the joint tenants to sign it off back to you.
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