Many would prefer to set up joint accounts as a way to guard against the contingency event where one family member passes away, and the other family members cannot get access to his or her money. If we had setup up a joint account with our spouse or one of our children, in the event we passed away, the surviving joint account holder will own 100% of the monies in the joint account. The money will not be subjected to the probate process of the deceased joint account holder. The probate process is a legal process of distributing an estate according to a will. The joint account has also become a critical method for holders of stocks incorporated in countries with high death/inheritance taxes to bypass those taxes. The Sunday Times has a good summary of 4 things we should take note of about joint accounts: Click to read in a larger format....