Why adding adult children as joint owners can create more problems than it solves

Recently, I learned that a grandmother had sold her home and put $1 million into a joint account with her three adult children. When one of her children unexpectedly predeceased her, that child’s own adult children were effectively cut out of their expected share of the inheritance from the joint account. Because the account was structured as a joint tenancy with rights of survivorship rather than as tenants in common, the deceased chi...