It avoids probate and allows immediate access. The same kind of thing should be done with all IRAs, 401ks, etc. On those you can't have joint survivorship, but you set the beneficiary; I have my wife as primary beneficiary and the kids as contingent. These days with everything online setting this stuff is pretty easy. Probably the hardest one to do is the house - also have that one as joint ownership. We have precious little that would go through probate if either passed. Well, lets face it, when I pass - pretty sure the wife will around at 95.