Under joint tenancy with the right of survivorship, two or more individuals share ownership of the assets; when one of the owners dies that owner's share of the assets becomes part of the deceased's estate and is distributed according to the deceased's will.

What is Estate Planning?
Estate planning is the process of designating who will receive your assets in the event of your death or incapacitation.

Estate planning vs Living will:
Basically, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.