Dr. Rajab Abu Mleeh, said: “The rules of inheritance are to be enforced after death and are not applicable while alive. Thus, it is permissible for both man and his wife to have such kinds of lawful ownership during their life. Also, either of them is permitted to dispose of some of his properties to the other during their life, as a kind of gift to the other.
However, it should be noted that some people do so in order to deprive other inheritors from their shares which is Islamically unaccepted. It is permissible to give for a wife or have a joint ownership with her during life but that should not be a kind of circumvention around the Shari`ah in order to prevent people from their due shares of inheritance.