Not really. Joint ownership can work to avoid probate between spouses.  However, joint ownership between non-spouses (e.g parent and child) generally causes more problems than it can solve and should be avoided like the plague. 
When you add a co-owner, you lose control. There are also gift and/or income tax problems.  Your chances of being named in a lawsuit which really does not involve you and of losing the asset to a creditor are increased. You also have to be careful about accidentally disinheriting some or all of your family. 
With some assets, especially real estate, all owners must sign to sell or refinance. So if a co-owner becomes incapacitated, you could find yourself with a new "co-owner" -- the court--even if the incapacitated owner is your spouse.
Will my estate go through probate if I don't have a will?
The primary reason for a will is to assure that your estate passes to your family with a minimum of expense and difficulty. Whether or not you have a will, probate is necessary if the decedent has assets held in his or her name alone (worth in excess of $30,000) which need to be transferred. Therefore coordinating title to the assets of your estate and making sure you complete your beneficiary designations on life insurance, IRAs and other plans consistent with your estate plan will dictate whether probate is necessary.  For example, "Joint tenancy" property will pass directly to the surviving join tenant automatically, without the necessity of a probate.  Similarly, life insurance proceeds and other similar assets can be structured to automatically pass to the desired beneficiaries. However, this must be done with care to assure that your estate is not subjected to estate tax and passes to the desired family member regardless of the order of death.