You may hear about joint tenancy as a probate avoidance strategy. Let’s look at joint tenancy and the question of whether or not you should create a joint tenancy with your child. What Is It? Joint tenancy is co-ownership. If you were to add someone to the title of your property as a co-owner, this […]
Jointly Owned Property
In most situations, joint ownership is just not a good idea and weâ€™ll discuss that below. But, first, we want to emphasize that joint ownership doesnâ€™t really avoid probate. Joint Ownership May Delay Probate, but it Doesnâ€™t Avoid It Joint ownership may delay probate, but it wonâ€™t avoid it.Â Hereâ€™s an example: Meghan and John […]
Most states allow you to own some kinds of property in joint tenancy, a legal form of ownership that allows more than one person to own the property at the same time. People who own property in joint tenancy may also have a right of survivorship, meaning that when one co-owner dies, the surviving co-owner […]
Proper asset ownership is imperative to an estate plan that works. If you dont own your assets correctly, your estate plan wont work.
After your death, your trusts assets will be distributed based on the trusts instructions, avoiding probate.