Is Joint Tenancy an Estate Planning Solution?

1
Is Joint Tenancy An Estate Planning Solution?
2
Joint Tenancy
3
Joint tenancy with right of survivorship sounds
like a rather complicated condition on the
surface
4
In reality, it describes something that is
rather simple
5
If you add someone to the title of your property
as a co-owner, THIS PERSON IS A JOINT TENANT
6
It should be noted that you can add more than one
joint tenant to the title of your property
7
Right of Survivorship
8
What does joint tenancy have to do with estate
planning?
9
Joint tenancy can involve right of survivorship
10
This enables the surviving joint tenant or
tenants to inherit a deceased tenant's share of
the property
11

• Probate Avoidance

12
If you die in sole personal possession of
property it becomes PROBATE PROPERTY
13
This property will not be distributed to the
heirs that you name in your will until the
estate has been probated
14
This can take time, and there can be snags
15
Joint tenancy facilitates a transfer of property
ownership outside of probate
16

• What's the Problem?

17
If you can avoid probate by simply adding a joint
tenant to the title of your property, what's the
problem?
18
Why wouldn't you want to embrace this simple
solution?
19

• Equal Rights

20
There isn't just one problem with joint tenancy
there are multiple problems
21
One of them is the fact that you are
surrendering control of partial ownership of your
home
22
If you name one joint tenant, this individual has
an equal right to the property
23
He or she has an ownership share equal to your own
24

• Difficulties Can Arise

25
Because the joint tenant has an equal right to
the property, it can be attached due to his or
her actions
26
If the joint tenant that you add to your property
title has financial problems, creditors can go
after the property
27
The same thing is true about back taxes, a tax
lien could be imposed on the property
28
The property could also be in play during
divorce proceedings
29
Further Problems

• In addition to the fact that creditors and
  claimants could attach the property, there are
  other problems that can arise

30
What if you wanted to sell the property?
31
The joint tenant WOULD HAVE TO AGREE
32
He or she may not want to surrender his or her
share of the property
33
Comprehensive Estate Planning Solution
34

• There is no reason to take chances
• with joint tenancy

35
The wise course of action is to discuss all of
your options with a licensed Quad Cities Estate
Planning Attorney
36

• If you live in the Quad Cities area contact the
  Duffy Law Office
• for Estate Planning assistance

37
We will evaluate your unique personal situation
and give you the best possible advice
38
You can reach us by phone at [phone] or
contact us through our website
Click to visit www.DuffyLawOffice.com