Is Joint Tenancy an Estate Planning Solution? - PowerPoint PPT Presentation

Title: Is Joint Tenancy an Estate Planning Solution?


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

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

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

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

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

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

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What if you wanted to sell the property?
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The joint tenant WOULD HAVE TO AGREE
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He or she may not want to surrender his or her
share of the property
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Comprehensive Estate Planning Solution
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• There is no reason to take chances
• with joint tenancy

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The wise course of action is to discuss all of
your options with a licensed Quad Cities Estate
Planning Attorney
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• If you live in the Quad Cities area contact the
  Duffy Law Office
• for Estate Planning assistance

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We will evaluate your unique personal situation
and give you the best possible advice
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You can reach us by phone at (563) 445-7400 or
contact us through our website
Click to visit www.DuffyLawOffice.com