Holding property as joint tenants with right of survivorship is very common. When two people hold title to property that way, if one of them passes away, then the property automatically becomes the sole property of the other joint tenant.
This has benefits for estate planning, as the property does not have to go through probate. However, there are potential drawbacks. If one of the owners is in debt, his or her creditors may be able to go after the property held jointly. If a parent holds property as a joint tenant with a child, it might make it so other children do not receive a fair inheritance.
Recently, Investor’s Business Daily discussed alternatives to joint tenancy in “Best Ways To Title Your Assets — Avoid Traps,” including:
If you have questions about these or other alternatives to joint tenancy, consult with an estate planning attorney.
Reference: Investor’s Business Daily (October 23, 2015) “Best Ways To Title Your Assets — Avoid Traps,”
Kimberly Hegwood is the Managing Attorney of Your Legacy Legal Care, a Houston estate planning law firm. With more than 25 years of experience practicing law in Texas, she represents clients in a wide range of legal matters, including elder law, asset protection, estate planning, Medicaid crisis planning, probate, guardianship, and other estate planning practice areas.
Kimberly received her Juris Doctor from the South Texas College of Law and is a member of the State Bar of Texas.
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