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Jointly held property can be held either as joint tenants or as tenants in common. Joint tenancy has what is called the right of survivorship. This means that upon the death of one of the owners, the ownership of the asset – for example, the house that you and your spouse own – passes in equal shares to surviving owner. Tenants in common, by contrast, have their shares of an asset become part of their estate. This results in the asset being distributed after their death based on their will. Owning property jointly may be a bit unclear because joint ownership could mean either joint tenancy or tenancy in common. Most spouses own property as joint tenants. Their share goes directly to their surviving spouse on their death. However, in some scenarios, such as second marriage, tenancy in common may be a better choice so that the asset can be willed to the children of the deceased spouse. This situation can be complicated, so speak with an estate planning attorney. Remember that there are tax issues related to joint ownership. Just adding a spouse’s name to an account doesn’t make the account joint for tax purposes. Adding a spouse as a joint owner on most assets – like bank accounts, investment accounts or real estate – won’t generally create any immediate tax issues, but adding them to other assets – like a private corporation – might. Reference: MoneySense (May 10, 2016) “Joint tenancy vs. tenants in common” #JointTenancy #AssetProtection #EstatePlanningLawyer #TenantsinCommon #ProbateCourt #Inheritance

An old State Supreme Court decision essentially means the five adopted children have no standing to contest “How do we challenge the standing if we can’t get the court to look at any wills beyond 2012?” wills over the years that exclude the children at different times, according to the exhibits filed in court February 5, 2016) “Brock estate battle lives on as attorneys argue Astec founder’s will” #WillChanges #Probate

The probate court applied state law and divided the estate between his children. Do-it-yourself dangers” #OnlineForms #ProbateAttorney #TrustsandEstates #WillChanges #HoustonWills #Probate

Under the law, assets like IRAs aren’t subject to probate, but instead are passed using a beneficiary The only situations in which a will controls a non-probate asset are if there’s no designated beneficiary The Supreme Court has ruled that your beneficiary designations on insurance policies, IRAs, and other Review the beneficiaries of your non-probate assets every few years; and make sure the beneficiaries These documents help heirs avoid probating your estate and allow you to establish beneficiaries for assets

Get a financial plan first” #AssetProtection #ProbateAttorney #ElectiveShare #Probate #ProbateCourt #

Teen gets $8.5M as bio daughter of Kirk Kerkorian” #WillChanges #HoustonWills #Probate #ProbateCourt

The probate court applied state law and divided the estate between his children. January 27, 2016) “Do-it-yourself dangers” #OnlineForms #ProbateAttorney #WillChanges #HoustonWills #Probate

It prevents costly probate issues, properly divides your assets per your wishes and can provide guardianship In case the Supreme Court’s decision is overturned in the future or other laws go into effect, it’s critical

The County Treasurer Kurt Prenzler said he was ordered by the probate court to pay the heirs in Mary The familial relationship was determined last month by a probate judge. ’s fortune” #Intestacy #HoustonGuardianship #TrustsandEstates #HoustonEstatePlanning #HoustonWills #Probate

will, especially regarding cryptocurrency, as they could be made public if the will is submitted to probate court.

The County Treasurer Kurt Prenzler said he was ordered by the probate court to pay the heirs in Mary The familial relationship was determined last month by a probate judge. ’s fortune” #Intestacy #HoustonGuardianship #TrustsandEstates #HoustonEstatePlanning #HoustonWills #Probate

The probate court will notify the public, including creditors, of your death and will pay all debts of Although it might seem unpleasant planning for your death, if you fail to do so, the court will do it This document is not subject to the probate process, is private, is controlled entirely by the family The probate process is also public. As a result, the probate process is avoided as long as there is a surviving joint owner.