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Do You Hold Title In Joint Tenancy?

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This is not often the most advantageous way to hold title to property owned jointly with you and your spouse.

    1. Title held in Joint Tenancy means that at the death of one of the joint tenants that interest in the property is transferred to the surviving joint tenant, without probate.
    2. However, it does not avoid probate upon the death of the last owner. Joint Tenancy only postpones probate, it does not avoid probate.
    3. Joint Tenancy is not controlled by your will. It is transferred by title, not by probate.
  2. Also, Joint Tenancy property can be passed on to beneficiaries that you never intended. If the surviving Joint Tenant dies without a will, the entire property goes only to the surviving Joint Tenant's heirs.
  3. Joint Tenancy costs you taxes.

IF YOU HAVE ANY QUESTIONS ON HOW TITLE TO PROPERTY SHOULD BE HELD OR WISH TO DISCUSS PREPARATION OF A WILL OR TRUST, PLEASE GIVE OUR OFFICE A CALL SO THAT WE MAY DISCUSS YOUR PARTICULAR NEEDS IN MORE DETAIL.

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