April 25, 2015 Posted In Creditors and Probate,Probate, Estate, & Trust Administration
Joint tenancy can provide people with a way of transferring real or personal property to surviving loved ones after passing way, effectively preventing this property from having to be probated. Although joint tenancy may not fully eclipse the need for a decedent’s estate to go through probate, it can help get some significant assets to loved ones much faster (and likely much cheaper) than would otherwise be possible.
Taking a closer look at this, this blog series will answer some common questions about joint tenancy and probate. Although the responses herein can provide you with some further insight about probate, don’t hesitate to contact an experienced Denver probate attorney at Phillips & Blow, PC when you need assistance resolving any probate issues or case. Our lawyers are skilled at resolving even the most complex probate cases, and they are ready to put their experience, knowledge and resources to work helping you ASAP.
A – Joint tenancy refers to a manner of owning real or personal property, in which there are at least two individuals with ownership over that property. When property is jointly held (i.e., property held in joint tenancy), this effectively means that each of the owners of that property have an “undivided share” or the same interest in that property.
In contrast, when the owners may hold different percentages of ownership in the property, that property will be deemed to be owned by “tenants in common.”
For a property to be legally considered as being held in joint tenancy, the deed or title for that property must have the phrase “as joint tenants” or “in joint tenancy” on it; if not, the presumption will be that the property is owned by tenants in common.
A – While we noted above that jointly held property can include real and personal property, most commonly, this property includes real property (i.e., real estate and homes) and bank accounts.
A – When one joint tenant passes away, that tenant’s interest in the jointly held property will be usually be transferred to the surviving joint tenant(s) upon presenting the following to the bank (or other party that may hold the property):
For some more answers to questions about joint tenancy and probate, be sure to check out the upcoming second part of this blog series. In the meantime:
Are getting ready to probate an estate? Or are you a beneficiary for an estate that will be probated soon? If so, you can turn to a trusted Denver probate attorney at Phillips & Blow, PC for experienced legal help and the best representation.
We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.
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