Here’s the conclusion to our blog series Joint Tenancy & Probate FAQs.
A – When it comes to probate, one of the single biggest advantages of jointly owning property is that the surviving tenants will NOT have to go through probate in order to have the title (or deed/ownership rights) transferred to them.
Bypassing probate for significant property like homes, real estate and bank accounts can be a huge benefit, as it can provide these surviving tenants with immediate (and potentially much needed) access to finances without much (if any) legal interventions.
A – Although there are some major advantages that can be realized by owning property in joint tenancy, there may be some drawbacks too. This all is depending on an individual’s situation. Specifically, just some of the possible disadvantages to joint tenancy can be that it:
Given that such drawbacks will hinge on the specific situation and that these may not be the only drawbacks, it is best to consult an experienced lawyer when deciding whether to transfer property into joint tenancy and/or when making estate plans to try to help your loved ones avoid probate.
A – Yes. Property held in joint tenancy can be titled differently, changing how that property is owned, via mutual agreement (or other ways). Here it should be noted here that transferring jointly held property to be individually held property can result in some gift tax implications.
Do you have more questions about probate and/or the estate planning process? If so, you can turn to a trusted Denver probate attorney at Phillips & Blow, PC for experienced legal help and the best representation. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs. We take pride in helping each of our clients and their families find the best solutions for them.
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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