There are various different ways that you can transfer property to someone else, either while you are living, or after you pass away. To create an effective estate plan you should consult with an estate planning attorney, gain an understanding of all of your options, ask questions, and make informed decisions. If you buy into some easy answers that you hear people talking about around the water cooler, negative consequences could result. One of these notions is the idea that joint tenancy is a viable substitute for a comprehensive estate plan. What Is Joint Tenancy? A joint tenant is a co-owner of property. Let s say that you added your daughter to the deed of your home. As soon as you enter into a joint tenancy with your daughter, she would own half of the property in question. With right of survivorship, the surviving joint tenant would inherit the entirety of the property. Using our example, your daughter would become the sole owner of the home after your passing. The transfer o
Posted on: Sat, 10 May 2014 00:47:30 +0000
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