Should I Create a Joint Tenancy With My Child?

Most people are aware of the fact that there are legally binding documents like wills and trusts that are used to facilitate postmortem asset transfers.These legal devices can be quite effective, but there are some asset transfers that would take place organically, even if there were no estate planning documents in place. Joint Tenancy One way that assets can be transferred without the existence of estate planning documents would be through joint tenancy. A joint tenant is a co-owner of property. To provide an example, if you own a home, you could add your daughter to the title or deed of the property. She would become a joint tenant. Joint tenancy typically comes with right of survivorship. Because of this, after your death, your daughter would inherit the entirety of the home. This would be true if you had no estate planning documents, and it would be true if you had a last will. We should plan out the fact that this transfer would not be subject to the legal process of probate. If


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